How do you distinguish the Right Broker from the wrong Broker??
Well its quite simple.
The Right Broker will not be concerned about the premiums only, They will always be concerned about the accuracy of information 1st. The Right Broker will always look after your best interest and advise you accordingly.
The Right Broker will be by your side and make sure they never Jeopardize you or your cover.
The Wrong broker can cause a lot of issues and indirectly loose you a fortune at the time of a loss. Honesty with insurers is the best policy and will always be to your benefit.
A small misrepresentation from the Wrong broker like omitting the use of a vehicle IE Stating it is used for private use and not correctly insuring for Business use might save you a R100 a month. But at claim stage if a loss adjuster finds the cover to be false or incorrect. It could cause several complications as follows.
- Policy termination (you will battle to get insurance again)
- Premium prejudice applied( Insurer may state that you where paying the incorrect premium for your cover and can insist you pay, backdated premiums from inception. this could end up being thousands)
- Policy voided ( insurer terminates the policy back to inception and returns your premiums. This would leave you to repair your own damages and if a third party was involved potentially have to repair there damages)
- Be charged with Fraud ( Though this is very seldom the case, it is still a real possibility),
The wrong broker is easily spotted, They seldom spend anytime within your Business or time getting to know you, your family and your circumstances. No two households or two businesses are identical or the same. Every risk must be handled as a new entity and new risk and every aspect of the policy needs to be underwritten correctly.
A change in cover as simple as not disclosing the use of a vehicle will potentially cost you your claim and potentially thousand if not hundreds of thousands of Rands.