What is an Insurance Broker?

What is an Insurance Broker?

What is an Insurance Broker?

18 Oct 2019

This article defines an insurance broker, an insurance provider, and explains the main differences and how we can assist with Medical Indemnity.

Question Old as Time – Insurance Broker or Insurer?

One of the questions we get asked regularly is “what is an insurance broker?” On our website and social media posts we regularly make sure people know that we are in fact a “broker” and not an “insurer”. But what difference does this make and why does it affect you?

In other words, Insurers provide the insurance, covering you with a policy directly. Whereas insurance brokers do not provide insurance cover directly. Instead they communicate with the insurer on your behalf. This means that they can tailor an insurance policy more to your liking by negotiating terms and conditions affecting various factors like price, coverage, policy extensions and limits of indemnity all depending on your personal preferences.

"Why do I need a broker?"

Majority of Commercial Insurance Providers work in wholesale markets. What does this mean? Commercial Insurers work primarily “Business to Business” and not “Business to Client.” However, Insurance brokers like Servca work in wholesale markets and retail markets (Businesses and Clients).This means that if you wanted to get Commercial Insurance, for example Professional Indemnity or Medical Indemnity, you would need to contact an Insurance Broker who would then contact and arrange coverage on your behalf with an Insurer.

The Advantages of Using Servca as an Insurance Broker

There are many brokerages in the world that deal with all sorts of commercial insurance providers, but some shine more than others. We at Servca have been providing competitive policies to medical practitioners and working professionals for years.

Lloyd’s of London Broker – We are a Lloyd’s of London Broker. This means among the many markets we have open to us, we also have access to the world’s largest insurance market: The Lloyd’s Market. When we receive your policy, we take it into Lloyd’s and explore the many different high quality insurers available. Medical Union Benefits – For our valued UK medical professions with have created our own Medical Union: ServCare. A platform where our members can get the advice and support they need most. We work with ‘A’ Rated Insurers – Offering you the best quotations from the best providers. Staff with Medical Backgrounds – Our medical malpractice team is rooted in the healthcare industry. From Doctors to Midwives our med-mal staff has experience that allows us to see from your perspective. Giving us insight into your situation that other brokers just don’t have. Tailored Policies – When our consultants speak with you they will write down all your requirements, searching the market for the perfect policy that has been negotiated to fit your unique needs. Bound By Customer Fairness – Servca are an FCA regulated company, bound by their ‘Customer Fairness’ policies. This means we put our customers first and try to find them most cost effective and appropriate cover available for you. We cater to an assortment of medical professionals. If you are seeking medical indemnity, then we are capable of helping you. You can find out more about our services here.

Question Old as Time – Insurance Broker or Insurer?

One of the questions we get asked regularly is “what is an insurance broker?” On our website and social media posts we regularly make sure people know that we are in fact a “broker” and not an “insurer”. But what difference does this make and why does it affect you?

In other words, Insurers provide the insurance, covering you with a policy directly. Whereas insurance brokers do not provide insurance cover directly. Instead they communicate with the insurer on your behalf. This means that they can tailor an insurance policy more to your liking by negotiating terms and conditions affecting various factors like price, coverage, policy extensions and limits of indemnity all depending on your personal preferences.

"Why do I need a broker?"

Majority of Commercial Insurance Providers work in wholesale markets. What does this mean? Commercial Insurers work primarily “Business to Business” and not “Business to Client.” However, Insurance brokers like Servca work in wholesale markets and retail markets (Businesses and Clients).This means that if you wanted to get Commercial Insurance, for example Professional Indemnity or Medical Indemnity, you would need to contact an Insurance Broker who would then contact and arrange coverage on your behalf with an Insurer.

The Advantages of Using Servca as an Insurance Broker

There are many brokerages in the world that deal with all sorts of commercial insurance providers, but some shine more than others. We at Servca have been providing competitive policies to medical practitioners and working professionals for years.

Lloyd’s of London Broker – We are a Lloyd’s of London Broker. This means among the many markets we have open to us, we also have access to the world’s largest insurance market: The Lloyd’s Market. When we receive your policy, we take it into Lloyd’s and explore the many different high quality insurers available. Medical Union Benefits – For our valued UK medical professions with have created our own Medical Union: ServCare. A platform where our members can get the advice and support they need most. We work with ‘A’ Rated Insurers – Offering you the best quotations from the best providers. Staff with Medical Backgrounds – Our medical malpractice team is rooted in the healthcare industry. From Doctors to Midwives our med-mal staff has experience that allows us to see from your perspective. Giving us insight into your situation that other brokers just don’t have. Tailored Policies – When our consultants speak with you they will write down all your requirements, searching the market for the perfect policy that has been negotiated to fit your unique needs. Bound By Customer Fairness – Servca are an FCA regulated company, bound by their ‘Customer Fairness’ policies. This means we put our customers first and try to find them most cost effective and appropriate cover available for you. We cater to an assortment of medical professionals. If you are seeking medical indemnity, then we are capable of helping you. You can find out more about our services here.

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

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Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE


+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies