How Can I Trust My Commercial Insurance Broker?

Buying commercial business insurance can be a tricky task, the terminology can be a minefield, the description of cover in the policy wording is almost antiquated and not to mention most policy wording booklets are fifty plus pages long. Not only do you not have time to read this but understanding what your reading is marginal at best. So, who do you turn to for help to ensure you are purchasing the right insurance for your business needs? Your commercial insurance brokers Stockport UK, but how do you know you can trust them to sell you the right cover?

There are a couple of questions you can ask your broker in order to feel more secure with your insurance purchase:

What experience or qualifications do they have?

The qualification to look out for in the insurance world is a CII, this is gained from the Charted Insurance Institute, these guys are the professional body for the insurance sector, their role is to ensure the confidence of those who are buying insurance policies, whether it is a private car insurance policy or a commercial combined business policy.

The CII diploma is an internationally recognised technical and supervisory qualification, it ensures those with it understand the products they are selling. This qualification however is not mandatory. So, what if your insurance broker doesn’t hold one? It’s okay for an insurance broker not to hold a CII, there are a plethora of insurance brokers without this qualification who are wonderful at their job and understand insurance just as well if not more than some CII holders.

If this is the case, it’s a good starting point to try and understand their experience within the insurance industry by asking the following questions:

• How long have you worked in insurance for?
• How long have you been with your current company?
• Where did you work before this?
• Have you always been a broker, or have you worked at an insurance company before?
• How long have you sold this type of insurance for?
• What other types of insurance have you sold?
• What checks do you have in place to ensure mis-selling does not occur?

For a genuine insurance broker these questions wont, be too hard to answer, and if a good broker will understand your hesitation and need to know you are being sold what you are asking for.

Have you asked if there are any endorsements?

Another great question to ask your broker is if there are any endorsements on the policy or any exclusions you need to be aware of, ask them to go through these with you, and ask them to explain it in a way you will understand. Always ensure if you do not understand any cover, exclusions or endorsements that you ask your broker to explain it to you.

Endorsements are restrictions on your policy, and these range from insurance company to insurance company, and from policy to policy. An example of an endorsement is an insurance company will not pay out for any claim arising from heat damage if any heat tools are left unattended. So, as you can see they are very significant to your business, you don’t want to make a claim only to find your insurance company will not pay out.

Insurance policies can be very tricky to manoeuvre so always ensure you understand the cover you are taking out, even if you ask your insurance broker to explain it to you, a good insurance broker will be happy and able to do this. Please do request a copy of your quote with the accompanying policy wording before taking out your insurance policy and give it a good read through, highlighting and discussing with your broker any parts that give you cause for concern.

Hopefully arming yourself with these few points will ensure you are happier with trusting your commercial insurance broker.

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