Essential questions to ask an insurance broker

Why should you work with an insurance broker?

Working with an insurance broker can simplify the process of finding the right policy.

Instead of spending hours comparing options, a broker uses their expertise and access to a wide range of policies to find the right one for your unique circumstances. They can match you with a policy that is right for you, saving you time and stress. 

Insurance brokers can handle both personal and commercial insurance, which means they can help with everything from protecting your home to insuring your business.

With an approach tailored to your specific needs, insurance brokers ensure you’re fully covered.

What general questions should I ask when selecting an insurance broker?

Choosing a broker isn’t just about finding anyone who can help—it’s about finding the most suitable expert for you.

Ask a potential insurance broker these questions to make sure they’re a good fit:

Do you charge for your services, or do you get commission?

Knowing whether a broker charges fees or works on commission is essential as this gives you a clear idea of how they earn money, making you feel more comfortable with their advice.

Often, insurance brokers get paid commission and you don’t pay a fee, but this isn’t always the case. so it’s worth checking. You should also ask why your broker recommends a certain service or product.

How long have you been in the insurance industry?

If a broker has been around for a while, they’ve likely seen all kinds of scenarios and can offer insights that a newcomer may not.

This question can reveal their expertise and knowledge, and you could ask them if they’ve helped people with similar circumstances to yours - and what solutions they suggested. 

What types of insurance do you specialise in?

Most brokers focus on specific areas, such as personal or commercial insurance, and certain types, such as life insurance or income protection. 

You should ask an insurance broker what they specialise in to determine whether they’re the right person to find the insurance policy for your needs that’ll help protect your loved ones. 

While you can seek out a broker independently, Unbiased can help you find an insurance broker if you’re specifically looking for life insurance, critical illness or income protection.

Are you registered with the Financial Conduct Authority (FCA)?

An FCA-registered insurance broker has to meet certain standards, which means you can trust they’re up to code and accountable.

All insurance brokers on Unbiased are regulated by the FCA, so you’ll be connected with a broker who’ll look for the most suitable policy and can offer advice while following FCA rules and standards. 

How do you choose the insurance policy you recommend?

It’s good to understand how an insurance broker chooses the right policy for your needs and their access to insurance providers.

For example, is your insurance broker able to search the whole of the market for a policy and does it have access to deals unavailable to the general public? Understanding how an insurance broker finds the policy for your needs can ensure you get the most suitable one.

What questions should I ask an insurance broker about coverage and policies?

Here are some helpful questions to ask an insurance broker about your policy options:

What types of coverage do I need based on my specific situation?

Everyone’s insurance needs are unique, so ask the insurance broker to assess your personal situation, which could involve exploring whether you need additional coverage.

For example, an insurance broker may not only recommend life insurance to help cover the mortgage if you or your partner pass away, but also income protection.

Their guidance can help you pinpoint the exact types of coverage that will keep you and your loved ones protected.

Are there any policy add-ons you recommend?

Insurance add-ons can boost your coverage and offer extra protection and peace of mind for you and your loved ones. For example, you could add on terminal illness cover to your life insurance policy, so you get a payout out if you’re diagnosed with a terminal illness.

An insurance broker can help you decide what’s worth considering, as add-ons aren’t always a necessity. 

How does this policy differ from others in terms of coverage?

A good insurance broker can tell you when one policy benefits you more than another.

For example, the policy may be more affordable, cover you or your family for a longer period, have a more generous payout or extra add-ons or benefits worth paying more for.

What questions should I ask an insurance broker about costs and payment options?

It’s important to fully understand the costs of an insurance policy, as well as any fees.

Here are a few questions to ask an insurance broker about what you’re paying for:

What is the total cost of this policy, including fees?

This question ensures you understand the true cost of your insurance policy. So, an insurance broker should inform you not only of the monthly premiums but also of any fees.

Can I pay in instalments, and are there any extra costs for doing so?

It’s good to know upfront if monthly instalments are an option instead of paying annually.

However, you’ll likely pay more for your insurance if you spread it over monthly payments, so it’s worth considering the price difference. 

Are there any discounts or cost-saving strategies I could use?

An insurance broker may have some strategies or tips to save you money. For example, they may be able to get you a multi-policy discount or recommend a different type of policy. 

Ask your insurance broker whether they can cut costs without cutting your coverage.

What questions should I ask an insurance broker about claims and customer support?

A smooth claims process and reliable customer support are essential.

Here are some questions to ask an insurance broker about how they can support you:

What is the claims process, and how do you support clients through it?

A good insurance broker will guide you through the claims process and explain how they’ll assist if you need to make one.

They may also be able to advise on the insurance providers that are more likely to accept your claim and payout.

What documentation will I need if I make a claim?

You should ask about any documents you might need for a claim if something happens. If you don’t have these documents, your insurance broker may be able to advise on this.

It’s also worth asking how documentation is requested by the insurance provider. So, for example, if an insurance provider wants documents processed digitally or via the post, you can have these ready to send if needed.

Who can I contact if I need assistance with my policy in the future?

It’s always helpful to know who to contact after your policy is in place, as well as the best way to get in touch with them. 

Asking this question ensures you have a contact for any questions or updates in the future.

What questions should I ask an insurance broker for commercial insurance needs?

If you’re a business owner, commercial insurance comes with its own set of questions.

Here are some questions to ask a commercial insurance broker:

What types of liability coverage would you recommend and why?

Every business faces unique risks, and liability coverage helps address them.

It’s vital you get the right amount of coverage so you’re not over or under-insured. Ask an insurance broker to explain which policies are right for your business, any payout limits, expected costs, policy feaures and exclusions that need to be considered. 

Are there any regulatory requirements or legal obligations I should be aware of for my business?

Staying compliant is crucial, so ask if there are any regulations or legal requirements you need to follow.

A knowledgeable broker can keep you up to date or schedule regular meetings to discuss any changes in regulations and how to best address them, as well as any recommended policy amendments. 

What are the risks specific to my industry that this policy addresses?

Different industries come with different risks. This question helps you confirm that your policy is crafted to protect you from the specific challenges your business might face.

It also explores whether the insurance broker has experience finding policies for your specific industry and if they can adjust your policy if needed. 

Final considerations and tips

When you’re about to finalise a policy, take a few extra steps to ensure everything is covered. 

First, you must read the fine print, as there could be exclusions or conditions that aren’t immediately obvious. Then, ask your broker about any policy reviews to keep your coverage up to date as your needs evolve. 

Lastly, double-check that your broker is FCA-registered, as knowing they’re properly authorised will give you extra peace of mind.

Get expert financial advice

Choosing an insurance broker doesn’t have to be overwhelming. When you ask an insurance broker the right questions, you gain clarity and confidence to make the best decision.

A good broker will guide you through every step, helping you find coverage that suits your life or business needs. With some insight and proper support, you can feel secure knowing your insurance is in capable hands and protects what matters most to you.

Let Unbiased match you to a professional financial adviser or insurance broker who understands your needs and can help you find the right coverage.