Go for a broker if you need business insurance


businessMillions of pounds are spent every day on media and online advertising encouraging customers to compare their insurance quotes before buying.

However, the message seems to be falling on deaf ears as only a fifth of home and business insurance buyers shop around or ask a broker for a quote.

And those brokers are the people best-placed to answer technical questions and find the best value for money insurance.

Businesses are often the worst offenders, snapping up a deal from their bank or simply renewing existing cover without question.

Comparing insurance quotes is relatively easy online for any business owner with the time to mindlessly complete never ending application forms.

Even Google is in on the act with a comparison tool.

The Google comparison engine is aimed at private motorists, as are many comparison sites, so where do motor trade professionals go to find their cover.

After all, they need to answer some complicated questions about their business and who drives vehicles to get a decent priced policy.

Professional brokers are still their best bet.

Brokers can cover the questions they know insurers will ask and divert an application to a more appropriate insurer for some businesses.

One advantage for a business is a broker only needs one application form to cover a broader market that aggregator comparison sites.

Many brokers offer a holistic whole-of-the-market service and have contacts with many small or specialist insurers who are not on comparison sites.

They also avoid the problem of branded advice from a bank or insurer that can only sell its own products and won’t mention any rivals, even if they offer the same cover at a cheaper rate or better protection.

Going digital does not mean ditching professional insurance brokers, and most have online connections direct with most insurers anyway.

So next time that renewal drops through the letterbox, think broker.

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