Insurance brokers what do they do

Insurance brokers: what do they do?

The difference that insurance brokers have from insurance providers is they work for you, rather than the insurance company.

Brokers use their acquired experience and knowledge to help their clients correctly assess their insurance needs, shop for the best value in insurance coverage as well as aiding you in the event of a claim.

A majority of brokers may help you with a quote online, possibly over the phone, however, personal consultations are advised as it will be easier to answer any questions you might have, ensure there are no misunderstandings and no details are overlooked. (by Jobson James: Insurance brokers Birmingham. Read article here: http://www.jobson-james.co.uk/insurance-brokers-what-do-they-do/)

Insurance broker services include: - The assessment of an individual's needs and obtaining suitable quotes; this will depend on the business, property or vehicle that is being insured which may call for an insurance valuation, taking photos or an inspection report.

- Comparing the coverage from different insurers to get you the best rates and conditions in an unbiased manner along with making recommendations.

- Seek opportunities that will reduce overall premiums by combining the different types of insurance for any discounts.

- Outlining all fo the premiums, terms, conditions and any small print that you may not understand.

- Provide an administrative follow-up, such as any changes in the mortgages and certificates of insurance.

- Provide advice and revisions at policy renewal or mid-term, if material changes are necessary, such as a move or the sale of any asset.

- Their availability to answer any of your questions after the purchase, a large majority of brokerages will be well-established in their community and insurance is their primary basis.

- Making sure the claims are handled with no bias. They will help you throughout the process and ensure you have a fair and quick settlement. Brokers will make a positive difference to an insurer's payout in a substantial number of claims.

All of these services, should not cost you as a broker is paid a commission through the insurance company that your business is placed with and should value complete transparency with this regard.

Please visit our website for more information about Jobson James Insurance Brokers Birmingham do.

Risk Management for Businesses

What is the purpose of Risk Management?

Risk Management is a process of identification which is based on analysis and either acceptance or mitigation of uncertainty in investment decision making usually for businesses of any industry.

So essentially risk management will occur any time an investor or fund manager analyzes then attempts to quantify the potential for losses in an investment then based upon that makes appropriate action.

Operational and Physical Risk Management These two different types of Risk Management are always performed within any workplace, public building or business. Operational Risk Management known as ORM is a continual cyclic process of risk assessments, decision making and implementation of risk controls.

Types of Operational Risk Management: •Fleet Risk Management

•Health, Safety and Environment Risk Management - OHSAS 18001 , ISO

14001, HSG 65 •Supply Chain Risk Management •Business Continuity Management, Build, Implement, Test.

The four principles of Operational risk management includes accepting risk when benefits outweigh cost, accept no unnecessary risk then anticipate and manage the risk by planning, finally to then make risk decisions at the right level.

Types of Physical Risk Management: •Property Loss Control •Security Assessment Physical Risk Management can include various different types of risk such as physical risks, location risks, human risks and technology risks all in which can harm a business massively without risk assessments and management in place. The thing about risk management and assessments falls down to the importance of it, all potential risks can destroy a business as no matter the size of the business from small to a corporate giant can run into potential hazards especially being unprepared it'll be a dangerous road to go down.

So no matter what size of business you're working in or own risk assessment and management is key to keeping potential hazards at a minimal. To find out more try out Jobson James Birmingham who specialise in risk management, claims and many more services.

What You Need to Know about Corporate Insurance

A large benefit of a corporation is the individual's limited liability for business debts.

Although, this protection does come with limits. Corporation directors, officers and employees can each be held accountable and financially liable for personal actions.

There are several types of corporate insurance, otherwise known as business insurance, will protect individuals who are involved in the company and the corporation itself.

General liability This insurance protects corporations against any claims that are made of negligence against company representatives, products and services. General liability commonly covers legal claims due to an accident or an injury. The insurance policy will pay for any costs incurred from bodily injury, medical expenses, property damage, or slander.

Property insurance As expected, property insurance covers the loss and/or damage of the company's property after events involving vandalism, civil disobedience, storm, fire or smoke.

There are corporations that do not own valuable buildings and equipment should consider an investment in property insurance. Many property insurance policies define property to also include any loss of income, papers, money and business interruption.

Professional liability Professional liability insurance, otherwise known as errors and omissions insurance, protects a company against claims from clients of malpractice, negligence and errors.

Essentially, the concept is comparable to general liability insurance, claims of negligently performing professional services are excluded from general liability policies.

Jobson James are experienced in placing conventional, non-conventional and Captive Insurance programmes. We bespoke coverage to fit your risk profile and appetite.

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