Insurance represents one of the most important purchase decisions you can make in life. Your business/organization, health, home, and entire livelihood depends upon it for peace of mind. You may have beneficiaries, dependents, employees or other invested parties that will also be impacted by this decision. When the time comes to purchase a policy, one of your first consideration is whether you should secure the services of a broker over a direct seller or agent. Here are 5 reasons to consider choosing an insurance broker:
1. Insurance Brokers are Experts at Risk Assessment
Brokers are experts in their field with access to a wide range of insurance providers. They are licensed professionals who attain their position only by understanding the ins and outs of risk assessment better than any other. Brokers are required to stay educated on all changes in the industry so that customer policies are adjusted to account for developments as they relate to their automobile, home or business. When you choose a broker you choose an expert in risk assessment.
2. Insurance Brokers Offer Greater Options
Direct sellers set their prices, policies, and determine the exact amount of your claim. They offer little flexibility. Their agents are also constrained by their policy line. That means if they do not have a policy that directly meets your needs they may push the “next best match” on you. That’s where claim settlement loopholes come into play. What are the odds that your unique needs will be covered explicitly by a cookie-cutter policy? Slim to none. An insurance broker however, works with numerous insurance providers which allow them to tailor a package specific to you.
3. Insurance Brokers Work for You, Not the Insurance Company
Direct sellers and agents represent an insurance company. Insurance brokers represent you. Which would you prefer to have developing your policy? Brokers earn their commissions by keeping their customers happy, so it is in their best interest to have your best interest in mind above all else. This is especially important when it comes to claim disputes.
4. Insurance Brokers Advocate for You at Claims Time
A famous expression exists in regard to direct sellers and agents – they are both “judge and jury” and at times the “executioner” of your right to a claim. They negotiate settlements on behalf of their very own company and payouts come out of their own company’s pocket, so who do you think they are looking out for? When you use a broker however, you have a professional advisor who once again has your best interests in mind and will advocate for you during claim disputes.
5. Insurance Brokers Offer Cost Transparency
Brokers are paid a commission by the policy provider they connect you with. These commissions are basically the same from company to company so there is no incentive for brokers to refer you to one or the other. Thus it all comes down to meeting your needs. They also do not have the authority to mark-up prices which further invalidates the assumption that using a “middle-person” adds to your cost.
Contact the experienced insurance brokers at Park Insurance today for a no-obligation quote. We look forward to working with you!
