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The Role of Insurance Broker

Nowadays the importance of adequate business insurance cannot be overemphasized. Having the right coverage may mean the difference between success and failure when faced with fire, natural disaster, accident or liability claim. 

But how can you be sure having acquired the most proper coverage?  It is so easy to get confused amongst hundreds of policies with different conditions, premiums and limitations.  This is where professional insurance brokers can help.  A good insurance broker is supposed to assist you at understanding and identifying your needs, looking for the best insurance proposals meeting your personal requirements, “translating” the jargon found in most insurance contracts into  a clear and comprehensible language, and looking after smooth adjustment of losses that might occur during the policy period.  For more BALTO LINK services, please refer to General Overview of BALTO LINK Services and What We Do.

If you are already working directly with the insurance company via its agent, you may be reluctant to make changes in your long-term relationships.  However, you need to remember that agents work for an insurance company, and even if they really take care of you (or at least you hope they do), their job is to keep you from switching to another insurer. Unlike an insurance agent, who represents a single insurance company, an insurance broker is independent and has access to many insurance companies, theoretically giving its clients the best coverage at the optimal price. 

A role of the professional insurance broker becomes of paramount importance when and if the client’s operations involve big, complex risks that insurance companies are reluctant or incapable of retaining, or hazardous activities that are difficult or very expensive to insure.  A good insurance broker can even advise you on alternative (other than insurance) risk transfer tools to be considered.