Business insurance - Why use a broker when you’re buying insurance by Floyd Arthur (PPT)
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Transcript of Business insurance - Why use a broker when you’re buying insurance by Floyd Arthur (PPT)
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Business Insurance: Why Use A Broker When You’re Buying Insurance?
By Floyd Arthur
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These days, buying insurance seems like an easy do-it-yourself job. With so many
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companies offering customers the option of shopping online, many people think that the
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way to shop for the best coverage is to get a few online quotes and then pick the
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company that offers the best rates.
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But there is more to buying insurance than meets the eye. To make a truly informed
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decision, you need to do a side-by-side comparison of more than just rates, and have a
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good understanding of the complex language of “insurance-speak.” That’s why having a
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licensed insurance broker as an ally is a great idea.
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What An Insurance Broker Does
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An insurance broker works for customers, not companies. A typical broker has
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affiliations with a number of insurers, each of which offers different types of policies at
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different rates. Insurance brokers are licensed professionals, trained to recognize your
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specific risk profile and choose policies that provide the appropriate amount of coverage
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to meet your needs.
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An insurance broker can also guide you through the claims process and ensure a fast
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and fair settlement from your insurer should you experience a covered loss. If the
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insurance company disputes a claim, the broker acts as your advocate, using his knowledge
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and expertise to help resolve the issue quickly so you can get on with your life.
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Buying Insurance Through An Insurance Broker
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Buying insurance through a broker has a number of advantage over a DIY approach.
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These include:
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o Choice -- Insurance brokers have relationships with many different insurance
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companies. Some of these don’t sell directly to consumers and some don’t have a
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presence online. Because brokers have no agenda other than to serve their client’s
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interests, they have no incentive to sell you anything but the best coverage for
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your individual needs.
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o Price -- When you buy insurance through a broker, the insurance company pays
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him a commission (typically between 2 and 8 percent), so his advice is provided
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to you free of charge. Additionally, many insurance companies discount policies
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purchased through a broker, so you, the consumer, often come out ahead.
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o Ease --Although the best way to meet with an insurance broker is face-to-face,
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most offer online contact forms and telephone consultations as well.
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Furthermore, brokers are far more personal in their approach to customer service
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than large insurance companies, so you can expect faster and better service if you
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need to make changes or additions to your your policy later on.
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o Trust -- Trust is a hard commodity to measure, but most consumers feel that
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dealing with a broker offers them a feeling of security that they don’t get when
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they buy insurance on their own. Brokers are trained to explain options, offer
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advice, answer questions and guide you to the right choice -- which translates to
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greater satisfaction later on.
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At Carmoon Group, we are experts in providing customized insurance solutions for
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individuals, families and businesses of all kinds. We work hard to ensure that every one
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of our clients gets the right coverage at the best possible price. Give us a call at 516-292-
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3780 to set up an appointment for your insurance review. We’re here Monday through
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Friday from 9 a.m. to 6 p.m. No time to call? Just fill out our online form and we will get
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back to you within one business day.