| Business come in all sizes, and the role of the | | | | public and products liability, theft and money |
| Commercial Insurance Broker will vary in some | | | | insurance, goods in transit and perhaps marine |
| respects with the size of the client company and the | | | | insurance, all-risks covers, fidelity guarantee and |
| amount of insurance expertise it has available among | | | | possibly others. The broker may also be asked to |
| its own staff. | | | | provide insurance covers for staff, a group life and |
| The approach to commercial insurance of a small | | | | pensions scheme, or personal accident or permanent |
| engineering workshop in a side-street will not be the | | | | health insurance for example. |
| same as that of a huge multi-national corporation | | | | The range of insurance which may be needed, and |
| which may number an insurance company among its | | | | the variety of problems which may be associated |
| subsidiaries. The essentials of the broker's task will be | | | | with them, place great demands on the broker with |
| the same, however, for the largest company as it is | | | | an industrial firm as his client, and make it much less |
| for the individual: to use his knowledge of insurance | | | | possible for him to be a specialist in one or two |
| and of the insurance market to help his client to | | | | types of insurance only. The individual may be happy |
| arrange a sound insurance programme which, to the | | | | to consult a broker for life or motor insurance only, |
| maximum extent possible, meets the client's particular | | | | but the industrial company is likely to want a single |
| needs. | | | | source of advice for all its insurance problems. |
| The Business Insurance Broker will handle the | | | | The larger the client company is, the less it will be |
| insurances of a small company in a manner very | | | | interested in buying standardised commercial |
| similar to those of an individual. The relationship is | | | | insurance covers or packages designed for small |
| likely to be a personal one wit the directors of the | | | | business insurance, and the more it will want policies |
| business, and they can be considered, in a way, as | | | | which match its own specific needs. This calls for a |
| individuals who have a different, and more extended, | | | | very deep understanding of the client's business on |
| set of insurance needs because of their involvement | | | | the part of the broker, matched by creativity in |
| with the company. | | | | designing insurance solutions to the problems posed. |
| The first essential will be for the insurance broker to | | | | The Commercial Insurance Broker's negotiating skills |
| ensure that his clients have the compulsory | | | | may also be called upon to persuade an insurer to |
| commercial insurances which they need for their | | | | accept what may be an entirely new approach to a |
| business to be carried on legally. | | | | particular insurance need. |
| Employer's liability cover to protect the workforce | | | | The problems of a small spread of risk may be |
| must be arranged, and motor insurance is also likely | | | | overcome because the company is large enough to |
| to be a necessity. If the business has plant or | | | | be rated on its own past record rather than as a |
| machinery which must have a periodical statutory | | | | member of a trade which is rated as a class in an |
| inspection, it will be usual to arrange for this to be | | | | SME business insurance package. When it reaches this |
| done by a specialist engineering insurer under the | | | | size, a company may be interested in extensive |
| terms of an engineering inspection contract, with or | | | | self-insurance, and these days it is part of the |
| without insurance. | | | | broker's role to help such clients develop appropriate |
| Fire insurance will be very important, as will | | | | self-insurance plans and to advise on risk |
| consequential loss insurance to protect the firm | | | | management measures to ensure that the risk that is |
| against loss of earnings during the period following a | | | | being retained is reduced as far as is economically |
| fire until it is fully back in business. Then there will be | | | | possible. |
| all the other insurances which a business needs - | | | | |