"Before before picking a partner, look at the detail of what types of customers are covered by their policies so that you can ensure maximum cover for your clients."
If you do the right preparation, any task can become more easily achievable, and this is particularly true when it comes to implementing advice on general insurance as an integral part of your business.
Advising on general insurance can provide your clients with peace of mind and earn you a recurring stream, so it is important that you do your homework to ensure that you are partnering with the right provider.
With proper preparation, you can have confidence that a conversation about general insurance will leave your clients with the right cover and a positive experience, so here are our top tips to think about when choosing a provider for your business:
1. Are your clients covered?
Some providers impose restrictions on the customers they are prepared to insure and may not, for example. cover someone who has made more than one claim in the last three years or made any claim of more than £3,000. Before before picking a partner, look at the detail of what types of customers are covered by their policies so that you can ensure maximum cover for your clients.
2. Is the property covered?
Some insurers can be picky about the types of building they insure and may not be prepared to provide cover for anything other than standard properties.
So, if your client owns a listed building, a home built from less conventional materials or a house with a partially flat roof, they be declined by some providers. Take a look at what types of property are covered, not just the postcode coverage.
3. Are there any nasty surprises?
Most policies apply an excess should the client need to claim, but some policies will include a voluntary excess on top of a compulsory to standard excess, and this could end up costing your client more than they expect.
Make sure you partner with a provider that has a transparent approach to excess payments and that you understand any excess your client might have to pay should they need to make a claim.
Also look at a provider’s policy on renewals. If a renewal quote is unexpectedly more expensive, your client is more likely to cancel the policy, so choose a partner that monitors renewal costs against a panel of insurers.
4. Is there a common-sense approach to claims?
Your clients want an insurer that offers good value but can also solve their problems so check whether a provider takes steps to ensure that the insurers on its panel all take a common-sense approach to claims.
5. Does the cover offer anything extra?
Think about optional extras and cover on items that your client might not expect. If you can source your client a policy that helps them out when they least expect it, you can earn a loyal client and maybe even a number of referrals.
