In recent years, much has been made of the role commercial insurance brokers play within the wider field of insurance as a whole. Acting as both traditional insurance salesmen and impartial advisors to confused or doubtful customers, these professionals carve a unique niche for themselves within the market, offering a type of service no other insurance agent or company can.
As such, it is not hard to understand how or why the services of commercial insurance brokers have become progressively more and more sought after over the past few years. Most customers know little to nothing about the process of buying insurance when first coming into contact with the field, and these professionals offer invaluable help where advice, guidance and tutoring are concerned; it therefore comes as little surprise that an increasing number of potential policy buyers seek out their help each year.
Yet, for how popular and in-demand they are within the field of insurance, there is still a modicum of lingering doubt amongst customers as to what the role of commercial insurance brokers actually entails. Specifically, potential insurance buyers often wonder just exactly how this type of professional can help them and their business, where insurance cover and protection is concerned.
It is with that in mind that we here at Watson-Laurie have taken it upon ourselves to list the myriad different ways these professionals can help a newbie business owner or first time policy buyer. As expert commercial insurance brokers ourselves, we deal with this type of doubt from business owners and potential clients on a daily basis, and can therefore draw from our own experience in order to provide an answer. So if you have ever wondered just how commercial insurance brokers can help your business, make sure to read the lines below for some clarification.
The first way in which commercial insurance brokers can lend assistance to a neophyte business owner is through assessing their situation and needs with regards to insurance and cover protection. As experts in this type of insurance, these professionals will of course have a much better understanding of what each different type of policy allows for, and what impact it has on a business; as a result, they will be able to advise their customers about what type of plan or policy to get based on even minimal evidence.
The reasons why this is useful go almost without saying. As noted above, many business owners are completely or almost completely uninitiated where insurance and commercial insurance is concerned, and having professionals who are able to assess their needs and discern what type of policy they need at a glance makes the process of purchasing cover for their business significantly easier.
There is, of course, a degree of responsibility on the part of the customer throughout this process as well. As knowledgeable as they are, commercial insurance brokers are not mind-readers or diviners, and it is therefore up to the potential policy buyer to provide them with sufficient information to be able to ascertain what their business goals are and what key areas they would require protection against. Only once brokers have this information can they attempt to assess which policy would better suit the customer, and how they can help ensure they are directed to it.
Advice is another important aspect of the relationship between commercial insurance brokers and their clients, and in fact the reason so many people seek out the services of these professionals as opposed to insurance agents or companies.
Simply put, the independent and unaffiliated nature given away in commercial insurance brokers’ job title allows them to provide wholly impartial expert advice about the different types of insurance policies and plans available on the market. Whilst someone like an insurance agent is usually under contract, or otherwise bound to, a specific insurer or insurance group, commercial insurance brokers are typically linked to several of them, and receiving commission from all of them equally.
What this means, in practical terms, is that they do not need to favour one company over the others in order to receive a bigger commission; rather, when faced with a specific demand or requirement from a customer, these professionals are able to genuinely and impartially assess the different options available on the market and pinpoint the best one to fit the customer’s needs, with no self-serving interests interfering in the process. This, in turn, ensures the customer is better served, and obtains the level of protection that best serves the interests of his or her business, rather than those of the agent or broker.
Last but certainly not least in the list of ways in which commercial insurance brokers can help their clients is their ability to guide them through the often complex process of purchasing insurance. As noted above, these professionals are as much educators as they are salesmen, and as such are more than willing to put their expertise towards clarifying some of the most common doubts from neophyte customers, and ensuring the insurance purchasing process is made as clear and straightforward as possible to them.
As also mentioned above, this is one of the main factors behind the popularity of commercial insurance brokers in the modern-day insurance market. Customers are more than eager to have a partner which can hold their hand through the purchasing process and clarify their doubts, and commercial insurance brokers happen to fit this role perfectly, justifying their high standing and importance within the field.
It is clear, then, that there are a number of ways in which commercial insurance brokers can help their customers, especially those less versed in the process of buying insurance, and the numerous intricacies it entails. Far beyond being mere salesmen, these professionals assert themselves as partners to the buyer, helping guide them and steer them through some of the more sensitive and specialised parts of the process, to ensure they are fully satisfied by the end.
If, therefore, you are in need of insurance of cover, and find yourself wondering just how commercial insurance brokers can help your business, we hope this article has been helpful in answering that question for you!