We admit it: The world of insurance can be a jungle. Policies can get complicated, with numerous insurance providers with seemingly similar policies, and tons of paperwork. It can be daunting and we don’t blame people for feeling confused or even lost. That’s why we have made it our mission to provide clients with clarity when it comes to insurance for their business or for themselves and their families. At the heart of it, that’s what an insurance broker does; they are an industry expert who helps you navigate the insurance options out there and advise you on how to manage risks and protect yourself. But insurance brokers do a lot more than collect different policies, present their recommendations and try to get you the best price, they can be leveraged for so much more:
1- Help With Claims, Even If You Didn’t Get The Policy Through That Broker
Let’s say your business was flooded by a sudden downpour and you have business interruption insurance, but your insurance provider is refusing to honor your claim for a semantic reason. You can actually go to an insurance broker and ask them for help. Not only might this broker have a strong relationship with the insurance provider in question and can work out a deal between you and the insurance company, the broker is an expert who is well versed in the law, regulations and policy standards who can advocate on your behalf. Of course this is done for a fee, but that is offset by the claim being processed in return.
2. Lifelong advisor, Changes Your Policies As You Grow
Your life and your business change over time and so should your insurance coverage. When an insurance company sells you a life insurance policy over the course of 30 or 50 years they may not be aware of factors in your life that may make that policy obsolete or insufficient. When you have a broker however, they continuously assess the major milestones in your life and business and can tweak or add insurance packages that will best protect you. A good insurance broker is aware of this fact so that whenever you need insurance you have the right coverage for your current circumstances, not what you had paid for 10 or even five years ago.
REMEMBER – INSURANCE AGENTS REPRESENT INSURANCE COMPANIES, INSURANCE BROKERS REPRESENT PEOPLE
3- Risk Assessment, Advice and Personalization
A broker does more than gets you generic policies from different insurance providers. An insurance broker can dive into the details of your life and your business, provide a comprehensive report on all the potential risks and come back with recommendations and customized policies to provide you the right coverage to match your financial situation. This expertise and experience means they can catch potential risks in your business you may have missed. Or if you have a special situation where an off the shelf policy may not be right for your family. Moreover, and just as importantly, insurance brokers will tell you: NO. If you receive a policy that may sound good, but will actually fall short when it comes to protecting you or is inadequate, an insurance broker will warn you against it. An insurance broker’s best interest is you, not the insurance provider. So an insurance broker will give you careful advice when it matters the most and recommend options that will provide great value for money.
At Petra Insurance we have over 50 years of industry experience coupled with a forward-thinking and innovative approach, which means we know what our clients are looking for and what they are currently facing. Having a broker means having someone on your side. Being a broker is more than just our business, but we have made ‘clarity’ a promise to all our clients.