The UK insurance industry is the largest in Europe and the fourth largest in the world. There are almost 1,000 authorised general insurers in the UK (abi.org.uk), offering consumers and businesses more choice than ever when it comes to choosing a provider – so where do brokers fit in the insurer-client relationship? In this blog post, we explain the role of a broker and the value that a good broker can add to a client, as well as why our clients love working with Ellis David.
What is an insurance broker?
An insurance broker is a company (or person) that is a professional and impartial advisor when it comes to insurance matters. Working closely with the client, a good broker will carefully listen to and understand the customer’s insurance needs, and then offer that client impartial advice, matching them with the most suitable insurer and policies.
Expert knowledge and impartiality separates a broker from an insurer, as the key difference is that a broker will be able to use their in-depth knowledge to understand the ins and outs of every single policy out there, and match that knowledge with your business’s needs. A good broker like Ellis David will also act as an ongoing partner, so should you ever need to make a claim, your broker will work with you to help you submit and manage the claim. Better still, a broker can also negotiate with multiple insurers to make sure that you get the very best deal on the right policy.
This can save individuals and businesses a lot of legwork, particularly if your insurance requirements are quite niche or specific to you, as our expert brokers can find a policy that will cover a broad range of risks.
What is commercial property insurance?
If you own a commercial property – then you must ensure that it has suitable insurance in place to cover any risks to the property. Commercial property insurance is completely different to a standard residential property insurance policy, as it is a specialist type of insurance that can also include business contents insurance.
Every commercial property is different – one property may house hundreds of employees, while another deals in hazardous waste or uses dangerous commercial equipment on a daily basis. The level of risk will vary greatly between each commercial property, and so it is important that your property is covered by an insurance policy that accounts for all known eventualities – as the stakes are high.
Changing the structure of your property can naturally be a risk, particularly in the eyes of your insurer. There are a number of additional damages that could occur to your property during the time your remodel is being carried out and so it is in the interest of your insurer to either increase your premium, or to advise you of a separate policy that you will require to ensure you are sufficiently protected.
Why use an insurance broker vs. working directly with the insurer?
When it comes to choosing an insurer, there are typically two routes that a client will go down. The first is to go directly to the insurer. This is typically the route a client would take if the insurance product needed is very simple. Often, only individuals or very small, non-complex businesses will opt for this route.
The second route a business can choose when sourcing insurance is to partner with a broker. We whole-heartedly recommend this route to every single person that enquires with us – regardless of how complex their policy requirements are. This is simply because commoditising insurance products by going direct to the insurer can lead to poor buying decisions – and buying the wrong type or unsuitable insurance can render a policy useless.
If you own a commercial property or portfolio of properties then we strongly advise contacting a broker about your requirements. Every property will have a different range of risks that need to be covered by a policy. These can vary depending on number of properties, communal areas, amenities and facilities, grounds, access, area, building and contents value, usage, cyber, climate change and more. This complexity of risk can make finding the right policy that covers everything required a challenge, let alone finding this policy at the best price. A broker can help you to find the right policy for your commercial property(ies) at the right price.
Why use Ellis David?
When it comes to comparing commercial property insurance quotes, it pays to use a professional Insurance Broker like Ellis David. Our team has over 150 years combined experience brokering the full range of commercial risk, which has earned us a first-class reputation in this specialist area.
Over the years we have provided ongoing, personalised support and business insurance cover for both small businesses and large organisations in a diverse range of industries and sectors, from media and entertainment, property developers and high-tech manufacturing companies to well-known charities and not-for-profit organisations.
Rather than skimming through the jargon-filled policy documents yourself – or just ignoring it altogether and hoping for the best – we will take responsibility for understanding your precise commercial buildings insurance needs. We’ll use your information and our many years of professional knowledge to find you a range of relevant, competitive quotes. Ultimately, by trusting us with your insurance needs, you can be sure that we will match your commercial property with a policy that covers the appropriate risks. Get in touch today for a quote.