What does a commercial insurance broker do?

Understanding what risks your business may face is key to creating the right insurance solution for you. That’s why we believe that the best way to secure reliable, suitable insurance for your business, is through an independent and experienced broker.

Let’s take a closer look at some common questions asked about commercial insurance brokers.

In this blog we will answer:

• What is a commercial insurance broker?
• What does a commercial insurance broker do?
• What is an independent commercial insurance broker?
• What are the benefits of partnering with an independent commercial insurance broker?
• What is the difference between a commercial insurance company and a commercial insurance broker?
• Why choose a commercial insurance broker?

What is a commercial insurance broker?

A commercial insurance broker is a business dedicated to finding the most suitable commercial insurance for you, at the best price.

They usually serve a set of specialist sectors such as care, manufacturing, construction and healthcare organisations.

What does a commercial insurance broker do?

In simple terms, a commercial insurance broker acts as an intermediary between insurers and businesses. Most brokers will have access to a network of insurers who offer a variety of policies, with differing price points.

Brokers typically maintain strong relationships with their insurer partners and can place insurance policies with underwriters on your behalf. They will convey your business model to an insurer and either work with them exclusively or approach a panel of insurers, to find you the most comprehensive cover for the best value.

Brokers will also help you to understand exactly what you have purchased, and the extent of what your policy covers. This saves you from spending hours trying to decipher the differences between one policy and another, when trying to decide which policy is better.

A good insurance broker will always be on hand to support you. Whether your circumstances change, and you need to update your policy, or an accident happens, and you need help making a claim. Even if you need advice on how you can become eligible for certain insurance products, your broker should be there to help.

What is an independent commercial broker?

Not all brokers are independent, meaning they may have special relationships with particular insurers. This means they may not search the market to find the best insurance policy for you.

An independent commercial insurance broker doesn’t have any commitments to a particular insurer. They have access to a wide range of insurers so can do an extensive search of the market.

What are the benefits of partnering with an independent commercial insurance broker?

Partnering with an independent broker will ensure your broker is working essentially on your behalf. Independent brokers have no allegiance to any one insurer so can provide impartial advice to arrive at an insurance programme that will suit your unique needs.

This means you can rest assured that the policy they present to you will likely be the best policy for your business.

For more benefits of using an insurance broker, you can read our blog here.

What is the difference between a commercial insurance company and a commercial insurance broker?

An insurance company can only supply its own products. This means that unlike when you purchase through a broker, going directly to an insurer can limit your options. This is because insurers may not offer every type of cover you need.

Even if an insurer does offer you the cover you are looking for, you will only receive advice around one specific policy rather than advice on a range of policies from the wider insurer market. Using a broker means that you are able to explore all the options available and gain expert advice and guidance along the way!

Brokers work in a consultative manner, and rather than work for insurance companies, they work for you! This ensures you can purchase the insurance policy best suited to your needs.

Why choose a commercial insurance broker?

Insurance brokers are experts in what they do, and many brokers specialise in specific sectors. This means that they will have a wealth of industry knowledge and can advise you on any insurance products required for your business to operate, including specific advice on beneficial add-ons. They can then combine multiple products into one tailored package just for you!

Alongside this, the administration work that comes with purchasing insurance can quickly start to feel endless and overwhelming. The good news is that partnering with an insurance broker can take a lot of the admin work off your hands.

An insurance broker will gain information about the circumstances of your business from you, which they will then communicate to insurers on your behalf. This helps them to find the most comprehensive quote for the best value. By working with a broker rather than approaching a range of different insurers, you can save a lot of time, which can be used to focus on running your business.

We will be more than happy to help with any insurance queries you may have. As an independent commercial insurance broker, we can arrange comprehensive cover for your business and specialise in multiple sectors such as Construction, Care, Manufacturing, Private Surgeries and more. We can also conduct a review of your current levels of cover and advise if we feel that anything should be added, adjusted or even removed.

You can call us on 01480 272727 or send an email to enquiries@barnesinsurancebroker.co.uk. Alternatively, you can fill in our enquiry form and we’ll be in touch.