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Why engage Fox broker services for insurance?
Finding the right level of insurance coverage can be a time-consuming, complicated and expensive task. Hiring objective professionals will allow you to buy the right level of insurance coverage, find an alternative solution in the form of insurance that you didn’t even know existed, and during the entire process your involvement will be minimal and you will be able to focus on your business.
Insurance is based on contract and law, and in the same way that a lawyer or accountant would, an insurance broker provides advice and clearly explains what your insurance covers and, most importantly, what it doesn’t cover. Brokers are not tied to any insurer, so they have the freedom to source the appropriate products and services in the available market from multiple insurance companies. Below are some of the top reasons why you should use the services of Fox Insurance Brokers for your insurance needs.
Unbiased advice
Fox broker provides access to a range of products and insurers and offers unbiased advice. Unlike direct sellers or agencies, they are not tied to any company and act as your agent. In this way, the broker can tailor your insurance to meet your specific requirements.
Comprehensible language
The Fox broker is responsible for explaining insurance policies in plain language and ensuring that any optional extras or exclusions are clearly disclosed. It is important that you have help in interpreting insurance jargon, which unfortunately can be full of long and complex wording.
Risk management
Fox broker can identify areas of improvement with quality risk management. Through the network of their partners, they can arrange for experts to advise on the insured amounts and limits, thus ensuring that you are not underinsured (underinsured) and overinsured (excessive coverage).
Affordable prices
You may assume that hiring a broker will result in you paying more for your insurance. In reality, insurers can actually provide lower rates to brokers, due to the fact that doing business through a professional broker and the value they add in expert advice and support is less of a risk for insurers. Also, with coverage specific to your requirements, you’ll only pay for what you need.
Expertise
A Fox broker can use their expertise to highlight areas of coverage that you may not have considered, such as cyber risk insurance, claims insurance, business interruption financial loss insurance or alternative flood coverage options.
Presentation
A Fox broker will ensure that your business and associated risks are presented to insurers in the correct manner, enabling them to offer appropriate terms that are aligned with your needs.
Choosing the right insurer
A Fox broker can advise you on the financial strength and quality of different insurers to help you make a decision. A Fox broker will know which insurers have the knowledge and expertise to provide the coverage you need. This is of vital importance when it comes to submitting a claim in the event of a claim, as the understanding that the insurer and broker have of the risks that are insured under it, facilitates the process of settlement of claims.
Support in claims processing
A Fox broker will provide valuable advice and guidance on whether and when you should notify insurers of a claim and any circumstances. In case of significant damage, Fox broker can take over communication and damage processing on your behalf.
Communication
The broker will be flexible in how you want to communicate, be it face to face, phone, video or email.
Common questions about insurance brokers
What does hiring an insurance broker mean in practice?
The client signs an authorization (individual and legal person) to carry out brokerage business in insurance and reinsurance, which gives us the authority to prepare an analysis of the current insurance program, propose improvements, prepare a proposal for a new optimized insurance program that is adapted to the real needs of the client.
What are the jobs of an insurance broker?
Pursuant to the Insurance Act, the broker performs insurance distribution or reinsurance operations at the client’s request in accordance with the client’s requirements. The broker also performs an appropriate analysis and proposes insurance coverage according to the client’s needs. The broker also provides assistance in exercising rights from the insurance contract, and especially in resolving compensation claims addressed to the insurance company.
Who supervises the operations of the brokerage company?
HANFA – Croatian Financial Services Supervision Agency supervises the company.
HANFA also issues authorizations for brokers (natural persons) if the person meets the criteria of professional education (at least SSS), the obligation not to be punished in the field of economic crime and after passing a professional exam. The register of insurance brokers – natural persons has been published on the website of HANFA (www.hanfa.hr).
Why hire an insurance broker?
Because an insurance broker:
- independent and independent and exclusively represents the interests of its clients
- a professional who exclusively deals with mediation in insurance and reinsurance
- has access to all insurers and reinsurers on the domestic and global market
An insurance broker takes responsibility for tasks related to the identification and analysis of risks and their placement in insurance. Cooperation with a broker does not require any additional financial resources from your company, and it can bring you significant savings by optimizing existing insurance contracts and saving time and resources that you would have to hire yourself.
Who pays for the services of an insurance broker?
Article 435 of the Insurance Act in paragraph 6 stipulates that the insurance and/or reinsurance brokerage company has the right to compensation for insurance distribution or reinsurance distribution or any other receipt from the insurance company or from the reinsurance company whose insurance product or reinsurance he distributed. The same can claim the right to compensation or any other receipt from the insurance or reinsurance policyholder on whose order he/she performed activities related to the conclusion of an insurance or reinsurance contract, if this is stated in the order for the performance of these activities. If he is entitled to compensation or any other receipt from the insurance policyholder, then he is not entitled to a commission or any other receipt from the insurance company for the insurance contract in which he performed insurance distribution.
What is the difference between an insurance broker and an insurance agent?
According to Article 402. According to the Insurance Act, an insurance broker performs insurance distribution tasks at the behest of a party, while an insurance representative performs insurance distribution tasks in the name and on behalf of one or more insurance companies.
The broker primarily protects the rights and interests of the client, in contrast to insurance representatives or the insurer itself, who primarily protect their own, i.e., the interests of the insurer.
Why hire an insurance broker when I can contract insurance directly with the insurance company?
The engagement of a broker achieves the optimization of business costs related to the insurance of people and property, with the simultaneous complete transparency of business, which is becoming imperative today.
Given the complexity of the insurance issue and the great need to control costs and income on that basis, an increasing number of business entities decide to leave the control of this type of service – insurance brokerage – to authorized experts in the field – authorized insurance brokers.
Have you ever had a moment – while looking at your insurance policy or shopping for insurance – when you thought:
“What is insurance? And do I really need it?”
You are not the only one.
Insurance can be a complex and confusing matter. How does insurance work? What are the benefits of insurance? And how to find the best insurance for you? These are common questions, and luckily, there are some easy-to-understand answers to them.
Contact us and we will provide you with all the answers.
Solutions for you
Solutions for your business
OUR SERVICES
Our mission is to facilitate your path to optimal insurance coverage, providing you with expert guidance through the complex maze of insurance options.
Whether you are an individual or a business, our independent insurance experts tailor their services to your unique needs, helping you find the perfect solution.
Analysis of your insurance needs
We provide a thorough analysis of your specific needs to ensure you choose the optimal insurance coverage. Our expert team will carefully assess your requirements and adapt them to a wide range of insurance options.
Presentation of your needs to insurance companies
We act as an intermediary between you and insurance companies, presenting your specific needs to ensure you receive tailored and competitive quotes from trusted insurers.
Collecting quotes from insurance companies
We efficiently collect offers from different insurance companies, providing you with an overview of various options. Our goal is to make sure you have all the information you need to make an informed decision about your insurance.
Analysis and comparison of offers from insurance companies
We carry out an in-depth analysis and comparison of offers from different insurance companies. Based on transparent criteria, we help you identify the best solution that fits your needs and budget.
Continuous support during the insurance period
We provide continuous support throughout the duration of your insurance. Our team is always available for questions, consultations and adjustments to ensure that your insurance always meets your changing needs.
Support and management of claims processing on your behalf
In the event of a claim, we take responsibility for managing the claims process on your behalf. We provide support, speed up processes and ensure you are properly compensated, giving you peace of mind in stressful situations.
Meet our team
Fox broker d.o.o. for brokerage business in insurance and reinsurance is a new broker on the Croatian market with employees who have about 30 years of experience working in the insurance industry in the largest Croatian insurers. See more about our team here.
FOX BROKER
Values define who we are as a company and guide our daily activities.
They reflect our commitment to providing outstanding service, maintaining the highest ethical standards and making a positive impact on the lives of our clients and communities.
FOX BROKER
Values define who we are as a company and guide our daily activities.