| Using a broker means that your insurance is sourced | | | | that when you take out a policy it gives you the |
| by an intermediary whose function is to source and | | | | best (and most relevant) cover available for the cost. |
| negotiate on your behalf. The broker will contact | | | | They will advise you if any additional, more specialist, |
| relevant insurers to find you the best quote. | | | | and cover such as mechanical breakdown cover or |
| It is important to use a commercial or business | | | | deterioration of stock cover is available. |
| broker (not a personal insurance broker), as they will | | | | A broker can also provide you with invaluable advice |
| have specific business experience that will bring you | | | | and support in the event that you have to make a |
| better results. It helps significantly if the broker has | | | | claim on the policy, allowing you to resolve things to |
| direct experience in helping insure businesses of your | | | | a satisfactory conclusion as quickly and trouble-free |
| size and type as they will already have a head start | | | | as possible. |
| in finding you an effective policy. | | | | (ii) Experience |
| "they will have specific business experience" | | | | As a good broker will be experienced with the fine |
| Many brokers use online application/quote forms in | | | | details of insurance policies, they will be far better at |
| the same way as insurers and these can be a great | | | | looking through individual policy information and |
| tool for comparing the different levels of cover | | | | clauses (E.g.: The frequency you need to clean your |
| policies offer, however many still use manual proposal | | | | ducting) to check for any unwanted or missing areas. |
| forms which can be time consuming and confusing. | | | | They can then negotiate with the insurance company |
| SME Insurance offer a dedicated website allowing | | | | to ensure you get a fair, effective insurance policy |
| you to compare insurance quotes and buy online or a | | | | that covers everything your business needs. |
| contact centre who can talk you through everything | | | | (iii) Cost |
| on the phone with no forms to fill in. All these | | | | As a broker deals with many insurance companies on |
| services backed by a broker who is a specialist | | | | a regular basis they will have a good feel for costs |
| provider to the fast food industry. | | | | and will know when a quote is overpriced. Not only |
| There are several advantages to using a broker: | | | | that, but because a broker will purchase a large |
| (i) Knowledge | | | | number of policies over a period of time, they are |
| A good broker will have expert knowledge of | | | | often able to get bulk discounts from the insurers. |
| insurance and experience in the industry he is looking | | | | "They are often able to get bulk discounts" |
| to insure as well as how to find the cheapest and | | | | This means that even with the cost of the broker's |
| most appropriate policies for their clients. They will be | | | | charges (which are sometimes covered by their |
| able to access your business and advise on the best | | | | commission from the insurer), buying insurance |
| policies available in each appropriate area; and ensure | | | | through a broker is normally cheaper. |