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Finding the right insurance partner


Finding the right insurance broker who ticks all the boxes needn’t be a stressful or time-consuming process.

This guide helps you dig a little deeper and learn what you are getting for your hard-earned cash.

1. List up to 3 brokers

Select a shortlist including your current broker based on recommendations. Ask them about their expertise in your specific sector. Find people who have a passion for the market you operate in. Tell the brokers they are one of a shortlist. They are likely to invest more in a client who is serious about using their services.

2. Look for value, not cost

Ignore brokers whose advertising is heavily reliant on price. Your shortlist should include companies who truly understand your business and can demonstrate a successful track record. Set a clear deadline for quotes – normally 30-60 days prior to your renewal date.

3. Request a copy of claims experience

Request a five-year claims experience report from your current broker. Be clear about your timeline so they cannot hold you ransom by releasing terms at the last minute. This claims experience will help each broker obtain terms.

4. What’s most important to you?

Tell your shortlist what factors are important to you. Think about the current process for claims reporting and monitoring. You need to get enough information on the status of your claims. Don’t accept a quotation from a broker that doesn’t deliver the level of service you need.

5. Calculating rebuilding costs

 80% of commercial properties in England and Wales are underinsured*. If you own your own building you need to correctly disclose the rebuilding cost. Your broker should be able to introduce you to a RICS approved company to do this for you.

6. Advice on emerging risks

Brokers should be able to advise you proactively on growing risks for example, cyber and data attacks, crime, terrorism, credit insurance, environmental issues, as well as evolving to health and safety issues. Ask each broker how they keep clients up-to-date with such information.

7. Discuss risk management

Ask about their risk management service, as insurers value the efforts their clients make in managing their own risk. Effective risk management delivers lower pricing and better terms. Talk your brokers through any new training, security, risk management or health and safety initiatives that you have invested in and ask how they can help further.

8. Loyalty has its rewards

You shouldn’t change insurer on an annual basis. Insurance underwriting relies on stable, long-term relationships with clients. Insurers will often put more attractive terms forward for a company who reviews their insurance every three years rather than one who switches every year.

How can we help?

Looking after business, taking care of people.

If you would like advice with no obligation, please call Bira Insurance on 0330 123 5939 or visit bira.co.uk/bira-insurance

Find out more about Bira Insurance

*Research carried out by the Building Cost Information Service, part of the Royal Institution of Chartered Surveyors.

Bira Insurance, Towergate and Towergate Insurance are trading names of Towergate Underwriting Group Limited. Registered Address: Towergate House, Eclipse Park, Sittingbourne Rd, Maidstone, Kent ME14 3EN. Registered in England with company number 4043759. Authorised and regulated by the Financial Conduct Authority. Bira Insurance is a trading name of Towergate Underwriting Group Limited. Registered Address: Towergate House, Eclipse Park, Sittingbourne Rd, Maidstone, Kent ME14 3EN. Registered in England with company number 4043759. Authorised and regulated by the Financial Conduct Authority.

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