Whenever 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 professional. Most brokers can save you money on your own insurance not to mention the time you would otherwise spend shopping around yourself but there are other reasons why using an insurance broker can be associated with major benefit to you.
Here are just some of the advantages of purchasing your insurance through an insurance broker:
An insurance broker works for you : not the insurance company. Your insurance broker is not tied to a specific company or perhaps a specific company’s products. They can lookup a number of companies and their products to find the best deal for you. A broker can take a comprehensive look at your personal needs and suggest the best and most suitable product for you personally based on your situation. Insurance brokers will get you the best deal available from their big portfolio of products and provider, whilst banks or insurance companies can only provide you the products from one company, and are as a result more limited in the number of items they can offer.
Insurance Brokers are 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.
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They will know for example what companies are best suited for younger drivers for example or who is best for providing public liability for your industry. They typically have experience with claims and can show you through the often confusing and stressful claims process, answering any questions that you may have. What’s more most brokerages within Ireland are generally smaller and can frequently offer a faster and more personalized support. Brokers are also committed to continual professional development and lifelong learning, making certain they are informed on the latest adjustments 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 along with each client to ensure that they are recommending the correct product to suit your needs. A ‘fact find’ should be used to discover your exact needs and requirements and on these details the broker should make their informed recommendations. A ‘reasons why’ letter or ‘statement of suitability’ should also be presented to the client outlining why the product and the service 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: Recently there are more and more insurance companies popping up that only deal directly with agents. In transacting business in this way they could save costs and do not have the same requirement for large call centres or even large administration teams to deal with the public. They can then pass on these financial savings to you, the consumer. Many of these companies only deal directly through brokers and that means you will not be able to get a quote straight. Certainly over the past couple of years we have discovered ourselves recommending these companies more and more as 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 impact on your insurance premium: Of course brokers 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 charge a small fee for their services. As part of the regulation they must provide you with a copy of their terms of business which describes the companies they deal with, how they are paid and details of any charges they may charge. This allows you to create an informed choice when buying insurance.
Choosing an insurance broker means that there is a professional on your side when choosing the best policy for yourself, your business and your family. Insurance policy brokers offer professional and unbiased advice, ethical conduct, and complete disclosure of all the information you need to create an informed decision. They can talk you through each stage while giving you personalised advice and excellent customer support. So next time you are looking for insurance or renewing your current product why not get in touch with your local broker first and see such a great service they can offer you.