The first of the top five reasons is that the insurance broker is on your side. A broker will typically represent a number of insurance companies, and is an agent, not an employee. Therefore, the broker can give you unbiased information on what coverage is best in what area.
The second reason you will thank yourself is the broker's expertise. An independent agent who is carrying multiple product lines is, by definition, a top professional in the insurance field. They should know the ins and outs, the bonuses and holes in each product's coverage. In addition, you can count on their own desire to be on top of their industry, because they are business people with their own companies and need to stay informed about their products.
The third reason you will thank yourself for using an insurance broker is simplicity. You don't need to run all over town, read a hundred brochures or spend hours online searching for alternatives. The broker has done all that for you already. Why not take advantage of all that research and hard work, especially if it can save you both time and money?
Bottom line reasons
The fourth reason is one of control - that is, your control over the transaction. You are not being sold or pitched, as in many agent-client transactions. You are in control because you are essentially a shopper, checking the goods from a variety of brokers. Brokers competing for your business is a great factor here. You will decide where you will do business, when you will do business, how you will do business and how much you will pay in the end. The broker is working for you, remember?
Using a broker to find the best insurance policies for your family and/or business is simply a good business decision. In any economic climate, it pays to be smart, negotiate the best deals and discover ways to pay less for what you need. In a time of economic uncertainty and even the occasional financial crisis, this becomes more and more important. There is no reason to waste money, ever.
Brokers, to summarize, are agents who represent multiple lines and companies, work for you as opposed to "big corporation," and help you find the best deal for your particular circumstances. This is a service that will pay you dividends no matter when you take advantage of it, but there are certain times that are most propitious for you.
It is a good personal and business practice to evaluate your insurance coverage on a regular basis, at least annually. Regardless of the size of your firm, or your family, it is important to maintain sufficient coverage in case of an emergency of any kind. If you cannot work, you need finances to pay employees, take care of your family and keep hearth and home together. This is what insurance is for, obviously.
What is not so obvious is why more people do not take advantage of the expertise and the wide range of choices offered by insurance brokers. For the best deal on insurance, one must do a lot of research and a lot of reading - or get help from someone who has already done all of it. That's why you will thank yourself, quite profusely, for using the services of an insurance broker when it comes time to review, renew or buy a policy of any kind.
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