When To Use An Insurance Broker

Whilst it’s usually fairly easy to find insurance for most everyday eventualities, ensuring you are getting the best deal for your insurance is a more difficult task. That’s where getting the help of an independent insurance broker such as Singapore Insurance Empire can be invaluable. Along with their first hand experience and expert advice, they can also end up saving you lots of money too.

We look at some of the situations when an insurance broker can be the best option for you.

When you need expert advice

The complexities of insurance can be puzzling to say the least. Understanding what the best options are for your specific requirements in a market that is affected by hundreds of factors, can require a grasp of some pretty technical language and years of experience. Insurance brokers are the experts. They have the most up to date knowledge about the market and the policies available. They deal with allsorts of different people and situations regularly and are therefore adept at knowing how to cover all kinds of risk. They will be able to recommend a solution to your insurance problem whatever it is.

As soon as you require a dedicated service

Brokers do not work for other companies which means they are always able to give you genuinely objective and personalised advice, at the time you want it. You are their client and they will work tirelessly on your behalf to ensure you are happy.

If you need simplicity in understanding

For sure, the terminologies related to insurances are not easy to understand to understand. It is easy to get confused by the terminology and complex clauses and conditions. But when it’s something as important as insurance, you need to be sure you truly understand what you are signing. The consequences of not having the correct kind of cover can be devastating.  That’s where an insurance broker becomes essential. They can give you a detailed breakdown of everything you need to know, in simple terms, in plain English, meaning that you are able to make a genuinely informed decision.

When you need a settlement advocate

One of the main differences between using the services of an insurance company and an independent insurance broker is that with an insurance company you do not know who will be fighting your case should you need to make or defend a claim. There may be a different person on the end of the telephone every time you call. You may need to explain your circumstances over and over again when you speak to someone and it can be a much longer and more frustrating process, with no one person ultimately taking responsibility for the outcome.

Using an independent broker will mean you have a professionally qualified personal representative who knows you and will fight tirelessly on your behalf to settle any claims to your benefit.

When you lack resources and money

Money matters a lot when you are out to select a representative for yourself. An independent insurance advisor has many ways in which they can save you money. Firstly, they cannot charge you more than a fixed amount – usually a percentage of the policy premium you ultimately sign. Secondly, they cannot engage with other companies and have to inform you beforehand if they have done so in the past. Lastly, they charge you much less than an insurance company since they are working on your behalf and prefer a continued partnership with you, plus they have access to many more deals across the market meaning they can find the best overall prices for you.

Whenever you want the best deal

Private brokers are not part of any organisation. They therefore do not have any allegiance to any one particular company or another, so you will know they are sincere with you when they say they have found you the best deal. Working independently, they have contacts within many companies whilst not being tied to them. This means whenever you hire them, they will have a wide range of policies for you to choose from. They also have an understanding of market trends so they know if something is changing or see a chance of negotiating better terms for you.

For risk assessment and implementation

When you are in business, it’s essential to have the services of someone who can guide you through the many processes and procedures and knows how to act efficiently when it comes to money and insurance matters. You want somebody who is competent. By hiring the services of an insurance expert, you are making sure that if there are problems such as indemnity cases, public liability or workplace injury cases, you are protected and covered. When it comes to legislation, you want someone who can help you always stay ahead and well informed.

To find the right product

An independent broker will get to know you and your set of specific requirements and circumstances. Because they are not tied to any one company, they can ensure you find the best deal, and the right deal, for you, from across the whole range offered by the market.

Renewing and renegotiating the contracts

Many people just renew their insurance policies every year without checking any changes or making improvements. The main reason is that they don’t have much time to go through the fine print and because it can be stressful. But there may be variations such as building works, changes of personal details and acquisitions that may change the risks and value of your policy. An independent broker will renew the contract on your behalf, go through all the paperwork with you, ask all the relevant questions about the recommended changes, inform you about any issues and ensure you still have the right deal.

All in all, these are just a few of the reasons why you should use the services of an insurance broker. The truth is, at every step of your personal and business journey, there are benefits to using an independent broker with your best interests at heart.


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