Why Do I Need An Insurance Broker?
When you are looking for insurance – whether it is car insurance, home insurance, life insurance, personal injury insurance, and more – these days it is very tempting to go online to one of the comparison sites. Let’s face it, there are several of them and they all claim to find you the right insurance for your needs at the lowest possible price. Not only that, they are free, and you can get a quote in a few minutes. It can’t be bad.
Or can it?
Here’s the thing. Insurance can be extremely complicated. There are hundreds of insurance companies and they all offer many different policies covering all sorts of different events. Some specialise in certain areas, too, hence why you have NFU Mutual, for example. That stands for National Farmers Union and was originally dedicated to the insurance needs of the farming community, although it has now expanded into other fields.
It makes sense, too. If you are a farmer, you may need insurance cover in case your bull chases someone and tosses them over a hedge, causing injury. Not many other people are going to need that sort of cover, and not many other insurance companies provide it because they are not specialists in that area and wouldn’t know the chances of it happening or what sort of premium to charge.
This is just one reason why you should use an insurance broker such as ourselves at The Insurance Broker. In effect, we act as a middleman between you and the insurance company. This means that, apart from anything else, you don’t get a hard sell from an insurance company salesman. Our job is to know and understand the insurance business and to know where to find the insurance policy that covers you for your individual needs, which may be very different from the person who lives next door.
Most importantly is the fact that we can find you the insurance policy that completely covers your needs. It may not be the cheapest premium either, but first and foremost you need to have the cover you need. If you have a policy that has certain exclusions, you may well find that, if it comes to making a claim, you are not covered for that particular incident, and that suddenly makes that “cheap” premium look extremely expensive.
For example, you may own a small haulage business and need a transit insurance quote to cover you in case you are responsible for loss or damage to your customer’s goods. If you do need such a transit insurance quote it is critical that it covers the type of goods that you have to transport and also the value. Our job as insurance brokers is to survey the market and provide you with a policy that covers both things. This is because some policies may exclude certain items from their cover. Another policy may cover the items that you have to transport but not individual items above a certain value.
That means that you could have a maximum cover of, say, £100 for a single item, but in fact the goods that you carry are valued at £1,750 each. If one got lost or damaged, you would only get £100 from the insurance policy and have to cover the other £1,650 yourself – which is not a very good deal!
And that is why you need us as your insurance broker. We find the policies that will cover the issues that you are likely to face and then we present you with the choices. The final decision on which policy you choose is, obviously, down to you, but at least you know that you have the cover you require at the best price.