Why Use a Broker For Your Commercial Insurance?
Using a broker means that your insurance is sourced by an intermediary whose function is to source and negotiate on your behalf. The broker will contact relevant insurers to find you the best quote.
It is important to use a commercial or business broker (not a personal insurance broker), as they will have specific business experience that will bring you better results. It helps significantly if the broker has direct experience in helping insure businesses of your size and type as they will already have a head start in finding you an effective policy.
"they will have specific business experience"
Many brokers use online application/quote forms in the same way as insurers and these can be a great tool for comparing the different levels of cover policies offer, however many still use manual proposal forms which can be time consuming and confusing.
SME Insurance offer a dedicated website allowing you to compare insurance quotes and buy online or a contact centre who can talk you through everything on the phone with no forms to fill in. All these services backed by a broker who is a specialist provider to the fast food industry.
There are several advantages to using a broker:
(i) Knowledge
A good broker will have expert knowledge of insurance and experience in the industry he is looking to insure as well as how to find the cheapest and most appropriate policies for their clients. They will be able to access your business and advise on the best policies available in each appropriate area; and ensure that when you take out a policy it gives you the best (and most relevant) cover available for the cost.
They will advise you if any additional, more specialist, and cover such as mechanical breakdown cover or deterioration of stock cover is available.
A broker can also provide you with invaluable advice and support in the event that you have to make a claim on the policy, allowing you to resolve things to a satisfactory conclusion as quickly and trouble-free as possible.
(ii) Experience
As a good broker will be experienced with the fine details of insurance policies, they will be far better at looking through individual policy information and clauses (E.g.: The frequency you need to clean your ducting) to check for any unwanted or missing areas. They can then negotiate with the insurance company to ensure you get a fair, effective insurance policy that covers everything your business needs.
(iii) Cost
As a broker deals with many insurance companies on a regular basis they will have a good feel for costs and will know when a quote is overpriced. Not only that, but because a broker will purchase a large number of policies over a period of time, they are often able to get bulk discounts from the insurers.
"They are often able to get bulk discounts"
This means that even with the cost of the broker's charges (which are sometimes covered by their commission from the insurer), buying insurance through a broker is normally cheaper.
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