10 Reasons to use an Insurance Broker

As Warren Buffett once said,

"Price is what you pay, value is what you get."

Whilst the cheapest insurance premiums can often be found online via direct insurers and price comparison sites, you may not be comparing like with like, find the best level of cover or completely understand the terms you’re entering into.

Here are our top 10 reasons why we believe brokers have the edge:

Cut the jargon – it’s only too easy to arrange a policy online without fully understanding the terms. A broker will help translate any small print and technical jargon into plain English for you.
Unbiased - brokers work for you and will approach a panel of carefully selected insurers to find you the best combination of premium and cover.
Bespoke – policies arranged via brokers aren’t off-the-shelf / one size fits all. A broker will tailor a policy to meet your needs giving reassurance that you’re insured correctly and have a policy that will respond in the event of a claim. Brokers have the added benefit of broker-only markets meaning they have access to more flexible policies and deals that aren’t available to the general public.
Human touch – many direct insurers operate from call centres or online platforms making it difficult to make verbal contact whereas brokers offer a more personal service. Personal insurances cover your largest assets so it’s important they’re looked after by someone you trust.
Saves you time – going via a broker takes the hassle out of arranging you insurance. They’ll use their expert knowledge and experience to review the market and explain terms clearly so you understand your cover and don’t have to trawl through the fine print.
Advice – brokers will go the extra mile by not only advising on the right product for you, but also providing guidance on jewellery valuations and security risk management including safes, locks and alarms. They’ll also be up to date on emerging technology such as cyber insurance and smart homes.
Peace of mind - without the advice of a professional it’s easy to unknowingly invalidate your cover. A broker will take the onus off you by identifying gaps in cover thereby avoiding common problems such as accidental non-disclosure or underinsurance. According to the Association of British Insurers 1 in 5 homes are underinsured and risk losing out when it comes to making a claim.
Claims advocacy – a broker will fight your corner when it comes to making a claim which can often be complex and time consuming especially where third parties are involved. They’ll help liaise with insurers on your behalf to arrange the best and quickest settlement possible and offer risk management advice to mitigate further losses.
Value – having a broker doesn’t mean you’ll pay over the odds; if you’re on a budget a broker will identify where savings can be made by analysing costs and benefits. They’ll find a policy that matches your lifestyle so you’re not paying for cover you don’t need and you’re looked after when claiming.
Under one roof – most brokers will be able to accommodate multiple insurances including home, car and travel so you can have one point of contact.