‘Do-it-yourself’ business-owners now have a raft of information at their fingertips, and many assume that cutting out their insurance broker would cut down costs. They could not be more wrong.
With the growth of direct insurers and online price comparison sites, business-owners might sometimes be tempted to believe they no longer need an insurance broker. Just because you’re able to make insurance purchases without expert assistance, it doesn’t mean you should. For one thing, a focus on price and price alone can be extremely dangerous.
Low premiums are all well and good, but are you sure that you’ve got the best, as well as the cheapest cover? Do you have confidence that all bases are covered should the worst happen and you need to make a claim? What seems like a money-saving move could be extremely costly in the long run if you leave yourself underinsured.
A relatively benign claims experience has led to a soft market, where high levels of competition are driving premium rates down. In this environment there are potential savings to be made, but can you ever be sure a direct insurer hasn’t sacrificed important aspects of cover in order to compete on price? The sheer volume of online information can sometimes be a hindrance rather than a help.
Business-owners could spend days surfing countless options on the web, and still not be confident they have made the right call. That time could be better invested in other areas, by allowing your insurance broker to take the lead.
An experienced broker who truly understands the insurance industry can give you the peace of mind that you’ve got the right cover at the right price. In today’s rapidly changing market, your insurance broker’s knowledge and advice has never been more important. So don’t rely on other less formal sources of insurance. They might not be accurate and they certainly won’t be tailored to your specific needs.
It’s often said that the true value of an insurance broker is clear when disaster strikes your business – because it’s their job to represent you in resolving your claim. In fact, the latest research from Vero Insurance found that 90% of business-owners are satisfied with their broker.
By all means, use the internet for research and education. But pause before you make that final purchase and talk to us – brokers know insurance inside out and can help you to select the right level of cover at the right price. When something does go wrong, your insurance broker will be the one with you on the claims frontline, saving you time and making sure you get every cent of cover!