For any insurance broker it is their duty to directly represent the consumer. Their job is to act as a bridge between the insurance companies and the consumer. It is their duty to get under the skin of your business and understand what you want to achieve long term, what keeps you awake at night. They should be someone you trust implicitly and can work in partnership with long term.
In market conditions where capacity is reduced it is important to consider the following prior to choosing your broker.
There should be no surprises to the consumer no matter what the market conditions. If you find your existing broker or potential broker cannot demonstrate the following, then be prepared to be disappointed and worst-case scenario leaving your business exposed. Any professional broker should at a minimum do the following:
Care associated risks are faced with an increased risk, ranging from changes to provisions provided, increase in cost of medicine and increased compliance risks. Having a commercial policy that protects the business and its assets is fundamental. A broker worth their weight in gold should also be able to offer contacts wider of insurance and at times maybe someone in the legal or accounting profession. A credible broker should have a network far reaching wider of insurance alone.
The relationship between a commercial broker and the principal client must be underpinned by mutual respect and be consistent and constant. Meeting the clients needs should be the driver and not selling the insurance products. Once the broker fully understands the customers business needs only then can they research the different insurance products that are fit for purpose with a clear view of the strengths and depth of each policy and advise given on the individual needs of the consumer.
Changing brokers and insurers is time consuming and costly. To prevent this, it is imperative that the post inception service is exemplary. Regular engagement and working proximity with the client doing proper research beforehand involves communicating both good and bad news without any delay. Should be a given that their broker is trustworthy and can manage their accounts efficiently.
If you’re looking for an insurance broker with all this and more, we can help. We are dedicated insurance brokers in Bolton, and our team would be more than happy to hear from you. Get in touch today to find out how we can help your business.