Why use an insurance broker when I can do the work myself? The obvious answer is it takes time, knowledge and an understanding of insurance which can be in short supply these days. With “online shopping” a snap, be aware of the pitfalls of buying insurance online, whether it is home, auto, life, health or business liability coverage. There are many blind spots such as being under-insured or low rates that skyrockets upon renewal and those can and will cost you a lot more money and time in the end. If you do not use a broker or if your broker is not measuring up to these standards reach out to Eric B. Fuller, Inc. We handle these responsibilities with professionalism, and we always put our clients and business relationships first.
1. Service & Choices
Brokers are not tied to any one insurance carrier. They can represent multiple carriers which is an advantage for you to see multiple options. A quick chat with your broker is usually all that is needed to look for a suitable policy from the insurers they work with. This means you will have the expertise of a professional looking for the right coverage at the right premium.
If a problem or questions arise anytime you can call your broker for help and not have to locate the right department phone number, navigate the phone tree and wait for your insurance carrier to resolve it. A broker has direct connections to get your problem resolved the first time and quickly.
2. Coverage that Meets your Needs, not the Masses
Direct insurance carriers can only offer you one policy: theirs. These are often designed and written for a mass market and it is a challenge, if not impossible, to tailor to your specific needs.
Many online and self service quotes is just a matter of checking the boxes and voila you have a good rate and policy documents. What you most likely do not have is a policy you understand, one that fits your needs and good rates that will last through your renewal process. A broker can spot extraordinary requirements, identify the coverage you need, arrange it with an appropriate carrier and makes sure your documents arrive and are accurate.
You may think brokers cost extra or charge a fee and you don’t want to pay for something you can do yourself. Despite popular belief, brokers often have access to lower rates than direct insurers. At Eric B. Fuller, Inc. you are never charged for a service. The insurance carrier set the rates, not the broker.
Brokers are professionals and their duty is to properly assess a clients risks and find suitable coverage. The concept is that insurance carriers prefer to use brokers to help identify the right policy and the appropriate coverage at the right price for any given individual or business – this helps lower claims and maintaining premium income. This works too! When an insured unknowingly chooses the wrong policy it all trickles downs to more claims and higher rates in the end.
Nobody wants to have a claim, but this is a key area where having a broker can be very valuable. Honestly, when the worst happens like a fire, accident, theft or illness or death, you need all the help you can get to focus on yourself and family and not be arguing with an insurance carrier. A broker represents you, not the insurer, and it’s their job to make sure your interests are covered. The benefit of having a professional broker to guide you, monitor the claim and make sure everything happens when it should, can’t be underestimated. Brokers understand the technicalities of your policy and, in the event of a disputed claim, can argue the situation on an equal ground with the insurer. A good, respected broker can honestly make the difference between an insurer paying a claim and not.