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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.

Business Insurance

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.

CarmoonGroup Ltd. – Business Insurance Hempstead, New York | www.Carmoongroup.com

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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

CarmoonGroup Ltd. – Business Insurance Hempstead, New York | www.Carmoongroup.com

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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

back to you within one business day.