At Insurance1 Broking, we earn money from placing your insurance in two ways:

Firstly, commission paid from the insurer.
Secondly, the fees added to your policy paid for by the customer.

We believe it is important to be transparent with our customers about how much we earn when placing insurance on their behalf and you can ask us at any time during your relationship with us to clarify these amounts.

To operate as an independent insurance broker in the UK, we need to maintain a certain level of income to ensure that we can pay not just for our staff (including training and to reward for their expertise), all equipment, office space and regular business overheads, but we must also ensure that we can pay regulatory fees to the Financial Conduct Authority.

How we calculate our charges

We charge a minimum of £45 for new business, renewal, changes to your policy mid-term and at cancellation.

Charges

Charges
If you make a mid-term change to your policy, or cancel it before the end of the policy term, you may be entitled to a refund from the insurer based on the unexpired period of cover.

In these circumstances, Insurance1 Broking will retain our minimum broker fee of £45. If the cancellation is after 14 days on cover, we will retain our full new business fee. Where commission has been paid to us by the insurer, we will also retain a proportion of that commission. The amount retained will reflect how the insurer calculates the return commission. In some instances this may simply be on a pro-rata basis for the period of cover that has been provided however, we will demonstrate the calculation used at cancellation.

This means that any refund you receive will be the insurer's return premium, less our retained fee and the proportionate commission amount.

How we ensure our charges are fair

At Insurance1 Broking, we aim to ensure that our fee’s and charges are fair to all customers. We feel that the tiered approach we have created is the fairest way to earn money for our business. By utilising a tiered approach we ensure that we do not levy large charges on customers with smaller requirements plus, by looking at our income as a margin earned from the insurer and customer, we are not earning all of income from the customers which we feel is fairer.

We undertake a review of our competitors fees at least once every 12 months to measure where our fees are in line with the wider broking market. If we feel that our fees are too high, we adjust them accordingly to ensure that we do not disadvantage our customers.

Other ways we make money

At Insurance1 Broking, we also receive commission, expressed as a percentage of your loan, from the premium finance provider used to fund your policy.

If you have any questions about our fee structure, please contact us and we will be happy to discuss it further, and explain how it works in more detail.

Last updated: 2nd June 2026