Why it’s so important to work with an independent insurance broker for your commercial insurance

Firstly, let’s qualify what we mean by ‘independent’. There has been considerable consolidation within our sector over recent years with larger brokers buying smaller brokers and insurers acquiring brokers. An independent insurance broker is one which is not owned or part-owned by an insurer or another broker.

The key benefit of working with an independent broker is that they can scour the whole market for the right insurance cover for your business. They are not tied to a panel of insurers and can act independently on your behalf.

Added-value

They will have an in-depth knowledge of the nuances in policy wording for each insurer and be able to advise you on the best cover for your business. Because they are not under pressure to place more business with one insurer over another, an independent will be able to give you a practical view on exactly what you are getting for your premium. They will also advise on what action you need to take to ensure you comply with the policy wording.

Help when you need it most

An independent broker will have experience of dealing with most insurers and will be well placed to advise on how best to manage the claim if you ever need to. A good one will work with you to put the claim together and be present with you at any insurer visits.

Due diligence

An independent broker will act on your behalf without the pressure of commercial arrangements.  You need to work with a broker who only ever places cover with financially stable insurance companies. Afterall, if you ever need to make a claim, you need to ensure your insurer is in a position to settle the claim when you need them to.