You could go it alone when it comes to buying commercial insurance for your company – if you have the time to sort through reams and reams of paper work, get quotes from quite a few companies, can understand the technical and legal jargon of this most confusing subject and all the ins and outs of the business – after all, you could do it yourself when it comes to successfully repairing a car – but it’s unlikely that you would…
There is a much easier way to get your business insured – an independent broker. They will give you good business advice, whether you are an existing customer or not, backed by the fact that they have to achieve certain financial, compliance and training standards to be regulated by the Financial Services Authority (FSA), and can be in trouble if they sell you the wrong product. They have a specialist knowledge of the field, and a wide understanding of the market.
They will not advocate that you cancel policies mid term, but will probably be able to suggest a better deal in one way or another than your existing policies when you come to review them in your particular trade or business. The policy they offer will not necessarily save you money on your premiums, but may contain more or different cover – remember, the broker wants you as a client so they will offer you the best they can. A broker will make the choices for you, and will know from experience that a certain policy is the best for office insurance or another suits the restaurant trade. It saves you both time and money , and you will also get their full support for the period of the policy.
So why not compare business insurance via a website? There are companies out there offering this service – you just put in a few facts about your company and you will end up with a price and some details about the cover. The problem is that every company is different – you need to match your company and the policy very carefully, and using a website just cannot do it. There are often hidden terms and conditions you could be unaware of until you try to claim on your policy – you will always be happier buying a policy from someone you can talk to if there is a problem, and it is comforting to have someone fighting for you in the event of a claim. It is more useful to spend ten minutes on the phone with a professional than filling in simple website questions!
A good insurance broker is worth their weight in gold – they have access to the latest products, are able to find the best deals in the market and will be able to recommend a bespoke solution for your specific needs and budget, but above all, they will treat you as an individual and will build on the relationship as your business develops.