August 9, 2020

5 Reasons To Use An Insurance Broker When Looking For Insurance coverage

When buying insurance, you can choose to purchase direct from an insurance company, from the tied agent or a bank that will represents one company or you can choose to purchase your insurance through an insurance broker. Most brokers can save you money on the insurance not to mention the time you would otherwise spend shopping around yourself but additional reasons why using an insurance broker can be associated with 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.
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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 suggest the best and most suitable product for you based on your situation. Insurance brokers can get you the best deal available from their big portfolio of products and provider, while banks or insurance companies can only provide you the products from one company, and are as a result more limited in the number of products they can offer.

Insurance Brokers are usually experienced and professional. Brokers cope 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 supplying public liability for your industry. They will typically have experience with claims and can direct you through the often confusing and difficult claims process, answering any queries that you may have. What’s more most brokerages within Ireland are generally smaller and can usually offer a faster and more personalized assistance. Brokers are also committed to continual professional development and lifelong learning, ensuring that they are informed on the latest adjustments and adjustments to insurance policies plus legislation to give you the best options available once 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 coverage, they are required to carry out a process along 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 own informed recommendations. 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 satisfy the clients specific needs.

You can get entry to insurance companies that you cannot access on your own: In recent years there are more and more insurance companies popping up that 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 therefore you will not be able to get a quote directly. Certainly over the past couple of years we have discovered ourselves recommending these companies more and more because they are able to consistently deliver on cost, product and service.

Insurance Brokers are required to give full disclosure upon commission and fees and the effect on your insurance premium: Of course agents need to be paid too and they obtain generally get paid a percentage commission through the insurance companies. In addition to this they may also cost a small fee for their services. Included in the regulation they must provide you with a copy of their terms of business which outlines 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 plan.
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 coverage brokers offer professional and unbiased advice, ethical conduct, and full disclosure of all the information you need to make an informed decision. They can talk a person through each stage while giving you personalised advice and excellent customer support. So next time you are looking for insurance or even renewing your current product why not contact your local broker first and see such a great service they can offer you.

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