Many people purchase online insurance cover for their business only to find further down the line that the cover wasn’t quite what they expected, very often they didn’t either purchase the right level of cover, or their cover wasn’t adequate for their current business needs.
An insurance broker that advises and provides your insurance should be treated like any other advisor to your business such as an accountant or solicitor.
We often see people come to Harborough Portas because they need specific help and advice and purchasing online doesn’t provide that.
The commercial insurance market is a complex area with different insurers, policies and levels of cover, so having an experienced insurance broker to advise you can make a huge difference to the outcome for your business.
Here are 5 reasons why you should consider using a commercial insurance broker for your business:
1. Professional/impartial/expert advice
An independent insurance broker, such as Harborough Portas will offer you professional, impartial and expert advice on all types of business insurance. Independent insurance brokers are not tied to one insurance provider, they act as your agent and your advisor to review the insurance market to find you and your business the right level of cover.
Every business is different, and an independent insurance broker will always take time to understand your business, your level of risk and advise you on the best insurance cover for your needs. We read the small print to ensure you get the best cover, features and benefits that are fit for purpose for your business.
More importantly, an independent broker should be asking you the right questions. A broker will then use this information and their expert knowledge to highlight areas of risk and cover you should consider or that you may not have even considered or been aware of yourself.
A good insurance brokers service should stretch beyond just purchasing the initial insurance cover and annual renewals. Good brokers will continue to monitor clients’ needs including the adequacy of cover , policy terms and the changing insurance marketplace for you.
3. Help to identify and manage risk
Businesses face risks every day from a wide range of areas, including operational, strategic, financial and compliance risks. Each of these areas can have devastating and costly consequences for a business. Understanding the risk in your business is critical to finding the right insurance cover. An independent insurance broker will work with you to assess your exposure to risk across your business and then ensure you minimise and cover that risk adequately.
4. Access to a range of different insurers and varying products/policies
One of the big advantages of using an independent insurance broker over purchasing policies direct from insurers is unbiased, impartial advice. Brokers will have the ability to deal with and explore cover from a wide range of insurers.
A good broker will take time to analyse the different insurers, their policies and recommend the best cover for you. Our duty as an independent insurance broker is to get the best cover possible that suits your business needs. Our role goes beyond just purchasing a policy, we should be a key business advisor to you and your business.
5. Supporting the claims process
When something happens in your business and you need to make a claim, your broker will be there to offer guidance and work through the claims process. A broker will act as an intermediary between you and the insurance company.
At the point you are making a claim, you can often be under stress, having expertise and a good level of support at this time can be invaluable.
Larger claims can often be complex, and a broker will be there to handle the claim including completing the necessary paperwork, negotiating settlements, technical advice, dealing with insurers claims departments and ensuring a smooth and faster claims process.
Things to consider when choosing a business insurance broker
A great insurance broker is your gateway to the insurance market and selecting the right advisor is key to the success of your insurance programme. What should you consider when switching insurance brokers?
- Reputation and recommendation: Seek recommendations from people you trust, look at testimonials and reviews.
- Independent: Look for a genuine independent broker like Harborough Portas. This means the broker isn’t tied to one insurer and can truly find the best insurance products in the market for you. You should consider the breath of market search undertaken by them when placing your insurance business.
- Local & national: Often smaller local brokers can have a huge benefit as they can offer a much more personal and independent service, with consistency of people to advise you. As an independent local broker, we build close relationships with our clients, whilst being part of a Brokerbility, a national broking group, allowing us to obtain the best cover and prices and be competitive with national and multinational brokers.
- History and industry knowledge: How long has your broker been established, how knowledgeable is your broker of your type of business, sector or size of business?
- Professional expertise: Check that the broker is professional, look at qualifications, associations etc. Are they Chartered for example? Here at Harborough Portas we take professionalism seriously, that’s why we became Chartered Brokers in 2014. To achieve Chartered status we had to satisfy a rigid qualification criteria which is constantly reviewed and updated. We’re also part of the British Insurance Brokers’ Association and Brokerbility, a national broking group.
- Embracing change and innovation: Look for a broker who can change with you and your business. Will they challenge your thoughts on insurance, always be there to ask you the right questions and actively work with you to manage risk in your business?
- Culture and values: It is important that your broker is a good cultural fit, shares the same values and that you work in unison to achieve your business objectives. Whilst technical skills are important trust and respect are also key to a great broker relationship.
An insurance broker should be seen as a key business advisor to you and your company. Using an independent insurance broker can have several advantages. A broker should add value to the relationship, be your gateway to the insurance market, challenge your thinking, assist in the claims process and help you to manage risk in your business.
If you’d like to find out more about how Harborough Portas can help you and your business, contact us today.