Introduction
An insurance broker is a dedicated professional with expertise in insurance and is highly skilled at minimising or mitigating risks. Insurance brokers excel at offering personalised insurance advice and can assist you with defining your unique risks, whether for personal or business purposes. Brokers play an invaluable role in helping you determine what to insure and devise effective strategies for managing other potential risks efficiently.
Brokers possess the skills to facilitate the acquisition of coverage from your preferred insurance provider, and they can often offer valuable insights on optimising your insurance budget. Insurance brokers might charge you a fee for their services, or they might receive a commission from the insurance company. They are required, by law to advise you of the fees that they charge or the commission they receive.
Why use a broker?
Insurance brokers have access to a wide range of insurance policies and, as they directly engage with various insurance companies, they often have access to policies that aren't readily available to the general public. Brokers can help you navigate various policy types, negotiate premiums, and help you understand the details so that you are properly protected in a cost-effective manner. If you need to make a claim on your policy, your broker will assist you through the process and will liaise with the insurer on your behalf. In fact, it’s common for an insurance broker to negotiate a better settlement, than the one first offered by an insurer. In summary, choosing to work with an insurance broker can significantly enhance your insurance experience, equipping you or your business to make a strong recovery from any setbacks.
