There are so many insurance products on the market that it can be difficult to choose the perfect one for your unique circumstances. One of the benefits of using an insurance broker is the experience and insight they can offer to ensure you get the right level of protection at the best possible price.
Getting your insurance through an insurance broker also offers you the following benefits:
Specialist advice
Insurance brokers know everything there is to know about the industry. This puts them in a unique position to help you manage your personal risk and identify which different policies are appropriate for you.
A good broker will:
- Assess your personal or business risk profile
- Compare policies from multiple insurers
- Recommend cover that matches your financial objectives
They will then draw up an insurance plan that meets your objectives. Your broker may also alert you to risks that you may not have been aware of or advise you in areas where you may have excess cover.
Lower premiums
Another benefit to using an insurance broker is that they can be very helpful when purchasing business insurance. Not only do they have a thorough understanding of different corporate risk profiles, but they will also help you minimise your business’s exposure to risk, which will lower your insurance costs.
This is especially true in specialised or niche insurance categories such as marine or engineering insurance, where experienced brokers can offer invaluable insight into the specific considerations for those sectors, in order to ensure you get the best cover possible.
Of course, not all brokers are equally qualified or experienced. Before choosing an insurance broker, it’s important to make sure they’re properly licensed and have the relevant expertise and the backing of a reputable insurer.
Pro Tip: Prepare a list of questions to ask an insurance broker, such as:
- Which insurers do you work with?
- How do you determine the right level of cover?
- What fees or commissions do you earn?
As one of the leading insurance providers in South Africa, Hollard’s success is due in part to our team of expert insurance brokers, who work tirelessly to get you the best insurance deals. Find an insurance broker today, based on where you live and what you need.
FAQs about insurance brokers
Is it cheaper to use an insurance broker?
Yes, in many cases brokers can secure lower premiums thanks to their industry connections and ability to tailor cover to your needs.
Do brokers work for the insurer or the client?
Brokers represent you, the client. Their duty is to act in your best interest, not the insurer’s.
How do I know if a broker is legitimate?
Always check that they are registered with the FSCA and have relevant experience in the type of insurance you need.
Disclaimer
This article provides general information only and should not be taken as financial advice. For tailored assistance, please consult a Hollard-accredited financial adviser or a licensed financial professional registered with the Financial Sector Conduct Authority (FSCA).
