Are you getting the most out of your Insurance Broker?

Handle your Claims

Claims handling is a crucial service that Insurance Brokers should provide to their clients free of charge. What good is an Insurance policy that fails to respond in the event of a claim, that should otherwise be covered? Claims handled by Insurance Brokers have a greater rate of success, in comparison to individuals who manage their own Claims direct with an Insurance company. This is due to the Insurance Brokers’ comprehensive knowledge of policies and policy wordings, not to mention their experience in handling claims of a similar nature on a daily basis.

Policy remarketing

Many Insurance Brokers will approach a panel of insurers that will respond to a single automated quote request, calling it a job done. An exceptional Insurance Broker will go one step further and also approach other insurers that are not on the panel, submitting an individual quote request with each one. This extra step gets you the most comprehensive and competitive on the market, rather than the most comprehensive and competitive policy on a select panel.

Effective time management

You should be contacted roughly 4-6 weeks out before policy renewal to be able to discuss any situational changes to your business that may impact your insurance policy for the coming year. This ensures that your renewal isn’t rushed, and considers all components of your insurance program to ensure it will adequately protect you for the coming 12 months.

Tailored recommendation

A good insurance broker will not overinsure your business by recommending policy covers, or policies that you do not need. Similarly, at the other end of the scale, they will also not underinsure your business leaving you with gaps in your cover, or without a policy that you need. A good insurance broker will conduct a risk assessment that uncovers any exposures that could be mitigated with an appropriate Insurance policy.

Clarify your situation each year

A good Insurance Broker should ask lots of questions to gain further insight into your business. A quality Insurance Broker will not limit their questionnaire to a few questions, they will delve deeper into all aspects of your business to ensure that all of your activities are covered where possible.

Effective Coverage Summaries

A good Insurance Broker will be able to appropriately summarise the key features of your policy, and effectively communicate those that are most important to you. They will also communicate any situations or events that are not covered by your current or future policy, giving you an accurate understanding of your policy and the covers it provides for your business.

Acute response times

Communication is key! We all know that clear and timely communication is what makes any experience with a business that much better. A good Insurance Broker is one that responds promptly or gives notice to contact you within an appropriate time frame, not leaving you wondering for days as to whether or not you will hear back from them.

A detailed summary of your policy, not just the invoice

Have you ever just been provided with an invoice with no context behind it? Have you had to look through your cover and find out what exactly you’re covered for? A good insurance Broker will provide a concise, jargon-free summary of your insurance policy so you have a quick understanding of what you are, and are not covered for.

Treat you as a person, not a number

A good insurance broker will treat you like you are their number one client, no matter the size, no matter the type of policy you hold with them.

Dedicated Insurance Broker/Account manager

Some insurance brokerages don’t assign a dedicated insurance broker to policies that don’t generate much income. If you fall below a certain threshold, you may not have a Dedicated Insurance Broker that will look after you. A good insurance broker assigns an Insurance Broker to each client, regardless of the income generated.

If you’re looking for an Insurance Broker that meets the above standards, contact Morgan Insurance Brokers today.