“Insurance is an area of a high level of trust” is a statement from Catherine Bateman, Vero’s head of customer experience. Research by insurance company Vero in 2019 has found more than a third (35 percent) of businesses don’t trust their insurer, up from 30 percent last year. Mistrust in brokers has also risen with 23 percent lacking trust in the industry, up from 17 percent.
Of the 900 small and medium-sized business owners and decision-makers included in the survey, 34 percent did not use a broker at all, up from 21 percent last year. This means that they are missing out on the experience and knowledge that brokers can offer.
What is the role of insurance brokers in the industry?
Working through a trusted insurance broker right from the get-go makes great sense. Brokers typically deal with a number of insurance companies and thus can offer a much larger range of products. Brokers typically have much more buying power than individuals and SMEs and can often get you a better deal. A good broker can analyse your business protection needs and guide you as to which products are best suited. Insurance can be a complex and sometimes confusing undertaking. A broker can help you understand the ins and outs of your policy and most importantly, highlight the circumstances that are not covered before you have to make a claim.
When it comes to actually making a claim, particularly one that is not clear cut, the value of having a trusted broker becomes most apparent. This is where having an expert on your team can make the difference between getting paid out or having your claim refuted. Without the services of an insurance broker, any dispute over a claim will have to be resolved by you. This is often a lengthy and possibly costly process.
Saving money by not using a broker is often not saving money at all
Please be aware that no insurance policy covers all things at all times. A broker can ensure you are fully aware of exactly what cover you have before you need to use it.
The insurance industry, in general, recommends looking for the broker that fits your business. Using the services of a trusted insurance broker such as Bonded NZ Specialist Insurance is always a sound investment. We provide specialist insurance services and use our expertise and experience to analyse our client’s risk and offer an appropriate and cost-effective solution.
If you require any insurance help, contact us today on 021 667 623 or via the contact page on our website.