Top Tips for Securing the Best Insurance Deal

1. A broker’s role is to buy insurance on their clients behalf having understood their business, it is not selling insurance…..so clients need to work with them.

2.Clients need to choose a broker who takes the time to understand their business and its objectives, not just their insurance risks. In addition, clients should make sure they choose a broker with knowledge of their industry.

3. If a client has risk management problems can your broker help solve these? It will also give them an edge to secure a better deal with insurers.

4. Clients need to give brokers the time to do the best job for them start discussions at least 3 months before renewal. The harder the market the more time they need.

5. Clients should consider a "silent" exercise – but only if they have doubts about their existing broker. They should let just one new broker go to the market on their behalf to get alternative quotes but without advising their existing broker and insurers. Insurers often cooperate more when only one broker is active in the market.

6. If a client is seeking a review they should only involve one other alongside their existing broker……involving multiple brokers will close down the market.

7. When clients come to review the terms put forward they should pay careful attention to the cover provided by the policy and the extra extensions the insurer will give. They should ask if it’s the insurer’s standard wording. Extended wordings sometimes cost more but can mean a substantial claim is included rather than excluded.

8. Once they are sure about their broker and insurer clients should look to develop a long-term tripartite relationship with them.

9. Look for the broker to have a local presence; this enables clients to benefit from a bespoke personal service.

10. Clients should consider insurer reputation and solvency rating….ultimately they will be paying any claims. Clients need to be confident they will still be there when they need the claim cheque!