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How To Choose The Right Insurance Broker?

Apr 22, 2022

Working with an insurance broker can add significant value to your business for a range of reasons. Many of which we cover in our blog looking at the reasons why you should work with an insurance broker.

Ultimately, choosing the right insurance, whether you are an individual or a business, is not an easy thing for most. So, at Anthony Jones we always ask – why risk going it alone? Working with a broker, who are insurance experts can give you peace of mind that you are getting the right cover. Brokers also understand and know how to best represent you to the insurance market, better enabling you to access the right cover as the best possible price.

But not all insurance brokers are created equally! It is vitally important that you choose the right insurance broker for your business.

Ensure that your insurance broker is regulated

Insurance brokers must be regulated by the Financial Conduct Authority (FCA). You can check the Financial Services Register to see if the firm you are thinking of working with is listed.

Not checking this can see you be the victim of a scam or fraud such as ghost broking. So, this will be one of the most important areas to check before working with a broker.

You may also want to check that the broker you intend to work with is a member of organisations such as the British Insurance Brokers Association (BIBA). BIBA have a code of conduct which they expect their members to meet which can be reassuring to you as a customer.

How do insurance brokers vary?

Insurance brokers can vary in several different ways, and you will want to consider a range of factors before choosing which insurance broker your business should work with.

The insurers that they work with

Each broker may differ in the insurers that they have access to and the level of relationship that they have. For example, a more established broker may have access to a wider range of insurers or have stronger relationship ties with insurers than a newly established broker.

Areas of expertise

Insurance brokers may also focus on different areas of insurance. Whilst they may be able to advise on or arrange insurance in a number of different areas, they may also have specific areas of expertise which may match with your business and the work that you do.

At Anthony Jones we are specialists in vape insurance and are an approved broker of the Independent British Vape Trade Association (IBVTA). This is important to us as many insurers and brokers do not fully understand this sector and therefore may struggle to meet the specific requirements of your business.

We are also specialists in high net worth insurance, providing a bespoke service to those looking to protect their valuable possessions.  We often write about a range of topics linked to high net worth insurance in our news & insights so do keep an eye on there for some of the areas you may need to be considering.

And another of our key focus areas is commercial motor. Whether you run a fleet of cars or vans, operate a single HGV or manage a haulage business we have a team of commercial motor insurance experts ready to help. Our expertise is strengthened further through our relationship with DAC Beachcroft who have a specialist motor prosecutions team, available if you or one of your drivers is involved in a serious road traffic accident.

Their focus on insurance claims

At Anthony Jones we believe that you really find out the value of your insurance or insurance broker when you come to claim. It can be a stressful experience, especially if you haven’t done it before.

Not all insurance brokers will have a dedicated claims team who are there to support you through the process. So, this will be something to keep in mind when choosing your insurance broker.

At Anthony Jones, our dedicated claims team do not let you go through the claims process alone. They are with you throughout the process, guiding and supporting you until the claim has been settled.

Risk management advice

Many insurers are taking a tougher stance when it comes to deciding which business they will and will not write. Insurers are increasingly asking for evidence of risk management strategies and practices which businesses have in place. Ultimately, they want to see how your business manages risk.

How you can present this back can have a bearing on your ability to obtain the right insurance at the best possible price. Working with a broker who takes risk management seriously and can help work with you in this area can be of significant benefit.

This isn’t an area all insurance brokers will focus on however, so another important area to consider when choosing your broker.

Why work with Anthony Jones Insurance brokers?

There are many reasons to choose Anthony Jones, which we cover in depth in our post about why to choose Anthony Jones.

But in short, we really do believe that we are your local, friendly broker.

Personal service and getting to know you and your business are at the heart of what we do. Along with guiding our customers at the point in which they need us most – claim.

We’ve also been around for a while. First established in 1984, we’ve had the time to build strong relationships with insurers and, because we remain an independent broker, our market access means we can offer a broad range of cover, usually at better rates than you can find yourself.

And our advice and quote service is free. We do not charge for this.

Whatever your insurance needs, from small business insurance to commercial motor insurance, vape insurance to cyber insurance, we are certain to be able to help. Contact our teams today to find out what value we can add to your business.

Get a Quote

You can call us during normal office hours, Monday to Friday, 9am to 5pm. Outside of office hours you can either email us or leave an answerphone message and we promise to get back to you the next working day.

General enquiries:
020 8290 4560

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