When purchasing any insurance, you can either choose to buy it from an insurance broker or an insurance agent who represents a particular insurance company.
Usually, an insurance broker is a better choice as they are independent, they will make sure that you find the appropriate insurance policy for your requirements and they are duty-bound to act in your (the customer’s) best interests at all times.
An insurance broking agency will give you impartial decisions and also help you out at the time of claiming insurance, if necessary.
The independence of an insurance broking agency allows them to match the client’s requirements with the right policy, insurer, and at the right price.
Below are some of the benefits of buying an insurance policy through an insurance broking agency:
An Insurance Broking Agency Works For You – Not A Specific Insurance Company
The brokers at the insurance broking agency do not have ties to any particular company or their products. The insurance broking providers will look into many options and find the best deal for you.
Insurance agents are bound to the specific insurance company they are aligned to and so they are usually limited to the products they can offer, which may or may not be right for you.
This is not the case with an insurance broking agency, as they can look into your personal and business needs and recommend the insurance that will offer the best cover for your needs and the best value for your money.
Insurance Brokers Are Experts
Insurance broking agencies have a team of experts who deal with an array of insurance products and services. They have broader ideas so they can suggest the best policy and product extensions to suit your needs.
They also have experience dealing with insurance companies to help you through the claiming process. By hiring an insurance broking service, you don’t have to worry about the queries and the claim process.
Protection Of Privacy
The brokers in insurance broking agencies abide by their code of ethics and they pledge to protect your privacy.
The discussions and the information that you give are kept confidential.
Give You Complete Information
Insurance brokers don’t hide any information from you, they give you all the information about the insurance premiums and their coverage.
Brokers will make sure you know everything about the policy options available and this allows you to make the right decision.
They Are Aware Of Any Updates
The policies of insurance agencies and insurance legislation are updated continually and you will likely be unaware of those updates. Insurance brokers are always aware of the latest updates in an insurance policy and they can let you know.
Even the slightest change in the policy can affect your decision to purchase a certain policy and with insurance broking services, you will know the latest policies and legislation to help you make the best decisions.
Hiring an insurance broking service means that you have professional support to find you the best insurance to secure yourself and your business from uncertainties.
It is essential to take professional advice from insurance brokers before you choose an insurance policy. They are used to dealing with the claiming process of various insurance agencies, and they are your best defence against problems with your insurance program.
Mike Wallis
Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.
