What you get before you sign · free · no obligation
Every broker says they compare the market. Almost none of them will tell you what that produces, so there is nothing for you to ask for and nothing to check afterwards. This is what we send, what is in it, and how long it takes.
A specification page first: the sums insured, the basis of valuation, the locations and the perils we asked every insurer to quote against. This exists so that when three premiums come back different, you can see whether that is because the insurers priced the risk differently or because somebody quoted something narrower. That distinction is where most of the money is lost when businesses compare quotes themselves.
Then the three quotes side by side. Premium, but also the excess structure, the sub-limits, the add-ons included and the add-ons priced separately. A quote that looks 15% cheaper because a deductible is three times larger is not cheaper, and on this layout you can see that in a glance rather than in an appendix.
Then the wording differences. Below fifty crore of value at risk there usually are none worth reporting, because IRDAI's standard products are fixed and no insurer may alter them, and we will tell you that plainly rather than manufacture a comparison. Above that line the wording is negotiable and this is the section that matters most.
Then a recommendation with reasons. Not a ranking, a recommendation, because the right answer depends on how your business would actually claim.
The current policy schedule is enough to start. A photograph of it on WhatsApp is genuinely enough; we do not need a form filled in first.
For anything with a building or plant in it, a recent valuation or a fixed asset register makes the sums insured real rather than carried forward. Where you do not have one, we will tell you what the sum insured should be on reinstatement basis and show the working.
Your renewal date, which decides the timetable more than anything else. Insurers quote against a deadline; a comparison run six weeks out gets attention that the same request gets none of at forty-eight hours.
Simple commercial risks, about a week from receiving the schedule. Most of that is the insurers, not us.
Multi-location, high-value or unusual occupancies take longer, because the quotes worth having come from underwriters who want to look at the risk rather than a rating engine. Where a site inspection is needed we will say so at the start rather than at the end.
The one timetable that does not work is the day before renewal. At that point the only real option is to renew as-is and review properly with eleven months in hand, and we would rather say that than pretend otherwise.
Three is enough to show whether the market agrees about your risk. If three insurers land within a narrow band, that band is the price and the remaining question is cover and service. If one is far away from the other two, that is information in itself, and usually means somebody has read the risk differently.
Going to every insurer in the market is not more diligent, it is less. Approaching an underwriter, getting declined and re-approaching them later weakens your position, and a risk that has been shopped indiscriminately is a risk underwriters price more cautiously. Part of the job is knowing which three.
No. Brokers are remunerated by the insurer when a policy is placed, so the comparison, the wording review and any claims support afterwards carry no fee to you. That is also why an independent broker is able to compare the market rather than sell one insurer's product.
No. If the comparison shows your existing cover is priced correctly and worded properly, we will tell you that, and the right outcome is that you renew where you are. It happens, and a firm that has never told a prospect that is not comparing anything.
That is the best time to ask. Insurers quote sharpest when there is time to look properly, and it leaves room to fix a sum insured or a valuation before it is being done under deadline. Tell us the renewal month and we will start at the right moment rather than immediately.
Then we do that on its own, and it is the single most useful thing to check. Underinsurance is the most common and most expensive fault we find, and it is fixable in a phone call rather than a placement.
Yes, but honestly: for fire and allied perils below that threshold the wording is IRDAI's standard product and is identical whoever sells it, so there is nothing to compare in the cover itself. What differs is price, service and claims behaviour, and we publish data on the last of those rather than asserting it.
Related: Comparing policy wordings · Sum insured calculator · Insurer claim-settlement data · Set a renewal reminder