Consumer Duty for commercial insurance brokers

The Duty applies to retail customers. In general insurance, that includes some small businesses, such as micro-enterprises, and individuals buying cover for non-business reasons. Many commercial brokers will have at least some clients in scope, so most firms apply its principles across their book.

• Products and services meet the client's needs.
• Price and value are fair.
• Consumer understanding — communications are clear.
• Consumer support — clients can get help, claim and switch easily.

• Explain covers, exclusions and conditions in plain English.
• Point out significant changes at renewal.
• Check sums insured so clients aren't caught by underinsurance.
• Record why the product offers fair value.

PolicyTools.app writes plain-English client emails from a schedule or wording, which helps with the understanding outcome.