You Probably Do Not Change Your Bedsheets Frequently Enough
- 19 October, 2020
- Tips and Advice
How often do you change or wash your sheets? We got you thinking huh? Many of us keep the same…
meQasa (mQ) would like to provide you with another option. Why don’t you get insurance through a Broker instead? We had an extensive chat with William Wood (WW), a Chartered Insurance Practitioner at Edward, Mensah Wood & Associates. He shares with us why you should go through a broker when getting insurance.
MQ: Who is an insurance broker?
MQ: An Insurance broker is a professional who acts as an intermediary between the insurance company and the client.
MQ: How different is an Insurance Broker different from an Insurance Agent?
WW: Insurance Agents are licensed to work primarily with and on behalf of one Insurance Company. However, in certain situations, an agent can act on behalf of the client. On the other hand, an Insurance Broker is an independent professional licensed to work with all insurance companies. An agent cannot be held liable for any ill advice, whereas an Insurance Broker can be held liable for any ill advice given to the client which affects their insurance portfolio.
MQ: Most consumers are of the notion that it is cheaper to buy insurance directly from the insurance company than go through a broker, but is this really true?
WW: No, it’s not. We do not charge for any service we provide to clients rather, one may find it cheaper to source insurance cover through a broker as they have the advantage of sourcing quotations from different Insurance Companies
MQ: How do Insurance Brokers make money if their service to clients is free?
WW: We are paid a commission by the Insurance Company for businesses we place with them.
MQ: What does your role as a broker entail?
WW: This applies to all brokers, we do the following:
MQ: What benefits do clients enjoy from working with an Insurance Broker?
WW: Clients have access to our expertise and additional services. We have access to all insurance companies, and thereby are able to provide a better deal than an agent who is tied to one Insurance Company.
MQ: Any advice for anyone looking to buy insurance?
WW: The best asset that we as insurance brokers have is our ability to put the interests of the client first, so you as a client are assured that every information and advice we give is in the client’s best interest but at the end of the day the final decision is the client’s.
Save money and time by trusting your broker. They can do this is more.