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