Why brokers are the best bet for business insurance

general insuranceIt’s never been easier to buy ‘off the peg’ insurance products; just go online and choose from any number of price comparison websites that are fighting for your custom. However, insuring a business is much more complicated than insuring your car or home and you need a bespoke product that’s tailored to fit your individual business’ needs.

Algorithms are great at crunching numbers and comparing straightforward products, but there are some areas where humans can still outsmart computers. Business is a complex world with ever changing risks and liabilities and it’s a broker’s job to stay on top of developments and offer essential insight.

Brokers can react quickly to market changes (just take the growing risks to cyber security as an example) and it’s much quicker for a broker to get up-to-speed than it is to programme a computer. Business insurance is a specialist product and you need a specialist provider that understands business risks and knows the insurance marketplace inside-out.

Business insurance can be complicated and a good broker will be able to talk you through all possible exposures and make sure that you’re completely covered. Professional guidance is more important than ever since the introduction of the Insurance Act which came into force on 12th August 2016.

The Insurance Act has introduced a ‘Duty of Fair Representation’ which puts the onus on the business owner to describe all risks before entering into an insurance agreement. If any risks are overlooked the underwriter is in a position to reject any insurance claims. It could be a simple mistake, such as choosing the wrong business sector from a dropdown, or it could be a serious liability that the policyholder has failed to notice; either way a broker can make sure you’re covered.

Besides having access to real people who you can ask real questions you’ll also enjoy extra protection doing business with a broker. Choose a broker who’s a member of the British Insurers Brokers Association and you’ll know that: they abide by BIBA’s principles and regulations, they are registered with the Financial Conduct Authority, and they have their own Professional Indemnity Insurance. So it’s hardly surprising that 78% of all commercial insurance policies are sold through brokers.

Not only can brokers make sure that you’ve got the right cover, but they can get it at the best price. Having established your individual needs they will ring around selected providers comparing cover and haggling on your behalf. You save time and money and get complete peace of mind without wasting a penny: now that sounds like a business ‘no brainer’.

Quoteline Direct is an independent insurance broker with nearly 50 years’ experience. We specialise in commercial insurance and can provide competitive cover for any size and type of business. To find out more visit our Commercial Insurance pages or Tel: 0161 874 8020 to speak with a member of our team.







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