7 reasons why you should use an insurance broker
We are currently experiencing a challenging professional indemnity market where premiums are becoming more expensive and high risk to cover such as probate and tax. This is where it becomes vital to get professional indemnity insurance (PII). This is where an insurer broker can help.
An insurance broker can provide advice and explains clearly what your insurance policy covers, and what it doesn’t cover. Brokers also have a legal duty of care in the advice and products they provide.
Top 7 benefits of using a broker:
- A broker can use their extensive knowledge to identify areas of cover that may not be considered.
- A broker can ensure you receive the best deals so that you are not paying more than you deserve.
- A broker can shop around on your behalf to help find you the cover you need, from every day book-keeping to higher risk work that insurers are increasingly shying away from in the current challenging market.
- Even after a policy is sold, a broker can continue performing their services, such as monitoring the adequacy of coverage limits and policy terms as market conditions fluctuate.
- A broker can ensure your business is presented to insurers in the right way, which allows insurers to offer the most appropriate products for a fair price.
- Professional indemnity policies require you to notify your insurers if you become aware of a claim against you in relation to your professional activities, or you become aware of a circumstance, which may give rise to a claim. A broker can provide valuable advice and guidance as to whether you should notify a claim or circumstance to insurers.
- In the event of a claim, the broker can act on the business’ behalf to achieve settlement.
Selecting the right insurer
It is important to check the financial strength of an insurer before purchasing your policy and your broker should be able to advise you on this. Whilst premium is an important factor, the financial strength of an insurer and hence their ability to pay claims should the need arise, should be a key part of the decision making process.
Choosing the right broker
Professional indemnity insurance is a specialist insurance and it is important to find a broker that specialises in this field. There are many general brokers that offer professional indemnity insurance, but their access to the market can be limited and they may not have the direct relationship with insurers that is key for negotiating the right cover and price.
At Cornerstone Commercial Insurance, we have a team of experts who have extensive knowledge of the commercial insurance market. Get in touch with one of our expert advisers today, who are always happy to find you the protection you need.