Getting the right insurance quote, particularly business and commercial vehicle insurance, can take time and effort. With so many risks to consider, so many policy options available, and with legislation covering everything from employers’ liability insurance to truck insurance, it’s vital to choose the right insurance broker.
By following our top ten tips for choosing the right insurance broker, you can get insurance help you. We hope this guide will be useful, but if you’d like personalised insurance help, don’t hesitate to get in touch with Coversure Castle Donington. Our friendly, experienced team can give you all the help you need to get the right business, fleet, truck, or plant insurance. You can call us on (01332) 983 725, email Coversure Castle Donington, or request a callback.
Top Ten Tips For Choosing The Right Insurance Broker
Choose an insurance broker that will act in your best interests – an independent insurance broker is there to get you the best deal on your cover. By expertly presenting your risk for you to their panel of insurance companies – firms that some non-independent, new brokers or price comparison sites don’t have access to – they can get you the right cover at the right price
Knowledge is power – while it’s essential to choose an insurance broker whose experience you can trust, it’s important that you ask questions. When you come to get an insurance quote, ask your broker things like, ‘Which markets have been approached?’ and ‘How comparative are the terms to your existing providers?’ Asking these questions will show your broker you know what you’re talking about and will keep them on their toes
Make sure they ask for your claims experience – if you’re shopping around for insurance quotes, this is a great thing to have. Your existing broker will release it 21-30 days prior to the renewal date. This is not always automatically provided to you, even though you’re entitled to have it. Without it, you’ll be unable to approach any other brokers for an insurance quote. Some less scrupulous insurance brokers deliberately ‘sit’ on this information until it’s too late for you to go anywhere else. Depending on the complexity of the policy, it can take up to 2 weeks to permit a competent broker to negotiate the best rates for you, so ask 30 days before renewal to give yourself time to get a cheaper insurance quote
Always check your documents, or they could be invalidated – all policies are issued with both a schedule – which provides a breakdown of the basic cover – and a statement of fact – which outlines the information that the broker has provided to the insurance company. It is vitally important that all this information is correct, as the onus is on you, the consumer, and not the broker, to check and confirm the details. A good insurance broker will be happy to go through the details with you
Have they supplied a terms of business agreement (TOBA)? – this should be sent with your initial insurance quotation, at inception – when you take the policy out – and during the renewal process. The TOBA tells you the maximum fees that your broker is able to charge you during the course of the year and your cancellation rights, information that’s at the heart of a good insurance service
You have the right to go elsewhere for your insurance – if you aren’t getting the service you were expecting from your broker, most policies will allow you to transfer to another broker during the term of the policy. So, if you are not happy, you can move. There’s no requirement to stay with the existing broker until the end of the current policy, so vote with your feet and look for a new local insurance broker
Look at reviews and get recommendations when choosing an insurance broker – a great way to find a high-quality broker is to look at the reviews on independent review platforms like feefo. Also, check with your industry peers on platforms such as LinkedIn. It’s important to choose the right insurance broker, as this should be a long-term, mutually beneficial relationship. So, contact the broker and ask questions such as ‘What experience do you have in my occupation/with companies of my size?’. Feel out of the fit to see if the relationship could work for you before committing. The best brokers will be happy to take the time to get to know your needs before offering you an insurance quote
“Brilliant, cannot fault them enough
Superb work. Enjoy working with them very helpful and do everything I need them to do, and more A+”
5-Star feefo review from Flynn Transport
Compare brokers and choose one that has the experience you can trust – most brokers will approach the same insurance companies, though their relationships with them may vary. If too many approaches are made, then the companies may return a no quote. Ideally, it is best to limit yourself to testing two brokers to see which gives the best value insurance quote. Most larger risks are manually underwritten – a person will generate them, not a computer – so broker and customer relationships are of vital importance to the underwriter.
Good broker-underwriter relationships often lead to better outcomes for you, the customer
Pre-renewal questionnaires – your broker should contact you 30-45 days prior to your renewal to ask questions about you and your business. This is done to update themselves on your business’s operations, such as the type of work performed and, if applicable, vehicle values, business turnover, asset valuations, payroll figures, etc. Things change, and if your broker values the service they are offering you, they should be looking to ensure your cover is correct year-in-year out
Communication is key – a good insurance broker should be someone you can ask advice from throughout the year, not just when you come to renew. They should be proactive in informing you of changes to your policy and should always be willing to help. If you’re not being kept abreast of what’s happening, it might be time to find a new insurance broker…
Like Some Insurance Help?
If you’d like personalised insurance help, don’t hesitate to get in touch with Coversure Castle Donington. Our friendly, experienced team can give you all the help you need to get the right business, fleet, truck, or plant insurance. You can call us on (01332) 983 725, email Coversure Castle Donington, or request a callback.