We BRIDGE the GAP between you and your Insurer………….
It’s a question that I’ve been asked numerous times and I’m sure many Business’s and Individuals understand our position in the market but:
- “Why do you need one?”
- “What is a good Insurance Broker and how are we measured?”
- “There are too many to choose from!”
As an Insurance Broker passionate about our industry I have a huge amount of sympathy with buyers of Business Insurance as I understand it’s often a hugely difficult decision to make. We are an industry guilty of promoting our wares to all very regularly!
Without doubt we are a ‘people business’ and ‘people buy from people’ but there are so many other factors buyers need to consider beyond the ‘charisma of the Insurance Broker (if that can be said!)……and whilst PRICE is important they need to take into consideration the following:
A good Insurance Broker will have the knowledge and experience in dealing with various business sectors and this understanding of the risks is crucial to the insurance placement.
Our market is competitive so they should be demonstrating some good knowledge of your industry sector and applying the products available, that not only provide full coverage, but with added value.
Not every Broker has that quality so it’s fine to be ‘picky’!
Whilst a proven knowledge of a sector is crucial, equally important is the knowledge of the products and policies available to that business.
Many Insurers have trade specific policies with extensions in cover relevant to that sector, that’s hugely important.
Always remember that there will be new entrants in the Insurer market that can often deliver a wider wording and more competitive price so it’s important that the Broker demonstrates his understanding of alternative products- that’s “Market Knowledge”!
Importantly, a good Broker will have access to an array of Insurers and products and not restricted in their access-we should be acting in our clients best interest not ours.
Service and Simplicity:
We are a service Industry and if we don’t deliver that promise we lose clients, that’s just a fact of any service industry.
We (Paterson Insurance) approach Insurance Broking with a holistic approach and we are not alone.
A General/Corporate Insurance broker will be structured to deliver that ‘one stop service’ be that Business Insurance, their Home and their Well Being (Health Insurance)….it makes it simple for the client and convenient.
Importantly, the real test of an Insurance Broker comes when things go wrong and the claim occurs. Now to be fair to Insurers, most are pretty good however there are always the ‘not so straight forward claims’ and then the ‘serious claims’…….this is where we are tested not only in our placement of the risk but how we form part of the relationship to get the claim paid promptly.
Testimonials and Referrals are always the signature of a Broker that delivers great service.
It’s a hugely important factor for any Insurance Broker and those who take access to a wide variety of Insurers seriously will be in a position to offer an array of options to a client.
Many restrict their dealings and often they can’t offer an alternative Insurance Product so that policy has to remain up to date and competitive which is not always the case.
They need to demonstrate access to a wide market as a stand alone Broker or many join large networks such as Willis Networks or Broker Network to gain that competitive advantage and access to a wider variety of products, enhanced services and buying power.
Specialists and Additional Services:
Often it’s about ‘Added Value’…..some areas of Insurance are seriously specialist and using a Broker that has access to those individuals adds real value.
This is categorized in Scheme offerings where often the Product and price is exclusive to that Insurance Broker, often that’s a serious competitive advantage. If they can demonstrate this, it’s often worth engaging dialogue on their offering but be wary of those who say they have a ‘scheme’ but it’s not!
Additionally, Health & Safety and Risk Management and other services such as Health and Credit specialists bring back the value of having a Broker who has a holistic view on Insurance, they work hard to ‘tick all the boxes’ on the service offering.
At Paterson Insurance Brokers, we have structured our business around all these factors and are confident we can bring an offering to any business that shows we can demonstrate real ability and expertise in Insurance Broking and placement and I would be more than happy to run through our offerings in greater detail and if you want to find out more about our services please contact us.
Author: Darren Paterson
Business: Paterson Insurance Brokers