The insurance market is convoluted and complex, which is why it is often beneficial to speak to an expert who specialises in this field. An insurance broker is, in short, a regulated financial adviser with a focus on general insurance. If you are looking for a specific insurance product, for example, they can help you decide on the type of insurance you might need, as well as the suitable level of cover.
There are many benefits to speaking to an insurance broker before purchasing an insurance product. Here’s our guide to why you should use an insurance broker, such as NIS, for all your insurance needs.
Insurance brokers have a wealth of experience in risk management and the different types of cover available. They are therefore very well placed to find a product that will best suit your individual requirements. Using their expert knowledge, they may also highlight areas of cover you had neglected to consider, thus reducing your exposure to risk.
Access to Markets
The insurance broker is often an insurance company’s main route to the market, creating a network of brokers with special access to these companies. They can therefore offer insurance products that a quick online search simply would not detect.
It is usually more cost-effective to use a broker because they speak the same language as the underwriter, saving time and effort by dealing directly with the insurance company, thus reducing the price of the product. A good broker always knows the market, so they will be aware of the best rates available at any given time. Because they are not tied to any one insurer, they have the advantage of being able to source products across the whole insurance market.
Peace of Mind
Only a trained eye can fully understand what is covered and what is not covered by a particular insurance product. Using an insurance broker ensures you have the optimum level of cover in place, so you can rest assured that you are fully protected in the event of the unexpected happening. They will also break down the policy into plain English to help you fully understand what you are buying.
If you should need to make a claim, an insurance broker will be able to provide invaluable support throughout this difficult process, helping to settle the claim quickly and efficiently. They are on your side to ensure the best possible outcome for you. Being authorised and regulated by the Financial Conduct Authority (FCA), insurance brokers have a legal duty of care in the advice they provide, as well as the products they recommend.
Choosing the right insurance broker is key to experiencing the best level of service. You may be required to enlist a specialist insurance broker if you are looking for a niche product because they will know the right insurers to approach for your requirements, rather than simply flooding the market.
At NIS, we pride ourselves on our personalised approach, treating every client as an individual to ensure a bespoke solution for their unique needs. If you would like us to take away the hard work from your insurance search, we will help to find the right package for you. For further information, please call 01609 773 748 or request a quote today.
Please note that NIS is authorised and regulated by the FCA, and we are proud members of The British Insurance Brokers’ Association.