When shopping around for insurance it’s important that you ask the right questions, particularly if dealing directly with insurance companies. Any shortcomings could result in you being underinsured or overpaying for cover. 

When it comes to your business or your personal assets, don’t settle for anything less than best. If you aren’t blown away by the sales process then chances are the claims process won’t be any better. As a broker, many people turn to us once they have been let down in the past. Avoid this scenario altogether by going with an insurance broker that protects your interests, always.

Before you buy any insurance policy, make sure to read through the proposal and ensure it’s the right fit for you. We’d advise getting on the phone and asking questions about the policy you are buying.

Here are some questions to ask yourself and the insurer:

1) What is the claims service?

We find that some of our customers come to us once they’ve had a negative experience with another insurer, particularly with claims. Avoid this shock ahead of time and ask them about their claims service, better still check their online reviews. The last thing you want in a claim scenario is to be scratching your head and unsure what to do.

2) What are their reviews saying?

Similar to the last one, always check reviews using a third-party site such as Trustpilot, Reviews.co.uk or Google reviews. This way you know who you are buying off and know what to expect. Read a mixture of positive and negative reviews to make an informed decision.

3) Am I adequately covered?

This is the biggest question to ask yourself. Insurance is a safety net, so if your cover has gaps or key elements missing then you are putting yourself or your business at risk. Ensure that cover is tailored to your needs and has no gaps.

4) Am I overinsured?

Yes, this can happen. You may be paying for extras that you do not need. Make sure you understand your policy. Most insurers will take time to explain it to you so that you aren’t unknowingly buying something you do not need to.

5) What is the admin fee?

If you’re likely to change your policy during its term then it’s worth considering the admin fee. Be sure to check or ask the insurer what their fee is for mid-term adjustments to avoid any shocks. Some companies will have the admin fees listed in their Terms of Business Agreement. Bear in mind, however, that depending on the change you may have to pay based on the new risks. For example, if you change addresses and the address is a higher risk, then you will have to pay extra. 

6) Can I afford the excess?

Last but not least, before buying a policy ensure you’re realistic about whether you will be able to afford the excess in the event of a claim. Insurance is there to protect against financial loss, by having a higher excess it makes you less likely to claim. As with any policy, a higher excess means a lower premium. However, avoid setting them too high as it could price you out of being able to use it.

Consider using a broker

Before buying insurance, it’s important that you understand the cover and what it protects against. If you’d like to remove the guesswork then consider using a broker who can answer your questions and advise appropriate cover based on your needs.

If you want to deal with an insurance broker that will put you first then call our team on 01527 874092. We help source a variety of insurance products for both households and businesses. Get in touch to see what we can do for you.

Published On: October 14th, 2020 / Last Updated: March 10th, 2021 /

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