Insurance is a significant cost for most professional firms and it’s your insurance broker’s job to help you get the “best” quotes from insurers and manage the renewal process effectively.
Accepting that “best” is a subjective term and price is clearly important, there are other factors to take into account when choosing a broker as different companies work in different ways.
A good starting point would be to ask which insurers the broker offers quotes from. If they only offer a quote from a single insurer, how will they show you that their quotes are competitive. Alternatively, if they offer quotes from multiple insurers, do they deal directly with each insurer or is your proposal form passed through a chain of other brokers?
Another consideration might be around the proposal form requirements. If the broker needs their own form completing, can they give you an indication of premium before you spend time completing the paperwork? If not, are they confident the time you spend is likely to be rewarded with a competitive quote?
Regardless of the proposal form the broker uses, there may be extra details that you can include to help insurers understand your business. By talking with you about the profile of your firm, your risk management procedures, your plans for the future and any hiccups that have happened in the past, a proactive broker can help identify and incorporate relevant details in a format designed to meet the needs of insurers.
In some cases, this might mean that a bit more time is needed to collate additional information or carry out some risk management work so it’s best to start discussions early to avoid time pressures later on in the process.
Take a proactive role in your renewal and ensure your submission to insurers incorporates all the factors identified in these planning stages.
The difference of having an ‘active’ broker on your side is palpable. Proactivity, energy, expertise and a hunger to succeed for our clients is of paramount importance.
If you would like to talk about any of the issues raised in this article, please contact Mike Perry, Partner on +44 (0)20 7528 4344
This blog is compiled for the benefit of clients and prospective clients of companies of the JLT group of companies (“JLT”). It is not legal advice and is intended only to highlight general issues relating to its subject matter; it does not necessarily deal with every aspect of the topic. Views and opinions expressed in this document are those of JLT unless specifically stated otherwise. Whilst every effort has been made to ensure the accuracy of the content of this document, no JLT entity accepts any responsibility for any error, or omission or deficiency. If you intend to take any action or make any decision on the basis of the content of this document, you should first seek specific professional advice. The information contained within this document may not be reproduced and nothing herein shall be construed as conferring to you by implication or otherwise any licence or right to use any JLT intellectual property.