Why is it a good idea to use an insurance broker?
Choosing to purchase your insurance through a broker comes with a number of additional benefits. Not only do you get the benefit of their knowledge in the insurance sector, but if you choose a specialist broker, you also have the added benefit of their experience and expertise in your particular field. This can be of particular importance for Chartered physiotherapists in the independent sector. Understanding and servicing business insurance needs can be perplexing, and this is where brokers can really support and advise you in helping to ensure you and your business have the protection you need; and a policy that will respond when you need it.
To make an informed choice when buying insurance for you or your business (whether physiotherapist-related or not), you need to know, (or know someone who knows):
- The particular risks associated with your business
- The types of insurance policies and risk management solutions that are available, ranging from critical illness cover and pensions to car insurance if you visit patients at home.
- The annual cost, including insurance premium tax (IPT) and any customer service, or adjustment charges
- Knowledge of the product you are purchasing
- How to ensure that the insurance provider will settle a claim fairly and promptly and how to complain should this not occur
So a broker is essentially offering all of the above and, of course, a huge saving in time because you do not have to do the research yourself.
It also avoids the cost of purchasing the wrong product i.e. if you draw up your own contract without seeking legal advice you never really know if you have done a good job until you have to rely upon it –and that is the worst time to discover the choice is not a good one!
Insurance brokers are in business to provide this advice and support. Because they are heavily regulated by the Financial Conduct Authority, they operate under strict guidance to ensure they are helping you to choose a policy that meets you specific needs.