Digitalisation has made it easier than ever to purchase insurance. Online marketplaces offer convenience, quick quotes, and, in some cases, cost savings. Many people find these platforms appealing, especially for personal insurance for homes or cars. However, when it comes to business insurance, the considerations are often more complex, and the value of professional expertise becomes clear.
My experience benchmarking insurance
Recently, I decided to benchmark my insurance. Even as a qualified insurance broker, I wanted to compare what I could find online versus working with a broker. Despite my industry knowledge, the broker secured a better price and more comprehensive coverage than I could source online. This reinforced an important point: beyond price, brokers offer expertise and insights that online platforms simply cannot.
The difference in approach
Getting an online quote is a straightforward process: enter personal details, answer a predefined question set, and receive a quote instantly. There’s little ambiguity, and for simple policies, this can work well. But business insurance often isn’t that simple.
Business leaders rely on professionals like accountants, tax advisors and lawyers because these fields require expertise and regulatory oversight. The same applies to insurance. Insurance brokers are trained, often Chartered professionals who assess risks, identify gaps and tailor coverage based on real-world experience across multiple industries.
The value of specialist advice
When arranging business insurance, many buyers may not fully understand the complexities of their policies or the implications of certain exclusions. Just as individuals may feel unsure when filing their tax returns, business owners can find themselves second-guessing their insurance decisions. A broker can bridge that gap, offering clarity and advice on key considerations such as cyber coverage, liabilities, and disclosure requirements. All things that may not be immediately obvious when buying directly.
Moreover, businesses of all sizes benefit from a broker’s advisory role, not just large corporations. Even small businesses receive the same level of expertise, ensuring they have the right protections in place.
Claims: A critical moment
When arranging my insurance, I wasn’t just thinking about price, I was also considering what would happen if I ever needed to make a claim. Despite my decade of experience in the industry, I knew I wouldn’t have the time to manage a complex claim. By using a broker, I now have someone to handle that process on my behalf, ensuring the best outcome without the stress.
For businesses, claims can be even more complex, often involving multiple areas such as property, liability, and business interruption. Without an expert handling the process, business owners may find themselves caught up in lengthy negotiations with insurers, unsure how to drive the claim forward. A broker not only manages this but also works to secure the best possible outcome.
A simple next step
For SME decision-makers, we know that managing costs is critical. If you currently purchase insurance directly or through an aggregator, consider having a broker benchmark your coverage. You may be pleasantly surprised by both the price and the insights they provide. Even if you choose to remain with a direct insurer, you’ll do so with a clearer understanding of your exposure and policy terms, allowing you to make a fully informed decision.
All it takes is a quick call or email with your current quote schedule. The difference could be significant.
This article comes courtesy of Howden – an expert insurance group that does insurance differently – offering flexible, high-quality cover, and reassuringly straightforward service, while using insurance as a tool to increase resilience. United by a no-limits mindset, Howden is a powerful and passionate team, rising to any challenge to do right by your business.
