Buying insurance seems simple: you choose an insurer, pay the invoice and the matter is settled. In reality, the right contract only becomes clear once you have compared the terms, deductibles and exclusions of several insurers side by side. This is exactly where an insurance broker comes in.
An insurance broker represents you, not the insurance company
In Estonia there are two types of insurance intermediaries, and the difference between them is fundamental. An insurance agent represents an insurance company and sells its products. An insurance broker, however, is required by Estonian law to act in the interests of the policyholder, in other words, in your interests. This means the broker first works out what you actually need, requests offers from different insurers and recommends the solution that suits you, not the one an insurer currently needs to sell. You can read more about the difference on Minuraha, the consumer website of the Estonian Financial Supervision Authority (in Estonian).
What does an insurance broker actually do for you?
- works out which risks genuinely threaten your company or your property;
- requests offers from insurers and prepares a comparison where you see not only the prices but also the covers, deductibles and exclusions side by side;
- translates the fine print of the terms into plain language, so you know exactly what you are protected against and what you are not;
- stays by your side later as well: helps with contract changes and communicates with the insurer if you have a claim.
How much does the broker’s service cost?
For you the service is free: the broker’s fee is generally paid by the insurer. Estonian law requires the broker to disclose to the client who pays their fee, so you can always feel free to ask. You receive the comparison and the recommendation at no extra cost, and the final choice is always yours.
When is a broker most useful?
A private person can easily buy simple motor insurance online on their own. A broker becomes worth their weight in gold when there are many options and conditions to weigh: business liability insurance, insuring business premises and property, a vehicle fleet, or several different risks at once. For a small business owner, requesting and comparing offers can easily eat up a full working day. The broker does that work for you and also spots the exclusions that an untrained eye would miss. Keep in mind that the services described here apply to companies registered in Estonia and to vehicles and property located here.
How does it work through assistent.ee?
- Choose the suitable type of insurance and fill in the form: vehicle insurance, property insurance, business liability insurance or other business insurance.
- Anna-Liisa, who advises you as a partner of the Estonian insurance brokerage NB Kindlustusmaakler, will contact you.
- You receive a comparison of the offers by email and decide yourself whether and which one to choose.
Start from the insurance page or write to us if you would first simply like some advice.