Should I buy my own insurance or use an insurance broker?

Finding an insurance policy that works best for your specific circumstances and needs can be difficult.

Buying your own insurance

Have you ever shopped around for the best company to go with, the right policies to cover any eventuality, and a way to combine your different covers for the most cost-effective solution?

If so, you’ll know how tricky it can be. Navigating this industry full of legalities and jargon is difficult for anyone who doesn’t work in the field. That’s where an insurance broker can help.

What is an insurance broker?

An insurance broker is an independent professional who works with insurance companies to provide appropriate cover, specific to your unique situation and needs.

They have an in-depth knowledge of the insurance industry and can provide objective advice on identifying risk and exposure and recommend solutions.

Why use an insurance broker?

Insurance brokers work full-time in the industry and, unlike an insurance company, they take the time to get to know you and consider your needs.

They can help you assess your risk and find the right insurance solutions, understanding the complexities and changing nature of insurance domestically and internationally, so as things change, they can work with you to keep your insurance up to date.

They work with insurance companies on your behalf to put together insurance policies that give you the best cover, at the best price. The broker then arranges the insurance policy and associated documentation.

Advantages of using an insurance broker

In personal and business matters, the correct insurance is vital. Wrong or inadequate protection can lead to disastrous consequences. The right advice makes all the difference and prevents costly mistakes.

Not having to go directly to an insurance company to make a claim is a huge advantage. Your insurance broker will deal directly with the insurance companies, saving time and hassle during what can be a stressful time.

There’s no additional direct cost when dealing with an insurance broker, as they get paid commission by the insurance company when they sell a policy.

How can we help?

At Wayne Grayson & Associates, we believe an informed insurance decision is the right one. Whether you’re after business or personal insurance, our expert brokers will ensure your insurance is the right fit for you.

We understand the complexity of purchasing insurance and can provide the right level of cover for you and your business, with experts in specific areas of risk such as marine insurance and personal indemnity insurance.

Contact one of our brokers for advice on the best solution to suit you or your organisation.

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