What Do Insurance Brokers Do?
Unlike other insurance providers, an insurance broker works for you rather than for an insurance company. Brokers use their professional knowledge and experience to help you properly assess your insurance needs, obtain the best value in insurance coverage and to assist you in the event of a claim.
A broker’s services include:
- Assessing your individual insurance needs and obtaining quotes.
- Comparing the coverage of different insurers to get you the best rates and policy coverage in an unbiased manner.
- Searching for opportunities to reduce overall premiums by combining different types of insurance for discounts or by recommending prudent levels of risk retention.
- Explaining premiums, policy terms, conditions and exclusions that you may not understand.
- Providing administrative follow-up, such as policy administration.
- Providing advice and revisions at policy renewal or mid-term if material changes are necessary, such as a move or the sale of an asset.
- Ensuring claims are fairly handled. The broker helps you with the process and ensures a fair and speedy settlement. Brokers make a positive difference to an insurer’s pay-out in a substantial number of claims.