FAQs
Whether you’re just starting to explore your options or need specific details about our policies, you’ll find the information you need here. If you have further questions, our expert brokers are always ready to assist you.
What do insurance brokers do?
A broker’s job is to help you to identify the risks that you or your business may be exposed to. The broker will advise you on what insurance’s are available for these risks and will canvas the wholesale business insurance market to obtain the most advantageous terms for these covers providing you with the insurance quotes. The broker will then discuss this with you and when agreed place the cover with the chosen insurer/s and arrange the documentation at the specified insurance rates. The broker will also help you with general insurance advice and information as required and look after any amendments to the policies that may be required. With any claims, the broker will assist you in formulating the claim and will liaise between you and the insurer to bring the claim to a successful resolution.
Why use an insurance broker?
In both business and personal matters, correct insurance is vital. Wrong or inadequate insurance for business and it’s protection can lead to disastrous consequences. The right advice makes all the difference and prevents costly mistakes. Insurance Brokers are specialists in insurance protection, are independent and have an in depth knowledge of the insurance market and are able to provide professional, objective advice on identifying risks and exposures and recommend the most cost effective solutions.
Is an insurance broker the same as an insurance agent?
There is a big difference between the two: An insurance agent acts on behalf of one or more insurance companies and can only access those insurers’ products where as a broker acts on your behalf, the policy-holding client. The broker is obliged to act in your best interests, is not tied to any insurer and can arrange the best protection for you at a competitive price.
What services do brokers offer?
Brokers generally offer a range of services from arranging; new covers, insurance quotes, renewals and claims. Brokers form an ongoing business relationship with you, the client, which gives us the ability and knowledge to provide a better service to you.
What’s involved with New Covers?
The first step is to analyse your needs and provide advice on the types of cover appropriate to you. This generally necessitates a complete review of any existing covers making recommendations on alternative options where needed and possible additional covers. Surveys and photographs are often taken at your business site, and any previous claim records and loss details are obtained and reviewed from your existing Insurance Company.
A detailed submission is then prepared on your insurance requirements specific to your business operation and needs for requesting quotations from insurance companies. This facilitates a comparison of premium and terms between the various insurers and ensures you receive the best terms available.
On receiving insurers’ terms, a written quotation and recommendations for your consideration are compiled taking into account all aspects from; scope of cover, to premium cost, and the insurer’s claims paying ability, all allowing you to make an informed choice.
When the terms of the cover and the premium have been agreed, the broker places the covers with the selected insurer.
What’s involved with Renewals?
Most brokers will personally contact you to check that your covers are still appropriate, and to check and make any updates and general policy changes that may be required. They will also check current market conditions and where appropriate, remarket your policies and arrange any adjustments required.
How do brokers handle Claims?
Brokers give advice and assistance in formulating and submitting your claim to the insurer. They arrange for a claim form to be completed by you, and keep a watching brief on the claim and liaise between you and the insurer to bring it to a successful resolution.
What is life insurance?
Life insurance takes care of the ones you leave behind. It is there to ensure that when you pass away, your
What does life insurance cover?
The purpose of Life Insurance is to relieve your loved ones of any financial burden when you die. When you take out your policy and are deciding how much cover you need, consider how much debt you have and what you don’t want your family to have to deal with. That might include things like a mortgage, funeral expenses, rent, schools fees and more.
How much is life insurance?
Several factors affect the premiums you can expect to pay on your life insurance. These are tailored according to your age, gender and smoking status and can also be affected by your health and lifestyle.
How does life insurance work?
Life insurance is usually paid out upon your death. However, you can also get it paid out early if you are diagnosed with a terminal illness, leaving you with only 6- 12 months (depending on your policy) or less to live.
How to choose life insurance
When choosing your Life insurance, start by selecting a provider that you trust. Then, compare prices and any extra cover that you want, such as Income Protection Cover or Disability Cover. It’s up to you to choose the lump-sum amount of your life insurance when you first take it out. If you get stuck, our dedicated team can help you make the best decision for you, or you can try our free questionnaire.
How to get life insurance
At Bay Insurance, our priority is to help you provide for those you leave behind. We believe Life / Business Insurance should be accessible to everyone and that you should be able to sort it yourself if you want to. You can get Bay Insurance all online in under 10 minutes or if you get stuck our customer service team can help you work out the right life insurance cover for you.
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Claims Management
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