Financial services can appear to be mysterious to many people. The mystery is only because there appears to be a limitless amount of choice out there.
Business insurance has been around for ages in one form or another. As time moves on, the commercial insurance companies do two things. Firstly, they look for better, easier, quicker and varied ways to get their products to market. And secondly, they change, adapt and amend the policies they sell and the pricing that is applied to them.
Both points are equally important and you could read thousands or millions of words on each topic.
The second point is the one that adds to the mysteriousness of the products. Put a standard restaurant insurance policy in front of most business owners and they would struggle to interpret the whole policy and how it affects their business. This does not mean that they are not clever enough to understand the policy, just that it is not something that is core to their business, so there is no need for them to follow what the wording means and how it all fits together.
What they want to do, is to speak to a provider of these products and delegate the technicalities to them. For sure, they want to get the best price, who doesn’t, but the canny business owner will alos understand fully that if the policy does not have the right cover, then it is not worth having.
For this reason, most business owners will speak to an expert. An established business insurance broker is there purely to serve the business owner. In law, our first responsibility is to you, not the insurer. We have to be careful and senisble about what products we offer, so we take time and care to understand what are the best policies for you.
Don’t whatever you do get sucked in to the non-independent (single insurer) providers that tell you their product is the best and the cheapest. It can’t be, without the full appreciation of the market and the ability to search insurers, they are not giving you the choice. They may be experts in their own policies, but what is the point of that when there is better choice for you elsewhere?