Top Tips for Securing the Right Insurance Deal
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Willis Commercial Network are delighted to have been appointed as the preferred insurance provider to the Federation of Manufacturing Opticians. Our members are ready and waiting to provide advice on all your general business insurance needs. To help when negotiating at your next renewal we have put together our top tips for dealing in the insurance market.
1. Your broker's role is to buy insurance on your behalf having understood your business, it is not selling you insurance..... so work with them.
2. Choose a broker who takes the time to understand your business and its objectives, not just your insurance risks. In addition, make sure you choose a broker with knowledge of your industry.
3. If you have risk management problems can your broker help solve these? It will also give them an edge to secure a better deal with insurers.
4. Give your broker the time to do the best job for you, start discussions at least 3 months before renewal. the harder the market the more time they need.
5. Consider a "silent" exercise - but only if you have doubts about your existing broker. Let just one new broker go to the market on your behalf to get alternative quotes but without you advising your existing broker and insurers. Insurers often cooperate more when only one broker is active in the market.
6. If you're seeking a review only involve one other alongside your existing broker.... involving multiple brokers will close down the market.
7. When you come to review the terms put forward pay careful attention to the cover provided by the policy and the extra extensions the insurer will give. Ask if it's the insurers standard wording. Extended wordings sometimes cost more but can mean a substantial claim is included rather than excluded.
8. Once you are sure about your broker and insurer look to develop a long-term tripartite relationship with them.
9. Look for your broker to have a local presence; this enables you to benefit from a bespoke personal service.
10. Consider insurer reputation and solvency rating.... ultimately they will be paying any claims. Be confident they will still be there when you need the claim cheque!
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