In the current economic climate, it has never been more important to safeguard your business against potential risks and financial losses. An experienced insurance broker can help you find the right policy and level of coverage for your business, but there are so many options that it can be difficult to know where to start.
To help, we’ve put together this guide to help you choose the best insurance broker for your needs.
What is an insurance broker?
An insurance broker is an agent who acts as an intermediary between the consumer and a wide range of insurance providers. They work for their clients, not the insurance companies, and as such, they strive to secure the right policy and level of coverage at the best possible price for those they represent.
What to consider when choosing an insurance broker
When you are conducting research and talking to various insurance brokers, consider the following before comparing notes to find the best broker for your needs.
A good reputation
Choose a broker who has a good reputation and is known for providing excellent service. They should be able to provide good references from existing clients.
Extensive experience and expertise
You want to make sure they have a thorough understanding of the Irish insurance market and the specific risks that are relevant to your business. If you feel that your business would benefit from a more specialised service, you need to find a broker who has the knowledge and capability to support you with this.
An insurance broker who is transparent
Some brokers charge a flat fee, while others may charge a commission on the policies they sell. Make sure you understand exactly how you’ll be charged before you commit to using their services.
Access to a wide range of insurers
The more insurers they work with, the more likely it is that they will be able to find you a policy that meets your needs at a competitive price.
Simple, easy-to-understand language
The world of insurance is filled with jargon and technical terms that the average person does not encounter daily. As such, navigating the small print can be confusing. The right insurance broker will explain everything to you in layman’s terms, ensuring that you fully understand your options.
A high level of customer service
You want to make sure that the broker you choose is easy to communicate with and responsive to your inquiries. In the event of a claim, will they be able to help you quickly and efficiently? What kind of resources do they have access to? These are all things that can give you peace of mind that you’ve chosen the right insurance broker.
What are the advantages of choosing an insurance broker over an insurance company?
Insurance brokers offer several key advantages when it comes to selecting the best coverage for your business. These include:
In-depth research
When speaking to an insurance company representative, you may not always get the full picture when it comes to the different types of coverage available to you. In contrast, insurance brokers carry out in-depth research on your behalf and will tell you everything you need to know to make an informed decision.
Advice
Unlike an insurance company, a broker can provide advice. They’re not tied to any one company, so they can give you unbiased information about the different policies on offer and help you find the right coverage for your needs.
Relationships
It is in a broker’s best interests to forge lasting relationships with their clients and build a loyal customer base. This means that they will take the time to get to know you and your business so they can provide you with the best possible service.
Claims service
Going through a claims process can be extremely stressful, but your insurance broker will support you and manage everything on your behalf.
Price
Brokers are experts at navigating the complexities of insurance policies, so they can find the right coverage at the right price — plus they are often able to negotiate better premiums and discounts.
Choice
Insurance brokers can compare policies from multiple insurers, and they can also negotiate better premiums on your behalf. In addition, if you have any queries or concerns about your policy, it is usually quicker and easier to get a response from a broker than an insurance company.
Tailored advice
The policies on offer on comparison sites are usually generic and not tailored towards the client’s individual needs. However, insurance brokers have specialist expertise and can access a wide range of policies from different companies. This enables them to provide tailored advice that will meet the specific needs of your business.
An insurance broker means simplicity
Partnering with an insurance broker can save you a huge amount of time and hassle since you don’t have to contact individual insurers yourself.
Standards
Brokers are regulated by the Central Bank of Ireland, meaning they must meet certain standards when it comes to providing advice and services to their customers.
ERM Financial Services – the only commercial insurance broker you’ll ever need
If you’re looking for expert advice and a policy that is completely tailored to your business, then the team at ERM Financial Services are here to help.
We have been providing insurance brokerage services to clients in Ireland for over thirty years, and we take pride in our high standards and personal approach to customer service.
We offer a comprehensive range of commercial insurance products from leading insurers and we work with our clients to find the best possible coverage at the most competitive prices.
To find out how we can help you safeguard your business, get in touch with our dedicated team today, and if you want to keep up to date with the latest financial news and insights, be sure to also check out our blog and resources.
