The benefits of using an insurance broker - Barnes Commercial Limited
insurance broker

Using an Insurance Broker

Discover the benefits

The benefits of using an insurance broker

Getting the right insurance cover is fundamental to any business, whether legally required or not. No one can tell us what the future holds but knowing that you are as prepared as possible for an unexpected event will ensure that you can recover quickly and continue to operate with minimal disruption.

There are several ways to purchase a commercial insurance policy. You can buy direct from the insurer, use a comparison website such as comparethemarket or utilise the services of an insurance broker.

We believe that best way to secure reliable, suitable insurance for your business, is through an independent and experienced broker. And we’d like to tell you why…

Risk assessments from experts

Understanding what risks your business may face is key to creating the right insurance solution. An independent insurance broker is best placed to help assess your risk exposure and explore the policies available to protect your business.

Finding a broker that knows your sector and can work with you to uncover hidden risks can save you from distress down the line.

We take the time to get to know our clients, exploring all areas of risk exposure including cyber liability and key personnel – often highlighting things you hadn’t even considered. As part of our service, we will visit your place of work and carry out a thorough risk assessment which forms the foundation of the tailored advice we offer to create your programme of covers.

Risk management

Advice not price!

Many businesses are focused on price rather than the scope and relevance of their policy. A comparison website will provide a quick, often lower cost quote, but there’s no one at the end of the ‘submit’ button that knows your business and your unique requirements. Without expert advice you may be missing key features or exceptions that leave your business exposed.

And of course, on a comparison website you only see the companies that have decided to partner with the aggregator, leaving you unable consider policies from insurers not on the website.

Partnering with a specialist independent broker that really knows your industry, will ensure that you enjoy tailored advice and guidance on the best policy for your needs. Understanding exactly what you have purchased, and the extent of the cover is part of the added value of using a broker.

A cheaper policy bought without advice may seem like a great idea initially, but if it lets you down in the event of an incident you could pay so much more – in money, reputation, loss of income, or possibly the loss of your business!

We offer impartial honest advice to our clients, so that the solution arrived at will be just what you need.

Access to a wide range of insurers

As we have mentioned, comparison websites do not allow access to the wider insurer market, limiting your choice of policies. This is also true of a policy secured directly with an insurer. Going directly to an insurer will allow you to benefit from advice, of which we are true advocates, but it will only be advice around their own policy offerings.

The best way to explore solutions for the right insurance cover for your business, is to use an independent broker. This means that they have no allegiance to any one insurer and can provide impartial advice to arrive at an insurance programme that will suit your unique requirements.

As an independent commercial broker, we have partnered with a wide range of well-known A rated insurers in the UK, to ensure our clients have access to market-leading products for optimum protection.

Reputable A rated insurers

When selecting your broker partner, it’s a good idea to make sure that they have aligned with A rated insurers. Whilst in the UK, there isn’t a legal requirement to acquire A rated status, the rating does reflect the financial strength of an insurer and its ability to honour its policies.

Knowing that your programme of policies has been placed with an A rated insurer brings with it the peace of mind, that in the event of a claim you will be protected.

We only work with reputable insurers that can demonstrate reliability, longevity and robust support when a claim is made. So, you can be reassured that your insurance provider will be there in the longer term and will provide a great level of claims support should the unexpected happen.

A personal service

Partnering with a broker is the start of a new relationship. One that can be built over time on mutual trust and respect. A good broker will really get to know your business, so they can offer prudent advice on what will be best for your business. It’s more personal than contacting an insurer directly and certainly much more than a faceless comparison website!

We build long term relationships with our clients, partnering you with a dedicated account executive who will explore your commercial risk and offer advice and guidance on what will be the optimum insurance solution. We’re always at the end of the phone to assist whenever needed, with risk management advice, policy information and claims support.

commercial broker benefits

Saving time

Independent brokers are likely to have a good network of reliable insurers partners that they approach on your behalf to find the best solution for your needs. This saves you the time of contacting each insurer separately and trying to compare policy details.

Why spend hours trying to decipher the differences between one policy and another and then deciding which is better, when we can do this for you!

We will also contact you when your renewal is due, so you don’t have to worry about remembering the date.

Keeping you up to date

A further benefit of using an insurance broker is that they maintain an active and positive relationship with your insurer and the wider industry. They can advise of any legislative changes that are coming into force that may affect your policy, so you can discuss options and be prepared.

We stay in touch with our clients throughout the term of their policy. If an insurer withdraws or changes cover, we will advise and help you to find a new solution, so you remain protected. By maintaining a good relationship with our clients and staying in touch, we can help you to manage risks that may emerge as your business grows or changes – providing guidance, support and insurance protection.

Additional services

remote working risk management

Many independent brokers offer additional services which can be beneficial to your business.

The Barnes Risk Management Hub is an invaluable resource that provides access to a wide range of information, online learning courses and tools, to assist in your risk management programmes.

From health and safety courses to HR support, we can help you to arrange training in house or at our offices here in St Neots. It’s all part of the service to help you protect and grow your business.

If you would like to talk to us about your commercial insurance and risk management needs, you can call us on 01480 272727 or email us at – we’ll be delighted to help.

Luke Green

Authored by: Luke Green

Business Development Executive

4th June 2021