How To Choose The Right Insurance Broker
Posted on 24th November 2021 at 10:54
Do you feel your commercial insurance broker is putting your best interests ahead of their own or, the insurer? This is an important question, because in our experience of other brokers, we haven’t always found this to be true.
As an insurance broker in Hull, we serve clients across the whole of the Humber Region and East Yorkshire. We tend not to go too far afield as we want to remain accessible to commercial organisations in the area, particularly as visiting client premises for reviews is such an important part of our service.
Richard Medforth and Luke Byron, Directors of HI Commercial
What does a commercial insurance broker do?
The role of an insurance broker is to fully understand the detail on how your business operates, where business takes place, who your customers are, what activities your employees carry out, the type of equipment you use, and more. All of this information is used to build a picture so that we can describe in full to the insurers, what your organisation looks like from the inside out. With this information, we can calculate your level of risk.
The reason this level of detail is so important is so that we can negotiate the best possible solution in terms of cost, excesses and endorsements applicable to the policy amongst other things.
What does a commercial insurance broker do?
The role of an insurance broker is to fully understand the detail on how your business operates, where business takes place, who your customers are, what activities your employees carry out, the type of equipment you use, and more. All of this information is used to build a picture so that we can describe in full to the insurers, what your organisation looks like from the inside out. With this information, we can calculate your level of risk.
The reason this level of detail is so important is so that we can negotiate the best possible solution in terms of cost, excesses and endorsements applicable to the policy amongst other things.
Mike Ratcliffe, Commercial Account Handler at HI Commercial
Is it time for you to shop around for your business insurance?
Mike Ratcliffe, Commercial Account Handler at HI Commercial
Is it time for you to shop around for your business insurance?
If so, please make a note of your renewal date and be sure to get in touch with your broker a minimum of 21 days prior to the renewal date.
Now more than ever, insurers will want to survey your business. They will no longer simply take your word, they will want proof, paperwork, forecasts, claims information - in short - lots of detail. If you are left with only 1-2 days to gather this information, it is unlikely you will have enough time and therefore, you will not be able to purchase your commercial insurance elsewhere.
Is it time for you to shop around for your business insurance?
If so, please make a note of your renewal date and be sure to get in touch with your broker a minimum of 21 days prior to the renewal date.
Now more than ever, insurers will want to survey your business. They will no longer simply take your word, they will want proof, paperwork, forecasts, claims information - in short - lots of detail. If you are left with only 1-2 days to gather this information, it is unlikely you will have enough time and therefore, you will not be able to purchase your commercial insurance elsewhere.
Cheap business insurance
For anyone who just wants cheap business insurance, the saying ‘pay cheap pay twice’ could have been created in relation to insurance. When it comes to the crunch, will cheap insurance suffice?
Call-centres lose, we gain
HI Commercial is a high-growth business. Since starting up in 2019 we have grown by an average of 25% each year of trading - amazing considering the pandemic. Local businesses want to deal with local people. Our clients refer us to colleagues, friends and family whose insurance broker has moved away from Hull and East Yorkshire to the call-centre format.
But no longer do business owners want to have to deal with a call-centre, where a faceless individual with no knowledge of the business and shows no particular interest in the wellbeing of the owner.
Is it worth using an insurance broker?
Yes absolutely. As insurance brokers based in Hull and East Yorkshire, we have the knowledge and expertise to find the best insurance deals, tailored to your business.
With dedicated account managers here at HI Commercial, our clients know that in the case of a claim, they can pick up the phone to contact us direct, safe in the knowledge that we know the business well and can react quickly, dealing with the insurer efficiently and effectively.
Our clients at Smart Gas say Yes!
To commercial insurance brokers at HI Commercial.
Our client recommendations
Following a trusted recommendation, a company’s finance manager contacted HI Commercial as they were disappointed that their usual broker had not been in touch, especially frustrating in light of the pandemic.
Our insurance advisors read through the policies and carried out a full fact-find and review of the risk involved.
This uncovered huge gaps in protection that would compromise the organisation from a risk point of view.
The team provided insurance quotes for this company and although the cost increased, the finance manager felt satisfied with the level of cover.
This shows that businesses do want that personal touch for commercial insurance.
The insurance review process is essential to any business, for the broker to identify issues and also provide valuable expertise.
If your broker has not been in touch and your renewals are due, we’d love to hear from you.
How can we help with an insurance claim?
For one of our clients who had made a number of claims during the year to repair issues at their property, when it came to renewal, the insurer increased their premium, which the client understood due to the unavoidable cost of the claims. However, subsequently the insurer then decided against renewing the policy as the risk was simply too much.
In the case that this client had been dealing with a call-centre, they would have no other option but to arrange their own insurance, elsewhere. However as a local insurance broker, we were already conducting a full review of their business and the associated risks. With a common sense approach we found that if the excess was increased for escape of water (the main cause for claims in the previous year), then the insurer agreed to renew, albeit under slightly different terms.
This gave the client peace-of-mind that their property would be protected and the insurer would pay less for any repairs in the future.
Our team was satisfied with a job well done and our happy client was pleased to refer us to their colleagues, friends and family. After all, this is the lifeblood of our business.
What does a business insurance policy cover?
Insurance can shield your business, employees and premises against the risks associated with loss, damage or theft.
This might seem obvious but if you fail to read the full cover detail, your insurers may not have included some of the vital protection.
Insurance policies in a hard market
In the same way that we are able to negotiate with insurers about renewals, we are also better placed to arrange policies with insurers in a hard market.
The pandemic, Grenfell and Brexit are all creating a shift in the insurance landscape. Risks have become too much for some insurers to bear, which leaves businesses and other commercial organisations high and dry at a time when they need security.
This is prevalent in the construction, haulage and logistics industries. It is also apparent in other sectors; property, engineering and manufacturing.
Attempting to navigate commercial insurance without a professional broker can be a waste of your time and money. Whether you are currently a client of HI Commercial or not, we want you to feel confident that you are receiving the best possible service and that your employees, business and everything you have invested is prepared and protected for what the future might hold.
How much does commercial insurance cost?
Following a thorough review of your business, we then approach a range of insurers to find the best insurance at the best price available.
How do I choose the right insurance broker?
Working with a commercial insurance broker who has lots of experience in your sector is an important factor. At HI Commercial, our team specialises in engineering insurance, construction insurance, hauliers insurance, logistics insurance, manufacturers insurance, factory insurance, property insurance, landlords insurance, insurance for hospitality, retail and with premiums valued between £1,000 to £120,000.
It is quite unusual for insurance brokers to publish testimonials as we are working in a highly competitive market. However, we are pleased to publish video testimonials from our happy clients as we are confident in our own service and as they say, they wouldn’t dream of going anywhere else.
Richard Hayes at Beverley Motor Works says HI Commercial IS the RIGHT commercial insurance broker.
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