An insurance broker is an intermediary between the client and the insurer, acting for the client. An insurance broker’s main responsibility lies in understanding you and/or your business, identifying the risks you may be exposed to, and designing an insurance program that may protect you against these risks.
Your insurance broker will, at your request, source the insurance cover that suits your needs from any of a number of local or foreign insurers.
Once your broker obtains the various quotations required, these are discussed with you and your broker will help you to select the best option. With your instructions, cover is confirmed with insurers. Your broker will then follow up policy issuing, and check these policies to ensure they reflect the agreed cover.
Any adjustments to the policies are handled by your broker. When your policies are due for renewal, your broker will advise you, and guide you to ensure the cover is still adequate. Your broker will also assist you and guide you in the event of a claim covered by the policy.
Why use an insurance broker?
An insurance broker offers you:
Quick and easy access to the best policies from the major companies
Impartial advice on the coverage that is right for your needs
The most advantageous terms available on the market
Assistance with fast and satisfactory settling of claims
When you buy insurance through a broker you are using the services of qualified professionals who understand your needs. An insurance broker operates independently of any insurance company, and solely on your behalf.
In addition, we have a duty of care to you, the client, defined in the Insurance Intermediaries Act 2006.
Is it cheaper to go directly to an insurer?
When insurers calculate their premium rating, this also includes a standard distribution cost. This essentially means that whether you use an insurance broker, or go directly to an insurer, the price is generally the same. You should bear in mind that a good price does not always reflect good value.
Using an insurance broker therefore costs you no more, and helps you to prevent uninsured losses as far as possible.
How are insurance brokers remunerated?
Our services based on our appointment as your insurance brokers to you are provided free of charge to you. We do however receive a commission from Insurers on your business we place with them.
Do Thomas Smith Insurance Brokers charge separate fees for their services?
There are certain areas where we may charge fees to a client for services which do not form part of a broker’s appointment. Such services may include assistance in claims recovery where we may not have been appointed as insurance brokers; or assistance in effecting recovery from a third party in the event of an uninsured loss.
Any fees and terms of reference will always be discussed with you beforehand.
Why should you appoint Thomas Smith Insurance Brokers?
Because we are an insurance broker, we work for YOU. This means that we provide continuous assistance to satisfy your insurance needs. When you talk to Thomas Smith Insurance Brokers, you deal with insurance professionals who know how to match your requirements with the right policy, and the right Company, at the right price. Furthermore, we are not tied to any one insurance company. We have access to an extensive range of products offered in the insurance market.
When you appoint Thomas Smith Insurance Brokers to act on your behalf, you are assured that we will do everything in our power to find the best protection to suit your specific needs.
Shopping around for insurance can be a bewildering task. Thomas Smith Insurance Brokers will make insurance buying much easier for you. By using our experience and expertise, we will assess the many policy alternatives available on the market. Then, guided by your requirements, we will work with you to select the coverage that provides you with the best value for money.
Speaking to a large insurance company can, at the best of times, be frustrating or intimidating. At Thomas Smith Insurance Brokers we build up a personal relationship with you, our client, and deal with Insurers on your behalf.
Speaking to us is easy, and gets results.
Remember, WE ARE ON YOUR SIDE.
Client satisfaction is our number 1 objective. Our success and reputation depend on just that.
Why do I need to sign a brokers appointment form?
By signing a brokers appointment form you are confirming that you have appointed a firm to act as your insurance broker within the scope of the Insurance Intermediaries Act 2006.
What is risk management?
Managing your risk consists of taking measures to minimise the possibility of an incident. Prevention is better than cure. Clients are advised to take risk management seriously. Whether you are insured or not, an incident will cost you time and money, and potentially lead to injury or loss of life.
Risk management measures can also help reduce insurance costs. Measures taken can range from the installation of fire and/or burglar alarms, through to having adequate contingency plans in place, as well as conducting Health and Safety audits.
Please feel free to contact us about risk management – we are glad to help.
