You have the option to purchase insurance directly from an insurance company, a tied agent, a bank representing one company, or through an insurance broker. A broker can help you save money and time, as well as reduce the amount of time that you spend looking for insurance.
These are just a few of the benefits of buying your insurance through an agent:
- An insurance broker is there for you, not the insurance company. Your broker isn’t tied to any company or specific products. To find the best deal, they can search for deals from a variety of companies and their products. A broker will take the time to understand your needs and recommend the right product for you. Brokers can help you get the best deal from their extensive portfolio of providers and products. Insurance companies and banks can only offer one product, so brokers are able to offer more products.
- Insurance brokers are professional and experienced. The brokers can recommend policies from a variety of companies and offer advice on the best products and services. Brokers will be able to tell you, for instance, which companies are most suitable for young drivers or who provides the best public liability coverage for your industry. They are often familiar with claims and can help you navigate the sometimes stressful and confusing claims process. The best part is that most Irish brokerages are smaller, which means they can offer faster and more personal support. Brokers also commit to professional growth and lifelong learning. They will keep you informed about the most recent changes to insurance legislation and policies to ensure that you have the best possible options when you buy your next policy.
- Insurance brokers are regulated. Brokers must meet financial obligations and standards. They must also have professional indemnity insurance. Brokers are also required to meet with clients to make sure they recommend the right product for you. The broker should conduct a ‘fact finding’ to determine your specific needs and requirements. The client should also receive a’reasons why’ or’statement on suitability’ explaining why they are recommended the product and how it meets their specific needs.
- It is possible to get access insurance companies you can’t access on your own. In recent years, there have been more companies that only deal with brokers. They can transact business this way and save money. There is no need for large call centers or large administrative teams to deal directly with the public. These savings can be passed on to you, as the consumer. These companies do not deal directly with customers directly. These companies have been recommended to us more often over the years because they consistently deliver on product, price and service.
- Brokers must disclose all information about commission and fees, and the impact on your insurance premium. They also need to be paid. Brokers generally receive a percentage commission from insurance companies. They may also charge a fee for their services. They must also provide you with a copy their terms of business. This will outline the companies they work with, the fees they charge, and how they are paid. This will allow you to make informed decisions when purchasing insurance.
A broker can help you choose the right policy for your family, business, and yourself. Brokers offer impartial advice and ethical conduct. They also provide full disclosure of all information necessary to make informed decisions. They are able to guide you through every step and provide excellent customer service. Your local broker can help you find the best insurance and renewal options for your product.