Comparison Websites vs Insurance Brokers – which is best?
At first glance, comparison websites offer lots of choice and price points, but are these policies the right ones for you?
Research has shown that many policies bought via comparison sites are inadequate and don’t include the right level of cover. This is especially true for businesses that need specialist insurance for specific risks. These types of policies are not usually available on comparison websites.
Making sure all your risks are covered in the policy is also difficult when using comparison websites. The quotation process is mostly automated with one-size-fits-all results. This doesn’t give you a lot of scope to customise the policy and tailor it to your business. Leading to mistakes in your insurance policy and rendering it useless when you need to rely on it.
So, what can an insurance broker do?
As well as matching you with an insurance policy that’s fit for purpose, a good insurance broker gives you the peace of mind you need to get on with running your business. Working with an insurance broker gives you:
- A policy that meets your needs. An insurance broker understands your business and the challenges you face. By acquainting themselves with your business, your insurance broker matches you to the best policy at the right price. Access to the whole market gives the broker more options than you’d find on comparison websites or google searches.
- Working with an independent insurance broker is a more hands-on service with expert advice and guidance. Something you don’t get from direct providers and comparison websites.
- Your insurance broker will negotiate on your behalf to get the best policy for your business. By speaking directly with the provider, your broker is qualified to get the best deal and ensure the premium covers everything it needs to.
- An insurance broker’s job doesn’t stop once a policy is secured. An experienced broker can help you to analyse your claims history and suggest improvements for limiting risk. Reducing risk will make you more attractive to insurers and help you get better priced premiums in the future.
- When you find the right insurance broker, you can build a long-term relationship so you always get the best policies for you. The longer you work with a broker, the more they know about your business. You won’t have to start from the beginning at every renewal.
Are you interested in working with an independent insurance broker? The Bateman Group have been securing business insurance policiesfor over 50 years. Fill out our contact form or give us a call on 01926 495 113 to speak to our insurance experts.