Author: adminrbpaib

Why use an independent insurance broker for your Commercial Insurance?

Searching for insurance for your business can be an overwhelming – not to mention stressful – experience. No matter what type of business you’re trying to insurance, there are always multiple policies on the market, offered by insurers all claiming to provide the best deals.

So, what do you do? Not wanting to spend time searching around, many people purchase one of the first policies they’re offered, only to realise a few months down the line that they aren’t receiving value for money or worse, that they’re underinsured.

One way to avoid this happening to you is to enlist the help of an insurance broker. A broker will act as your personal adviser for insurance matters, ensuring you receive comprehensive cover for a competitive price. Here are some reasons why you should consider an insurance broker for your business:

They are experts in their field

Whereas you might be unfamiliar with the insurance market, brokers are experts in their field with years of experience in finding clients the right deals for the right price. Not only will they match you with the most suitable policy, but they can also help you to understand the ins and outs of policy terms and conditions, so you know exactly what you’re covered for.

You’ll receive impartial advice

If you go direct to an insurer, they are bound to claim that their policy is the best for you, regardless of whether it genuinely provides suitable coverage for your individual requirements. Brokers, on the other hand, compare policies from numerous insurance firms, so you can be sure that any advice they give you will be unbiased.

You’re guaranteed quality coverage

Brokers have access to a wide range of insurers and only use reputable firms they know provide excellent service and quality insurance products.

They’ll likely save you time and money

If you use a broker, they’ll do all the hard work so you don’t have to! No more time wasted scanning comparison websites or filling out seemingly endless quote forms. You don’t need to pay to use a broker’s services as they are paid commission by the insurers they work for. What’s more, brokers are often able to secure you exclusive insurance deals that you won’t be able to find on insurers’ websites.

They take your individual requirements into account

Brokers know that no two clients are the same – everyone has different insurance needs – so they take the time to assess your individual requirements and ensure they match you with a policy that provides adequate coverage of those requirements.

Brokers can be particularly useful if you have any unusual requirements which often aren’t covered in standard policies, often required in areas such as manufacturing and renewable energy.

They’re flexible

How many times have you emailed an insurance company and only received a reply weeks later? How many minutes have you wasted waiting on the phone just to speak to someone about your policy?

Brokers are far more accessible than insurance companies. They’re easy to contact and you can choose how to communicate with them. For example, you might want to arrange a faceto-face meeting to discuss your insurance needs, or you might prefer a chat on the phone. The choice is yours.

They’re in it for the long-term

It’s not uncommon for communication to dwindle the moment an insurance company has you signed-up. Brokers, on the other hand, are in it for the long-term and will provide you with support whenever you need it. If you’re ever in a situation where you need to make a claim, it can be a daunting experience. What steps do you take first? What information do you need to provide? If you’ve used a broker, they’ll act as your advocate and guide you through the process to help get you in the position you were before the incident occurred.

Using an insurance broker will likely save you time and money, ensuring business is fully protected and for the right price.

How the insurance industry is working to protect your business against climate-related risk

Who does climate change affect?

While we often hear the term ‘climate change’, it’s difficult to know exactly what it means for people and businesses in their local communities.

According to the Met Office, climate change is pushing up our global temperature year on year, increasing the risk of events like localised flooding, forest mortality, fires, failing fisheries and a loss of biodiversity – to name a few. So far, it has been proven that climate change has a direct impact on the increased frequency of UK warm spells and UK cold spells, with the cold spells set to reduce over time.

If the global climate continues to change at the rate it is going, the world we live in will quickly become a very different place – and will likely become much more challenging.

Who does climate change affect?

There are two ways that climate can affect people and businesses, in the form of physical risk and transitional risk. Extreme weather events such as Storm Arwen would come under ‘Physical Risks’, whereas ‘Transitional Risks’ covers changes that occur after the event has taken place – such as a change in Government regulations. For example, implementing a low-emission zone in a busy city could be considered a transitional risk.

Climate change affects everyone in different ways, but among the industries that are most heavily impacted are agriculture and commercial fishing. This will also have a knock-on effect throughout the supply chain.

How climate change is affecting the UK

Consider some of the major climate-related events that have affected the UK in the past five years alone. We’ve seen major flood events in 2013/2014, 2015/2016 and 2019/2020. We’ve battled Storm Malik, Corrie, Arwen, Barra, Bella, Aiden… the list goes on. We’ve seen some of the hottest days on record in London. While the UK has always faced diverse weather conditions, the risk of flooding and other extreme weather issues is increasing in both frequency and intensity.

Major weather events can then put pressure on the insurance industry as the frequency of claims increases.

Protecting customers against climate-related risk

To help reduce our carbon footprint, many businesses across the insurance industry are working to reduce carbon emissions. As well, efforts are being increased to help protect their businesses against the risks presented by climate change and extreme weather. This includes schemes such as Flood Re, which ensures the industry can continue to provide affordable flood insurance to at-risk homeowners.