What do transport businesses want from a broker?

What do transport businesses want from a broker? | Insurance Business

What do transport businesses want from a broker?

Workplace injuries are common in the transportation industry, so transport and logistics operators can benefit from working with insurance brokers who understand the industry and its risks. Gallagher has revealed what valuable services insurance brokers may deliver to support transport businesses effectively.

According to the insurance brokerage and risk management giant, transport and logistics operators would benefit from brokers showing real interest in the business and how it operates, including conducting site visits where they visit and inspect the business's premises. It is also vital that brokers inform prospective insurers about how the client manages the risk exposures on the ground and in real life.

Gallagher advised transport businesses to look for brokers who check for the best cover for the business and provide alternative solutions and possibly different insurers should they think it will benefit the business. The broker should also ask about, and the business owner should disclose, any events that could rise to a claim, including emerging risks and risk gaps.

Lastly, it is best for transport and logistics operators to work with their broker at least three months before their renewal to have enough time to update relevant information and shop the market.

“Your broker is your claims advocate helping you achieve optimal outcome of settlement or entitlement,” Gallagher said. “Most insurers have pre-approved processes in place for getting your vehicle repaired immediately, instead of waiting for an assessor's report. This can save a week or so in getting your vehicle back in service.

“The real skill of the broker is knowing when to insert themselves into the process to speed things up for you. Acting as an advocate when the process doesn't work as it should is where the true value comes.  To do this, the broker needs to have good relationships with insurer claims teams and to know how to change outcomes when the claim isn’t progressing as it should.”