Safety Net: News And Advice About Health InsuranceSafety Net: News And Advice About Health Insurance

About Me

Safety Net: News And Advice About Health Insurance

Hi. I'm Jake and I'm quite an adventure traveller. From climbing mountains to white water rafting, I never turn down an opportunity for an adrenalin rush. Fortunately, ever since I started my escapades, my mum has kept me on the ball with insurance cover. There are times that I would have been in dire straits without health, travel and work cover insurance. Recently, my mum handed all the insurance paperwork over. I hadn't appreciated what a great job she has done with her research and attention to detail. Now that I've had to investigate different policies for myself, I really have quite an insight into the different options and the importance of choosing the right insurance. I thought I would share some of the knowledge I have gained so that people don't have to rely on their mums! I hope my blog proves helpful. Be safe!

The Benefits Of Hiring An Insurance Broker

23 March 2021
 Categories: Insurance, Blog

When looking for insurance, many people wonder if they should engage the services of an insurance broker. Although you will bear an extra cost if you hire an insurance broker, his or her services have immense benefits. Keep reading to learn more.

Insurance Cover Advice

The insurance broker will assess your situation and offer advice on the best insurance plan for you. This is especially important with business insurance if you are not sure of the coverage that your business needs. The agent will inform you of required insurance policies, such as workers compensation. Additionally, the professional will assess your operations to determine whether you need public, general, professional, and product liability insurance. 

Choosing An Insurer

Your agent will help you choose one insurer over the other. Some considerations to make when selecting an insurer include: 

  • What is the insurer's specialisation? Work with an insurer that understands your industry and operations.
  • What are the terms of the cover? The agent will help you assess the terms of the various insurance companies. Ultimately, choose an insurer with reasonable and flexible terms.
  • How fast does the insurer process claims? In case of an accident, you need a company that offers recompense in the shortest possible time.

The agent will also help you examine the premiums and penalties of the various companies. 

Negotiating The Terms Of The Cover

Once you identify a suitable insurance company, your agent will approach the company and negotiate the terms of the cover. For instance, if you need business insurance, the agent could ask the company to combine a few policies to ensure you have an easy time managing your insurance. Besides, the agent will negotiate the premiums and the repayment terms. For example, if you run a small business, the agent could ask the company to divide the annual premiums into several instalments. 

Claims Follow-Ups

If you suffer an accident, your agent will help speed the compensation process. Typically, the agent informs the company of the accident and asks them to send an adjuster to validate the claim. The agent will present the required documentation and follow up with your insurer to ensure you receive compensation promptly. 

When hiring your agent, conduct some background research to ascertain that they have an excellent reputation and ample experience. Inquire about the agent's affiliations. Independent agents are not affiliated with any insurer. Therefore, they will give unbiased advice. Do not forget to examine the agent's terms and pricing.