The business insurance cover you need will depend on the type of business you operate.
At CMX, we specialise in tailoring your coverage to your specific business needs.
Established in 1996
1. What does an insurance broker do?
An insurance broker helps you identify your business risks and then finds the best policy to cover those risks.
A broker also manages your claims and is your advocate to help you get the maximum payment under the policy.
2. What’s the difference between an insurance broker and insurance agent?
An insurance broker works for you. They have a duty of care to act in your best interest.
An insurance agent represents one or more insurance companies. They act in the interest of the insurer not you, and only offer policies that are available to them. They have no obligation to search the wider insurance market for you.
3. What’s the difference between buying insurance online and using a broker?
When you buy online, you buy a ‘one size fits all policy’ but the problem with that is your business needs and risks are not the same as all the other businesses out there.
A broker will help you find a policy that meets the needs of your business.
4. Does it cost more to use a broker?
No, and a broker may save you money. Not only will a broker help you get the cover that you need, they have access to many insurers that you haven’t heard of and these insurers may offer more competitive premiums.
5. How much does it cost to use a broker?
A broker’s income is made up of fees and commission.
Commission is paid by the insurer. This doesn’t make your premium more expensive. Insurers pay a portion of the premium to the broker because the broker takes care of a lot of the queries and administration on behalf of the insurer.
Fees are paid by the policyholder. Each broker charges fees in different ways so speak to your broker to understand what fees are being charged.