Having a relationship with an insurance broker offers a number of great benefits
Industry and Product knowledge: With the number of insurers offering a variety of products, it is hard for one to stay updated on the options available. Brokers are constantly studying the marketplace to maintain a strong depth of knowledge.
Pricing awareness: Brokers combine their vast product knowledge with a regular assessment of pricing trends in the insurance industry. A good broker is aware of options that may only be offered by certain companies, and can also determine whether circumstances around your (client) specific needs are likely to lead to significant pricing changes from year – to year.
Independence: Insurance brokers are independent, meaning they work with multiple insurers on your behalf. The advisors are in a position to offer you (client) a number of options with variations in coverage, service levels and pricing, all in consideration of your specific needs.
Disputes resolutions: Occasionally difficulties can arise with obtaining insurance. When dealing with a broker you have an industry expert on your (client) side to develop a solution for almost any insurance issue
The broker will also do regular reviews of your cover. Keep you (client) updated with changes regarding your cover.
Affordability: Brokers are compensated by the companies they choose to represent by way of commission. You generally do not pay separate fees for the numerous services provided by brokers, as commissions are contemplated by insurance companies when setting prices.
Dealing with a qualified, licensed insurance expert is the best way to receive comprehensive insurance protection at the best possible price.