Why Use An Insurance Broker
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Insurance brokers can provide advice and access a wide range of insurance providers to help you find solutions for all types of insurance needs, including the most difficult of risks.
They are regulated by the Financial Conduct Authority (FCA) and are the agent of their client putting their customers’ interests first. They help personal and business customers to manage the risks they face through access to suitable insurance.
Insurance cover is complex, and brokers can help you to understand and manage you risks and often provide a choice of options and the peace of mind of being financially protected.
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes around 1800 regulated firms, employing more than 100,000 people. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 74% of all general insurance with a premium totalling £85.8bn and 93% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.
How insurance brokers can help you
- Professional advice
- Help on how to identify and manage risk
- Access to a range of insurance products and services
- Access to cover for unusual or challenging risks and situations
- Advice on suitability of insurance products and tailoring to their needs
- Value for money
- Support at the time of a claim
- Provision of clear documents and information including details on the costs of insurance and any fees charged
- Confidence from regulation by the FCA and brokers’ own professional indemnity insurance
- Free and easy-to-use complaints service via the Financial Ombudsman Service (FOS)
- Security for eligible classes of insurance provided by the Financial Services Compensation Scheme (FSCS)
Some videos would be useful which we can upload etc as we are members
