Why do insurance brokers need insurance?
Bruises, burns and breakages
In order to service an important client, you invite representatives to your office to discuss options for insuring their liabilities and assets. Good progress is underway until your technical broker trips on a briefcase and spills a tray of hot drinks on the client and their laptop. As an insurance broker, you know how public liability insurance can help. Whether the incident affects property or causes bodily injury, Hiscox provides you with financial support for legal fees and possible compensation.
Broken equipment
While you’re planning a meeting about life insurance with a client, your laptop begins to glitch. You try to persist, but the computer shuts down and you’re unable to even switch it on. Our portable equipment insurance can help with the cost of repairing or replacing this essential piece of kit and may also help with fees involved with hiring a temporary replacement. This cover can assist with other business equipment, too. So, whether you have a business smartphone, or hold video calls with a tablet, they can also be protected.
A work-related injury
During expansion, your insurance broker business takes on employees, meaning you become liable for their welfare – this applies whether they work from home or a shared office environment. There’s a chance you could overlook your company’s office furnishing requirements, resulting in your part-time account handler tripping on carpet. Over time, a poor desk set-up could lead to your most senior broker developing a lower back injury. Fortunately, employers’ liability insurance can help to protect you against the financial impact of claims.
What insurance is available for insurance brokers?
Public liability insurance
As an insurance broker, you’re aware of how important public liability insurance can be, especially for firms which deal with the public. For instance, if you operate from a high street location, in-store contact may be frequent. However, any business could be held liable if they directly or indirectly cause injury or property damage. Claims might be due to an accident at a meeting or damage from a sign blowing into a neighbouring shop’s window – either way, public liability cover can help with costs.
Office insurance
An office insurance policy from Hiscox can help to protect insurance brokers against the cost of physical damage to premises. It can also help with repairing or replacing business equipment if it is accidentally damaged, lost or stolen. This might include equipment that’s owned or rented, as well as fixtures and fittings. If your office requires repairs after a storm, flood or even a fire, Hiscox office insurance will help to cover the cost.
Property insurance
An insurance broker’s work can heavily rely on the full working order of equipment to deliver a great service to clients. That’s why adding portable equipment insurance to your insurance broker policy may prove helpful. This type of cover can be taken out as part of office insurance, so while you’re out and about you can safeguard items such as your laptop, mobile phone, and tablet. Whether your essential kit, becomes lost, stolen, or damaged, Hiscox can assist with repairs or replacements.
Our offering doesn’t end there. Employers’ liability insurance may benefit insurance brokers with staff, while personal accident cover can offer welcome backing to self-employed brokers.
If you’re not sure what you need, tell us a little more about what you do. We’ll help you to build your quote and explore any other insurance needs.
Build my coverInsurance for insurance brokers: FAQs
What’s the difference between an insurance company and an insurance broker?
The main difference between an insurance company and a broker is that insurance companies provide insurance, while brokers act as intermediaries.
This means the role of an insurance broker is not to provide insurance, but rather to represent consumers. Unlike insurance companies, brokers receive commission from the party looking to source insurance.
If your business is more accurately described as an insurance company, we also support firms that provide insurance through our cover for financial and legal businesses.
Does Hiscox insurance cover home-based businesses?
Yes – several Hiscox insurance products are relevant and valid for firms run entirely from home, including insurance broker businesses.
These might include property insurance, which can be beneficial if your standard home insurance policy doesn’t cover business activities or equipment. It might be a good idea to check your home contents insurance details to pinpoint the extent of cover, if any, for company property such as work computers.
Many other insurance requirements will be similar for brokers operating a home-based business and those based at an office, such as public liability cover.
Why should I buy my insurance broker cover with Hiscox?
We pride ourselves on being the small business insurance experts, so - in short - what’s happening to your SME matters to us. We also ensure that getting cover with us is as quick and simple as possible.
With Hiscox, you can tailor your policy to include only the covers you need. Once you’ve purchased your insurance, you’ll have immediate cover and we’ll swiftly send your documentation via email.
Among other accolades, we have Chartered Insurer status and we’re proud winners of the Feefo Platinum Service award, so we’re an insurer you can trust.
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