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5 Advantages of Using an Insurance Broker
November 20, 2019 at 5:00 AM
by villaNOVA Insurance Partners
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Are you a new business owner on the lookout for insurance options? Are you shopping around for a good deal for your company, or your family? We’re pretty sure you’re already familiar with some (if not all) of the more popular insurance companies, and perhaps you have already reached out to them.

But do you know that buying insurance through an insurance broker may be your best option – better than going straight to an insurance company, or getting insurance through a building society, or bank?

While this may get you initially scratching your head, here are five advantages of using an insurance broker, whether it’s for business or personal reasons.

1. An insurance broker can help you save money

After discussing your requirements and budget with an insurance broker, what they will do is compare various options and then recommend the ones that provide the cover you need at a price you can afford. This can equate to substantial savings for companies looking for insurance as part of their employee benefits.

2. An insurance broker has deep industry or market knowledge

For an insurance broker to be successful, they need to have a deep understanding of the industry. They should also be updated on market trends and knowledgeable about the numerous insurance products and services that are available. This way, they can accurately compare product offers and recommend the best insurance options to their clients.  

3. An insurance broker helps simplify the process of obtaining insurance

One thing that can make decision-making difficult for clients is having to go through all the insurance jargon, especially in the documents they may be asked to review. Sometimes, even when you have a question, you are unable to articulate it. With an insurance broker, you can expect to be informed about your different insurance options and the possible benefits in simple language you can understand.

4. An insurance broker provides friendly, professional service

A professional, licensed insurance broker will provide you Statement of Suitability documents, which state the policies they recommend plus their expert input regarding each option. This way, you can make smarter decisions regarding the kind of cover and the insurance service provider you choose.

5. An insurance broker gives you more freedom to choose

Going directly to an insurer means you’ll be severely limiting your options since what they will do is (of course) talk about their own products and services. An insurance broker would have access to the entire market, and they can provide choices you can consider based on your needs. You won’t need to go to each insurer’s website or make phone calls because everything is already presented to you.

Gain access to more benefits with your insurance broker

Aside from the above benefits, having an insurance broker can also make filing claims much easier. Your insurance broker can handle insurance claims so you don't need to stress and exert effort to ensure your claims are taken care of.

Moreover, insurance brokers don’t see you getting the insurance they recommend as the end-all, be-all in your business relationship. As you deal with each other through the years, your insurance broker will get to know you and your needs so they can serve you better, too.