Advice for Small Businesses
We at Bennett Christmas are urging small businesses to actively engage with their local broker when making a claim
This follows new research from British Insurance Brokers' Association (BIBA) which revealed that insurance brokers have to fight harder to get claims paid during the economic downturn due to the stricter policy interpretations and anti-fraud systems by insurers. According to the research 67% of broker respondents said that they had to get tough with insurers on behalf of customers to get claims paid in the current economic climate and 93% regularly negotiate up to 20% uplift on claims settlements.
The situation has deteriorated since last year; with almost a 10% increase in brokers who said they had to fight harder for customer's payouts.
Eric Galbraith, BIBA Chief Executive, said: "Insurers are tightening their belts with stricter interpretations of policy wordings. This demonstrates the importance of having a broker to fight your corner during a claim. Many consumers do not have the experience or knowledge to negotiate claims payments themselves. Brokers know how to evidence and support negotiations through their understanding of policy wordings, relevant case law and their relationship with the insurer."
We believe that this research demonstrates the value of a broker particularly at point of claim by achieving a fairer payment for consumers. A good local broker will have expert knowledge, technical understanding and expertise in negotiations with insurers, something that is very difficult for individuals to do on their own".
If you would like to find out how we can help your business, feel free to give us a call.
