Many people buy insurance, but I can’t understand why people still choose to buy it with the insurance company directly than go through a broker when, in fact, there are greater benefits of having a brokerage on your side. Perhaps, those who decide to purchase insurance directly have not come to know of these benefits yet. Surely, if they knew of these advantages, there would hardly be a choice?

Here are a few benefits of a broker that will save you money on your premium:

All at the expense of your insurance company.

Many seeking coverage aren’t fully aware of how a broker receives a salary. Brokers are paid a commission by the insurance company they believe is most suitable for the type of coverage you need, therefore an ‘admin fee’ or ‘claims fee’ is unnecessary and shouldn’t be on your broker’s list of expenses. There is no financial incentive for insurance brokers to choose one insurance company over another, and they are completely open about their transactions regarding their remuneration. In plain English, having a broker doesn’t increase your premium. If anything, you are more likely to get a better and cheaper premium going through a broker as they know the field and introduce new clients to insurance companies.

“…an ‘admin fee’ or ‘claims fee’ is unnecessary and shouldn’t be on your broker’s list of expenses.”

Insurance brokers take on the role of a personal advisor on all insurance matters.

Although insurance brokers are paid by the insurance companies, they work for you. Brokers are there to ensure that all your insured possessions are covered correctly and protected. They will also advise and guide you through the claims process during a catastrophe or a time of loss. Not only will insurance brokers guide you through the process and full out documents for you, but they ensure a swift and fair settlement by your insurance company and fight for your payout.

Brokers are knowledgable.

On all insurance aspects, from policy wording to the fine print, they know what you should be getting and at what price. Too often, businesses and those in need of personal insurance have been taken for a ride simply for lack of knowledge on a field that’s not their specialty. Brokers are experts at risk assessment which means they can properly highlight what should and shouldn’t be covered.

Brokers provide expert advice on your personal insurance needs.

Because they are licensed professionals who undergo continuous training, their experience and sound judgment plays a vital role in impartial recommendations. Whether it’s a business insurance policy such as factory, building, equine or marine insurance; or a policy for domestic insurance like laptops, cellphones, house and car insurance, your broker can provide you with specialised insurance that is focused on your interests.

A choice of the best insurance companies in South Africa.

There are a few insurance companies in South Africa and Durban that don’t deal directly with the public, and they offer great coverage with low premiums. Once brokers have properly assessed your specific insurance needs, they will know the best insurance companies to insure through and can arrange several quotes at a competitive price from different companies that will have the right coverage for you.

Brokers are independent of any insurance company.

For this reason, brokers work to a principle of utmost honesty. When it comes to making a claim, your broker acts as an advocate to protect your policy and ensure a fair, prompt and impartial settlement. Brokers loose and gain nothing when you make a claim, so getting that payment made to you is priority, as that is what insurance is for.

“…having a broker doesn’t increase your premium.”