Vehicles are an integral part of the real estate industry, making insuring them equally important. However, some real estate agents are potentially doing themselves an injustice by sourcing their motor vehicle insurance through direct insurers.
We walk you through some key reasons why you shouldn’t use a direct insurer for cars and why opting for an insurance broker may be more beneficial for real estate firms.
Seven advantages of accessing insurance brokers for motor vehicle insurance
Understandably, real estate agents want to ensure that their company-owned vehicles are always adequately insured. While there can be advantages of both direct insurance vs broker options when it comes to insuring company cars, there are several reasons why using an insurance broker may be considered more beneficial for real estate firms.
Here are seven advantages of accessing insurance brokerage for real estate motor vehicles:
- Tailored coverage
Insurance Brokers can offer more personalised and tailored coverage options that are specifically suited to the needs of the real estate industry. They can assess the unique risks associated with the business and recommend appropriate coverage limits and policies. When your coverage is tailored to your needs, you remove the financial risk of over or underinsurance.
- Access to multiple insurers
Insurance brokers work with multiple insurance companies, which means they can compare different policies and prices from various insurers. This gives real estate agents a broader range of options and helps them find the most suitable coverage at competitive rates.
This experience and expertise also bring intricate knowledge of each insurer, such as their customer service and claims experience, which isn’t commonly accessible when researching direct insurance options.
- Expert advice
Commercial insurance brokers are insurance experts who have an in-depth understanding of the insurance market and industry. They can provide professional advice on the types of coverage needed, policy limits, and any additional endorsements that may benefit a real estate agency’s specific operations. Without expert advice, your real estate business may not be adequately protected.
- Claims assistance
In the event of a claim, an insurance broker can act as an intermediary between the real estate agent and the insurance company. They can help guide the agent through the claims process, ensuring all necessary documentation is provided and that the claim is handled efficiently.
- Time and convenience
Time is money in most professional industries, with real estate being no exception. Using an insurance broker can save time and effort for real estate agents. Instead of contacting multiple insurers individually, the broker does the legwork and presents the best options, streamlining the insurance-buying process. This potentially helps you continue your business momentum and reduce unnecessary time spent out of the market.
- Risk management services
Some commercial insurance brokers (like us at Barrack Broking) offer additional services, such as risk management advice and loss prevention strategies. They can help real estate agents identify potential risks in their operations and implement measures to mitigate those risks, including around motor vehicle use.
- Policy reviews and renewals
A broker can conduct regular policy reviews to ensure the real estate agency’s coverage remains adequate as their business evolves. They can also handle policy renewals and negotiate on behalf of the agent to potentially secure better terms.
It is common for busy professionals to miss important deadlines (such as insurance policy renewals), which can leave you, your staff and your vehicles uninsured; part of a broker’s responsibility is to ensure that your motor vehicle insurance policy doesn’t lapse without first receiving your specific renewal instructions.
Accessing the benefits of commercial insurance brokerage for real estate vehicles with Barrack Broking
While direct insurers may offer convenience and simplicity, especially for basic insurance needs, insurance brokers can provide a more comprehensive and customised solution for real estate agents.
At Barrack Broking, we consider your specific insurance requirements and conduct due diligence to help real estate professionals make informed decisions that align with their business needs and budget.
Experience superior coverage and service through Barrack Broking by reaching out for an initial conversation today.
