Specialist insurance is mandatory for those working as a builder, contractor or other trade in Ireland. In addition, building and the trades are high risk professions, which make securing appropriate and comprehensive insurance essential.
The risk associated with construction based jobs is exacerbated by the fact that the work often takes place in public or in other people’s homes. Appropriate insurance will cover any damage done to their client’s property. Without appropriate insurance you could find yourself missing out on clients or losing significant income to repairs or accidental damage to client’s property.
What type of cover do I need?
At Lloyds Insurances we can provide you with a combined builder’s insurance policy. This is an insurance policy specially designed for builders others working on a contract site.
This includes contractors all risk cover, which can provide you with cover for contract works, own plant, hired-in plant and employee’s tools. A combined builders insurance policy also includes three essential liabilities.
- Employer liability
- Product liability
- Public liability
At Lloyds Insurances we search for the best policies and prices for our clients. This takes the hassle out of searching for the best deal and saves our clients time and money.
Call Lloyds Insurances today 01 531 0900 for a quote on Insurance for Builders & Allied Trades or request a quote online and we’ll take it from there!
Life insurance is not something that you should avoid or delay considering. You or the people that depend on you could need life insurance at any time.
But how do you find out what policy is for you and why exactly would it be necessary or beneficial for you?
Why do you need life insurance?
Insurance in general is a means to manage and minimise risk. Different outcomes and events can have different probability to occur and different financial consequences. Life insurance does not insure you against a potential risk; it insures you against a certainty; death.
Usually life insurance is necessary to aid any dependents you have that would be negatively financially impacted by your death. Life insurance can be a way for your dependents to pay off a large debt or mortgage on a home or asset you wish to bequeath in your will.
If you have a spouse, children or other dependents then you probably don’t want them to have to change their lifestyle, deal with financial uncertainty or even having to move, losing their home as well as a loved one. Life insurance can help cover all of these worries. Life insurance can ensure that dependents are able to keep the family home and can even cover regular cost of living expenses and plans for the future.
A life insurance policy could still be useful even if you are a single person with no dependents. It can help cover debts and unavoidable end of life expenses such as funeral arrangements. Life insurance can also allow you to leave behind money to any other loved ones.
Call Lloyds today 01 531 0900 for best advice on flexible options on Life Assurance Protection Cover in Ireland or request a quote online.
Insurance Broker Vs Insuring Directly:
Below are listed some benefits of using an insurance broker such as Lloyds over insuring directly with an insurance company, bank or building society:
An insurance broker is not biased towards any particular provider so can pick the best option for their client whereas the client takes full responsibility for coverage decisions and any mistakes made if they insure directly.
It is easier for a client to build an ongoing relationship and loyalty with a broker as they spend time getting to know clients and how to serve them best over a long period. Larger insurance companies cannot offer the same level of personal attention. With larger insurance companies, clients may talk to a different call centre operator each time they need advice/help.
Brokers manage the process and stress of making a claim on the clients behalf whereas with an insurance company, the client must manage the process themselves, often in a crisis situation. Clients are often left confused and upset at claim conflicts that may arise.
Perhaps the biggest benefit of using an insurance broker is the fact that they search for the best prices, value and benefits for clients. Brokers take the hassle out of searching around for the best policies, saving the client the time and money doing it themselves.
Brokers have full and easier access to the entire insurance market when choosing the best option for a client. An insurance company can only offer their own product.
A broker will offer detailed reasons why they recommend one product over another and are at hand to offer professional advice at every step. An insurance institution can only offer advice on their own product.
The insurance industry is famously jargon filled and often direct insurance provider policies are difficult if not impossible to understand. Larger insurance companies may not take the time to explain the intricacies of a policy to a client. Insurance brokers have made a point of speaking in laymen’s terms when dealing with clients and letting them know in plain English what the best options and actions are.
Market Service Standards
Brokers will be used to dealing with multiple different insurance companies and will be used to the service standards of each so can better ensure the best company to go with in terms of service, price and benefits to the client. Once a client chooses their own insurance company, you are at the mercy of that provider and their level of service.
Broker Commission Explained:
A broker’s commission or remuneration is a fee paid to brokers for the placement of business with a particular insurance institution. In return for this fee the broker provides the following:
- Proposing the risk
- Assisting the insurer with any information required in relation to risk
- Incepting the policy and handling all policy documentation for the consumer on behalf of the insurer
- Notifying the consumer of policy renewal dates
- Collecting the fee/premium from the consumer on behalf of the insurer
- Handling premiums and managing a dedicated premium account for onwards transmission to insurers
- Ensuring broker staff are qualified to give advice on the insurer’s behalf
- Bear compliance and administration costs in relation to transacting business on an insurer’s behalf
- Assimilate costs of implementing IT and security requirements of insurers to ensure online products are safely transacted for the consumer.
Lloyds Insurances Remuneration details.
Why Brokers Fees?
The consumer/client pays the broker a fee for the following benefits:
- Researching the current insurance marketplace to provide the best advice on available policies and covers
- Recommending the best product based on the consumer’s needs and budget
- Explaining terms, conditions and warranties of a chosen policy to the consumer in plain English
- Handling alterations to existing policies and following through with insurers to make sure changes are fully implemented
- Assisting the consumer with claim handling and ensuring a satisfactory outcome for them
- Providing consumers with replacement or duplicate documentation when required
- Assisting with any complaints a consumer may have with a policy or service
- Complying with the cost of significant regulatory directives from the Central Bank.
For more information see Brokersireland.ie/why-use-a-broker/