Benefits of using a credit insurance brokerPADMINJ2021-01-19T10:51:02+00:00
Benefits of using a Broker
There are many benefits of using a specialist Broker like us, here are just a few.
Full Market Review
A specialist Credit Insurance Broker has access to all the insurers offering Credit Insurance. As a result, you will be able to compare ALL insurers’ terms and not just the ones being approached directly. Also, as some insurers do not deal direct with businesses without a Broker, you could be missing out on more favourable terms, crucial cover on your customers and more competitive premium rates. A Broker will also be able to tailor a policy to your company’s needs and will assist with choosing the best insurer/policy for you.
Credit Limit Appeals
Sometimes an insurer may not agree to cover one of your customers or make an amendment to an already-issued credit limit leaving you unprotected if you decide to trade with them. When this happens, having access to the risk underwriters is crucial to find out why and, more importantly, how to get the cover in place going forward. We always challenge refused or partially agreed decisions on your behalf and where necessary advise what is required to assist the insurer in their decision making.
When submitting a Credit Insurance claim it is important to provide the correct information and in the required format in order for it to be promptly reviewed. Whether it’s an Insolvency claim or a Protracted Default claim, we always advise what information is required and ensure it is correctly presented to the insurer. This speeds up the claims process and enables the insurer to settle claims quickly.
The annual renewal process can be costly and time consuming if a Broker isn’t involved. Not all insurers will deal with companies without a Broker, so dealing direct with just a few will mean missing out on what other insurers can offer. Credit limits differ from each insurer as do policy structures and premiums. A Broker knows what to look for when advising the client which insurer to choose.