Why do I need Insurance?
In some cases, insurance is mandatory – For example, to obtain a mortgage or to drive a car in public. Otherwise, the choice is yours, but it’s a wise choice for three main reasons:
- Reduces worry. With the right type and amount of insurance, you can be protected from the risks to property and person that are inherent in everyday life.
- Helps to prevent loss. Brokers and insurers work to help prevent loss with information and advice on road safety, anti-theft, fire prevention and fraud reduction.
- Frees up capital. Because insurance protects your assets, you do not have to put money aside in case of future losses. This security applies to individuals and businesses.
What do insurance brokers do?
An insurance broker’s job is to help you to identify the risks that you or your business may be exposed to. The broker will advise you on what insurance’s are available for these risks and will canvas the wholesale business insurance market to obtain the most advantageous terms for these covers providing you with the insurance quotes. The broker will then discuss this with you and when agreed place the cover with the chosen insurer/s and arrange the documentation at the specified insurance rates. The broker will also help you with general insurance advice and information as required and look after any amendments to the policies that may be required. With any claims, the broker will assist you in formulating the claim and will liaise between you and the insurer to bring the claim to a successful resolution.
Why use an insurance broker?
In both business and personal matters, correct insurance is vital. Wrong or inadequate insurance for business and it’s protection can lead to disastrous consequences. The right advice makes all the difference and prevents costly mistakes. Insurance brokers are specialists in insurance protection, are independent and have an in depth knowledge of the insurance market and are able to provide professional, objective advice on identifying risks and exposures and recommend the most cost effective solutions.
Is an insurance broker the same as an insurance agent?
There is a big difference between the two: An insurance agent acts on behalf of one or more insurance companies and can only access those insurers’ products where as a broker acts on your behalf, the policy-holding client. The broker is obliged to act in your best interests, is not tied to any insurer and can arrange the best protection for you at a competitive price.
What services do brokers offer?
Brokers generally offer a range of services from arranging; new covers, insurance quotes, renewals and claims. Brokers form an ongoing business relationship with you, the client, which gives us the ability and knowledge to provide a better service to you.
What’s involved with New Covers?
The first step is to analyze your needs and provide advice on the types of cover appropriate to you. This generally necessitates a complete review of any existing covers making recommendations on alternative options where needed and possible additional covers. Surveys and photographs are often taken at your business site, and any previous claim records and loss details are obtained and reviewed from your existing Insurance Company.
A detailed submission is then prepared on your insurance requirements specific to your business operation and needs for requesting quotations from insurance companies. This facilitates a comparison of premium and terms between the various insurers and ensures you receive the best terms available.
On receiving insurers’ terms, a written quotation and recommendations for your consideration are compiled taking into account all aspects from; scope of cover, to premium cost, and the insurer’s claims paying ability, all allowing you to make an informed choice.
The types of cover can include:
Business Interruption, Public Liability Insurance, Motor Vehicle Insurance, Professional Indemnity Insurance, Travel, Marine, Fidelity Guarantee, Performance Bonds to name a few…
When the terms of the cover and the premium have been agreed, the broker places the covers with the selected insurer.
What’s involved with Renewals?
Most brokers will personally contact you to check that your covers are still appropriate, and to check and make any updates and general policy changes that may be required. They will also check current market conditions and where appropriate, remarket your policies and arrange any adjustments required.
How do brokers handle Claims?
Brokers give advice and assistance in formulating and submitting your claim to the insurer. They arrange for a claim form to be completed by you, and keep a watching brief on the claim and liaise between you and the insurer to bring it to a successful resolution.
What about Premium Payment Options?
We offer a number of payment options: Our customers can choose to pay for their premium by using following methods:
- Credit Cards
- Mobile money (M-pesa, Airtel Money, Tigo Pesa, etc.)
- Direct Bank Account Credit
Is it more expensive to use an insurance broker?
Absolutely not. Insurance brokers are paid commission by the insurers for selling their products. It doesn’t cost you any extra for using their services.
What’s the advantage in using an insurance broker?
These days there are many different ways to buy insurance, but there are good reasons to consider using an insurance broker’s expertise to help you make the best-informed decisions.
Insurance brokers act as your personal advisor on insurance matters. They work for you, not the insurance company, to make sure your family; your possessions and your business are properly protected. If you have the misfortune of a loss your insurance broker will guide you through the claims process, helping to ensure a swift and fair settlement by your insurance company, to get you back to where you were before disaster struck.
Brokers provide expert, unbiased advice on your individual insurance needs. Unlike other providers who are focused on selling you something, with a broker your interests come first. It is this focus on customer needs rather than their own that sets the broker apart from all other insurance options.
Brokers have access to a wide selection of some of the best insurers in the country. Once a broker has properly assessed your individual insurance needs they do the shopping for you, to find you the right coverage at a competitive price.
Brokers are licensed professionals. They bring their experience and judgment to their role as your personal insurance advisor. Most important, they are free to make impartial recommendations. Their first and only responsibility is to serve your interests, so it’s advice you can trust.
Most people prefer to have a face-to-face conversation with a broker to discuss coverage, at least at the outset. For most of your dealings with a broker you can communicate in whatever way you are most comfortable with, or that fits into your busy life, such as telephone or email.
Insurance brokers work to a principle of utmost good faith. Your insurance broker puts your interests first, before those of the insurance companies they deal with. Buying from a broker means you can buy with confidence knowing that the recommended coverage is right for your particular needs. A broker’s advice is independent of any insurance company, so their recommendations are always in your best interests.
If you have to make a claim, your broker is there to ensure that you receive fair and prompt payment, to get you back to normal. In the event of a dispute, your broker will act as your advocate with the insurance company. Experience has shown that a broker’s knowledge and contacts can often help settle a disputed claim. The disappointment of a refused claim lasts much longer than the satisfaction of having saved a few dollars.
Brokers are a wealth of knowledge on all aspects of insurance and other preparedness. They know how to ensure that you get all applicable discounts on the insurance you buy. They are experts at risk assessment and how to properly protect you and your family’s interests with respect to Auto, Home and Business coverage. Professional education is ongoing and put to use on a daily basis, so you can rest assured that the coverage you receive is the coverage you need.
It doesn’t cost you any extra to use the services of a broker. Brokers are paid a commission by any insurance company they place your business with, there is no financial incentive for them to pick one over another. What’s more, they are completely open about their transactions and encourage you to ask them about their remuneration.
Brokers act as a local resource centre for safety information and crime prevention. Brokers are part of your community’s emergency response team. They will be among the first to respond to your needs in the event of a catastrophe in your community. Buying from a broker means you are investing in your own community.
Who needs business insurance?
Every business has unique requirements. Your commercial insurance should be designed to protect against the most prevalent risks, to the assets and capital in your business. Your broker can help you itemize and quantify those risks, and determine the level of coverage you should consider. Risks include:
- Property loss. Insurance against property damage or theft protects the physical assets that support your business including buildings, equipment, vehicle fleets and inventory, as well as intangible assets such as licenses, patents and accounts receivable. To arrange the right level of insurance, you must know your rights and obligations as an owner, tenant, leaseholder, landlord or mortgage holder. You must also take into account local bylaws on standards for physical repair and reconstruction.
- Liability loss. Every business is exposed to liabilities and should be protected against the minor as well as the major ones including personal injury, product failures or negligence.
- Personnel loss. Group health and benefits insurance can help to improve employee retention and well-being thereby reducing the cost of turnover and lost time.
- Net income loss. Some businesses are exposed to specific perils that are beyond their control and that would cause critical damage to the viability of the business.
For example, a food services operation might insure against a major electrical outage that would result in spoilage of their inventory.
Let your broker help you plan and arrange the right insurance for your business.
What is liability insurance?
Product Liability policy protects against claims of personal injury or property damage caused by products sold or supplied through your business. It is designed to help protect your business by ensuring that if this happens, you don’t have to pay any legal or court costs. Product Liability covers the cost of compensating anyone who is injured by a faulty product that your business designs, manufactures, or supplies.
What are your rights and responsibilities as a consumer?
Insurance companies, along with the brokers and agents who sell home, auto and business insurance, are committed to safeguarding your rights when you shop for insurance and when you submit a claim following a loss. Your rights include the right to be informed fully, to be treated fairly, to timely complaint resolution, and to privacy. These rights are grounded in the contract between you and your insurer and the insurance laws of your province. With rights, however, come responsibilities including, for example, the expectation that you will provide complete and accurate information to your insurer. Your policy outlines other important responsibilities. Insurers and their distribution networks, and governments also have important roles to play in ensuring that your rights are protected.
- Right to Be Informed
- Responsibility to Ask Questions and Share Information
- Right to Complaint Resolution
- Responsibility to Resolve Disputes
- Right to Professional Service
- Right to Privacy