There was a time when the local insurance broker would look after every business in town, but things have changed dramatically over the years.
Business owners are now looking for more personalised and specialist advice and service on their insurance, and this has seen the rise of the specialist insurance broker.
Rise of the Specialist
It should really be no surprise that specialist insurance brokers have appeared and prospered.
In most other industries there are different businesses that specialise in different areas. Of course there will be some large businesses that operate in multiple areas, but many see the benefits of being a master of a single trade rather than a jack of all trades and a master of none.
Many of the specialist insurance brokers concentrate on a single industry such as the medical or trades industries, whilst others specialise in certain risks that cover multiple industries, such as importing and exporting insurance.
Some specialist brokers focus on particular types of insurance. There are some who target small niches such as performance car insurance, whilst others may target a single form of cover such as public liability insurance.
Benefits of Using a Specialist Broker
The most obvious benefit of using a specialist insurance broker is the fact that they know your particular industry and are in tune with the risks you face and the protection you need.
A generalist insurance broker may insure a personal motor vehicle in the morning, a public liability insurance policy for a tradesman at lunchtime and a transit insurance policy for an importer in the afternoon.
Whilst the broker may be very good at their job, can they really have a good understanding of your particular industry when they are jumping all over the place every day?
A specialist insurance broker spends all of his or her time dealing within businesses just like yours. They know which insurance companies offer the best cover and value for your industry, and they know how to get the best cover for you.
Choosing a Broker
If you have made the decision that using a specialist insurance broker is the best option for you and your business, the next step is to choose a broker.
It is important to use a broker who really does specialise in your industry. There are plenty of brokers out there who claim to specialise, but after a little online research you may find that they are claiming to specialise in dozens of different industries!
A good specialist broker should really make the effort to be a part of your industry. They should be attending relevant trade shows and events, they should be in your local industry press and they should have a genuine interest in your industry.
Specialist or Generalist?
The truth is that there are thousands of insurance brokers out there who do not specialise, and there is probably nothing wrong with the service and advice that they give their clients every day.
But if you really want to know that you are getting the best service and advice, and that you are getting access to the best insurance products available to your industry at the best price, then using a specialist broker could be the way to go.