Insurance Brokers provide numerous services and are a very important part of the community. Virtually all insurance companies know how valuable the broker’s role is and support those efforts.
Some of the services provided are:
– Search the market place for best coverage and price
– Provide technical advice to clients
– Find insurance coverage for clients
– Take care of administrative changes to policies
– Provide clients with insurance certificates
– Confirm coverage to lawyers, mortgage brokers and banks
– Help clients navigate through the industry – explain products, coverages, price and value
– Help clients determine an appropriate deductible
– Are knowledgeable and licensed
– Review insured’s policies annually and offer ongoing guidance
– Provide advice and/or assistance during a claim
– Provide insurer first notification of a claim
– Advise on loss prevention and mitigating risk
– Have a relationship with the client and with the insurer, facilitate the business transaction
– Keep an inventory of available products
– Bind an insurance contract, and when a quote is taken on the client’s behalf, provided the submission is complete and accurate, the quote is binding
– Collect and remit premiums
– Are often involved in educational programs
– Pursue continuing education so they are up-to-date on issues
– Can help clients understand complex regulations
– Work with claims adjusters to help clients during a major claim i.e. fire, storms, etc.
– Give back to their community by sponsoring sports teams and charities
– Work on behalf of the insured as required by law.
But perhaps most importantly, Insurance Brokers are an advocate for their clients with regulators and insurers. Brokers advocate for affordable insurance, more choice and availability. Brokers also offer feedback to insurers on the service insurers provide to their policyholders.
Be sure to seek advice and purchase insurance from an insurance broker who understands your business!