Many businesses use independent financial advisers (IFAs) to obtain insurance for people-related risks.
Most IFAs deal with life assurance, protection, pensions, medical and permanent health insurance. They will also help with identifying risks and in financial planning.
Some IFAs also provide a business service covering such areas as employers' and public liability.
You need to be sure that your IFA is able to cope with your business needs. Questions you might ask when choosing an IFA include:
- Do they have expertise in your required areas - pensions, investments, mortgages, etc?
- Can they offer any recommendations and references?
- What is the extent of ongoing support and advice after you have obtained insurance?
- How is the IFA remunerated?
You may find that you use an IFA for some areas of your insurance and then go to a specialist insurance broker for more specific problems.
An IFA will either charge a fee for their services or obtain a payment from the insurance company they recommend to you if you take out insurance with that company.
The conduct of IFAs is strictly regulated by the Financial Conduct Authority (FCA). Read about regulated financial services with the FCA.
There are many places to get help when choosing an IFA including:
- personal recommendations
- industry bodies or associations
- insurance industry associations
- the internet
Find an IFA with Unbiased. Alternatively your local Enterprise Centre or Chamber of Commerce will be able to provide advice in selecting an IFA.