After reading our previous blog post “Why use an insurance broker“, you may well be wondering where to start when choosing a brokerage to work with. Here are some points to consider:
Try to identify a broker whose values match your own organisation’s values. If you want to support the local economy, use a local broker. If you feel you need specialist advice, or an expert, look for a broker that specialises in your sector/industry.
No formal qualifications are required to become an insurance broker, so look for brokers who have completed professional qualifications. The professional body in the UK for general insurance is the Chartered Insurance Institute (CII). If a broker has a CII qualification they will have Cert CII, Dip CII, ACII or FCII after their name, and possibly the Chartered Insurance Broker title. You can search the member database to see if your broker is a member, and what qualifications they have.
Ask your contacts if they can recommend a broker, and why. Having a good relationship with your broker is key. Ideally they should become part of your risk management team. You should look to do business with a firm that can give you advice prior to launching a new product, merging with another firm, etc.
If you’ve read through this list and would like to chat more to see if Talbot Jones Risk Solutions is a good fit for you, please do get in touch.