Critical Illness, Income Protection, Key Person, Professional Indemnity, Relevant Life Insurance. There’s a dizzying array of different products and solutions in the insurance space. As a result, it’s difficult to adequately assess which product at what level of cover will best suit your needs. This is where talking to an expert contractor adviser is paramount.
A ‘whole-of-market’ adviser is impartial and has the skills and knowledge to fully assess all of your circumstances before providing a recommendation. They’ll take a holistic view of mitigating risk and succession planning, highlight tax efficiencies, and identify product sectors that you were perhaps unaware of.
Not only that, but they know how to quickly navigate the insurance minefield and set up exactly what you require – taking the hassle out of your hands.
No Fee Advice: Who doesn’t like free?
Unlike mortgage advice, where there’s usually a flat fee paid to the broker, you pay no fees to an insurance adviser. If you choose to take an insurance product, the provider will pay fees to the adviser, and if you don’t take out a policy, the adviser doesn’t get paid. It creates an ideal balance where there’s no risk to you and the adviser must work with your interests in mind in order to be rewarded.
Look Beyond Premiums: Price is just the tip of the iceberg
When we think of everyday personal insurance for our car, home and pets, price is usually at the forefront of our mind. But when considering more complex insurance to protect ourselves and our business against prolonged illness or death, the level of cover is arguably more important. That’s why it’s essential to know what you’re signing up for and not leave it until you claim to realise that you had insufficient protection in place. A recent FCA Thematic Review stated that up to 40% of small businesses could be underinsured. Most of us use an accountant to file our taxes, so why would you not use a specialist for such a complex business essential as insurance?
Sharing Your Information: The devil is in the detail
A failure to disclose all pertinent information to the insurer, or a missed condition, can mean that your insurance policy is not fit for purpose, or worse, null and void. A generic broker may not fully grasp aspects of contractor risk, the way you work and earn, or your industry sector which can result in a failure to provide you and/or the insurer with essential information. A specialist broker knows the right questions to ask, will fully explore the nuances of the policy with you, and provide the insurer with as much about your business as possible so that there is absolutely no chance of misrepresentation. Using a specialist broker will give you peace of mind that should you ever need to claim your policy will deliver everything that you expect.
Outstanding Aftercare: The mortgage and insurance support you deserve
The journey shouldn’t end once you secure your mortgage or insurance either. A good contractor broker will have aftercare built into their process. They’ll keep you informed well before your initial reduced mortgage rate runs out, ensuring you don’t fall onto the lender’s Standard Variable Rate (SVR) and keep an eye on your insurance policies to make sure they’re still fit for purpose. You’ll also receive ongoing support to enable you to adapt should your circumstances change.
Organise your finances the easy way
Both for your mortgage and insurance needs using a specialist broker will give you peace of mind that the policy, price, and conditions are right for you and your business. You should also check the firm’s review scores and how long they’ve specialised in the contractor, freelancer and limited company space.
At Broadbench, our focus is on ensuring contractors and company directors receive the right support. We work closely with leading mortgage and insurance providers and our customers to find the perfect products, plus handle all the boring paperwork too. Want to hear more? Get in touch.
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