Is Insurance really just an expensive piece of paper?
24th June 2025
When I recently sat down with one of our Directors, Andy Wells, I wanted to get straight to the heart of a question many people quietly wonder: Is insurance really worth it, or is it just a scam?
Without hesitation, Andy shared what he believes is the most common misconception in the industry: that insurance is nothing more than a costly formality, a scam – basically an expensive piece of paper.
“I think, too many times I meet people for the first time and, when they find out what you do, a jibe gets thrown about insurance being a waste of time, or a waste of money. And it’s a myth that we constantly have to push back against. A myth that might well have founding in some places, but actually it’s only accurate if the service from your broker is poor.
I can’t think of many times that we’ve had claims that have been denied, the reason being that we do a good, thorough job. We are a true professional advisory practice and, it’s very cliché but, what you put in, you get out. If your detail is right, if it’s accurate, and your broker has done a good job, your claims get paid.
Insurance isn’t just an expensive piece of paper. It’s the life blood and the lifeline of your business. When the sh*t really hits the fan, your insurance policy pulls you out. It saves you.”
Sounds encouraging, but what does a ‘good broker’ look like? What do they do differently to other brokers that sets them apart and means that you can be sure you are receiving the best service?
We gave it some consideration and here is our list of the top five things to consider when choosing an insurance broker: –
🛡️ 1. FCA Authorisation and Credentials
Why it matters: In the UK, any legitimate insurance broker must be authorised and regulated by the Financial Conduct Authority (FCA). This isn’t just a box-ticking exercise. It’s your assurance that the broker adheres to strict standards of conduct, transparency, and financial integrity.
What to look for: You can check a broker’s status on the FCA Register. If they’re not listed, walk away. Using an unauthorised broker could leave you without protection if something goes wrong.
🧠 2. Industry Experience and Specialisation
Why it matters: Insurance isn’t a one size fits all. Whether you’re insuring a vintage car, a tech startup, or a listed building, you want a broker who understands the nuances of your needs. Experience brings insight, and insight leads to better cover.
What to look for: Ask how long they’ve been in the business and whether they’ve had experience of handling the needs of clients like you before. A broker who specialises in your sector is more likely to anticipate risks and recommend the right policies.
🌟 3. Reputation and Client Reviews
Why it matters: A broker’s reputation is a window into how they treat their clients. Glowing reviews and word-of-mouth recommendations are often a sign of excellent service, while consistent complaints are a red flag.
What to look for: Check Google reviews, Trustpilot, and even LinkedIn. Don’t just look at star ratings – read the comments. Are people praising their responsiveness, clarity, and support? Or are they complaining about being left in the lurch?
🧾 4. Range of Insurance Products Offered
Why it matters: A good broker isn’t tied to one insurer. They work with a panel of providers to find the best deal for you. This means more choice, better value, and policies that are properly tailored to your situation.
What to look for: Ask how many insurers they work with and whether they’re truly independent. A broker with access to a wide market can compare options and negotiate on your behalf.
🤝 5. Claims Support and Customer Service
Why it matters: The real test of an insurance broker comes when you need to make a claim. Will they help you navigate the process, or leave you to fend for yourself?
What to look for: Choose a broker who offers hands-on claims support and is easy to reach when you need them. Good customer service isn’t just about being friendly. It’s about being there when it counts. A dedicated claims team with a wealth of experience will make a huge difference when it comes to presenting your claim to an insurance company.
Remember, the right broker doesn’t just sell you a policy.
Choosing the right insurance broker can make all the difference in ensuring you have the right cover and support when you need it most. By considering these five key factors, you can make an informed decision and find a broker who will be a valuable ally in protecting your assets.
At Caunce O’Hara Insurance Brokers Ltd, our ‘We Care’ philosophy is at the heart of everything we do. We empower our clients to face the unexpected with confidence, feel secure in their ventures, and grow their businesses with peace of mind. With bespoke insurance packages and a dedicated, hands-on service, we’re here to protect what matters most to you.
If you would like to learn more about how we can support you with your insurances, whether that be commercial, private client, or employee benefits, get in touch with an experienced member of our team.