When buying insurance, you can choose to purchase direct from an insurance company, from a tied agent or a bank that represents one company or you can decide to purchase your insurance through an insurance broker. Most brokers can save you money in your insurance not to mention the time you would otherwise spend shopping around yourself but additional reasons why using an insurance broker can be of major benefit to you.
Here are are just some of the advantages of purchasing your insurance with an insurance broker:
An insurance broker works for you : not the insurance company. Your insurance professional is not tied to a specific company or perhaps a specific company’s products. They can research a number of companies and their products for top level deal for you. A broker can take a thorough look at your personal needs and recommend the best and most suitable product for you personally based on your situation. Insurance brokers will get you the best deal available from their large portfolio of products and provider, whilst banks or insurance companies can only offer you the products from one company, and are thus more limited in the number of items they can offer.
Insurance Brokers are usually experienced and professional. Brokers deal with a wide range of products and services and are qualified to recommend the policies that greatest suit your needs from the wide range of companies they deal with. They will know for example exactly what companies are best suited for younger drivers for example or who is best for giving public liability for your industry. They will typically have experience with claims and can guide you through the often confusing and stressful claims process, answering any queries that you may have. What’s more most brokerages within Ireland are generally smaller and can often offer a faster and more personalized assistance. Brokers are also committed to continual expert development and lifelong learning, making certain they are informed on the latest changes and adjustments to insurance policies and legislation to give you the best options available if you purchase your next policy.
Insurance Agents are regulated: Brokers are required to satisfy certain standards and financial obligations. As well as the requirement to hold professional indemnity insurance, they are required to carry out a process with each client to ensure that they are suggesting the correct product to suit your needs. A ‘fact find’ should be used to discover your precise needs and requirements and on these details the broker should make their particular informed recommendations.
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A ‘reasons why’ letter or ‘statement of suitability’ should also be presented to the client outlining why the product and the provider is being recommended and how they meet the clients specific needs.
You can get access to insurance companies that you cannot access on your own: In recent years there are more and more insurance companies popping up that will only deal directly with agents. In transacting business in this way they can save costs and do not have the exact same requirement for large call centres or large administration teams to deal with the general public. They can then pass on these cost savings to you, the consumer. Many of these companies only deal directly through brokers so that you will not be able to get a quote straight. Certainly over the past couple of years we have found ourselves recommending these companies more and more as they are able to consistently deliver on price, product and service.
Insurance Agents are required to give full disclosure upon commission and fees and the impact on your insurance premium: Of course brokers need to be paid too and they obtain generally get paid a percentage commission from the insurance companies. In addition to this they may also charge a small fee for their services. Included in the regulation they must provide you with a copy of their terms of business which describes the companies they deal with, how they are usually paid and details of any charges they may charge. This allows you to create an informed choice when buying insurance policy.
Choosing an insurance broker means that you do have a professional on your side when choosing the best policy for yourself, your business and your family. Insurance policy brokers offer professional and impartial advice, ethical conduct, and complete disclosure of all the information you need to create an informed decision. They can talk a person through each stage while offering you personalised advice and excellent customer service. So next time you are looking for insurance or even renewing your current product why not get in touch with your local broker first and see what a great service they can offer you.