What to expect of your Insurance Broker

What Service to Expect From Your Insurance Broker

The assistance of a knowledgeable insurance broker can be crucial. Is your current insurance broker providing excellent service and how would you know if they weren’t?

What to expect of your Insurance Broker
Key TakeawaysDescription
Specialist Understanding of your BusinessBroker expertise in your sector ensures a comprehensive risk assessment, avoiding neglect or omission of key elements. Inappropriate cover arrangements may lead to potential claim refusals.
Guidance in Setting Sums InsuredProper calculation of sums insured for different policy sections is crucial. Errors in this process can result in reduced claim settlements or outright claim refusals, highlighting the importance of expert guidance.
Detailed Explanation of Policy ConditionsBeyond price and sums insured, policy conditions hold critical importance. Failure to discuss these aspects may leave businesses exposed to rejected claims due to non-compliance with policy conditions.
Health, Safety and Legislative GuidanceQuality broker support on health, safety, and legislative matters is invaluable. Understanding legal requirements, such as health and safety policies and statutory inspections, ensures compliance and minimises risks associated with non-compliance.
Claims GuidanceAwareness of your broker's claims service is crucial. Effective liaison between you and the insurer can prevent claim rejections and expedite settlements. Specialist loss adjuster support arranged by prudent brokers aids in handling complex claims efficiently.

We’ve compiled a bullet list of the most important services you should be receiving, alongside the pitfalls if you’re not!

A Specialist Understanding of your Business

Does your broker have extensive experience in your sector, does their website show they specialise in your trade? Failure to fully understand your business hinders the ability to conduct a detailed fact find consequently resulting in key elements of your risk being neglected or omitted. Subsequently, inappropriate and insufficient cover could be arranged which ultimately provides the potential for claims to be refused.

Guidance in Setting Sums Insured

Did you know that the basis of insurance claims settlement differs drastically depending on the section of the policy? For example, calculating the sums insured for building’s or plant/machinery is significantly different to stock. Getting this wrong could result in a reduced claim settlement or even a claim being refused in totality.

A Detailed Explanation of Policy Conditions

When businesses compare quotes this is commonly done on the sums insured and pricing. However, the devil is in the detail and the crucial aspects lie within the policy conditions located on your schedule and within the policy wording. If your broker doesn’t discuss these with you they are potentially leaving you exposed to rejected claims due to non-compliance.

Health, Safety and Legislative Guidance

Do you understand when a health and safety policy becomes law, the importance of having signed acceptance and understanding of risk assessments by staff or what ‘statutory inspection’ is? Businesses are subject to significant amounts of legislation and having quality broker support on such matters can be invaluable.

Claims Guidance

Understanding your brokers claims service is essential so you are aware of what support is available should the worst occur. Having an advisor liaise between you and the insurer frequently prevents claims being rejected and improves the speed of settlement. Prudent brokers arrange polices which provide specialist Loss Adjuster support to assist with complex claims on your behalf and this service is worth careful consideration.

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