Insurance can be confusing and complicated, but it is important for any business out there. Almost too important to ignore. As business owners we like to think that we have got a water-tight strategy that covers all eventualities. But no matter how prepared you are, running a business is hard. Unplanned challenges and risks faced on a regular basis can make even the most confident of business owners second-guess their abilities. But it is not all doom and gloom, you just need an expert to help you navigate the right path to ensure your business thrives.
This is where an insurance broker comes in handy. Insuring a business without an insurance broker can be complex as you have to navigate and choose between a sea of insurance options by yourself. While almost anyone can compare rates online, in most cases it makes sense to have a professional walk you through your options. An insurance broker acts as an intermediary between you and an insurer. They work towards analysing your background and are armed with their know-how to find a policy that best suits your needs for a reasonable price. Insurance brokers bring a lot of expertise and insights into insurance and offer a far more personal experience compared to dealing with an insurance company directly.
To simply sum up, here are some of the advantages of having an insurance broker:
Skilled insurance guidance: Insurance brokers are paid a commission by the insurance provider for selling their products. We do sometime charge fee depending on the time and efforts put in. If you take our advice, our remuneration is paid by the insurance providers that we place the insurance policy with on your behalf, by way of commission.
Specialist expertise: Our job is to sell insurance all day long and bring specialist expertise that offers solutions no matter what your needs are. We are professionals who know the ins and outs of not just the insurance industry and the products used, but also about different industries and businesses that require insurance to advise which policies will be most suitable.
Awareness of many options: Our job process is to get you the ‘right’ insurance by covering you for your needs. We are experts at juggling all sorts of different insurance products so if your business has complex needs and priorities, we can make sure you find the best possible solution that covers all the risks. We can handle your insurance portfolio and will be able to let you know if any existing insurance covers you to avoid overlap (and overpaying).
Flexible prices: Insurers do not usually drop their prices if you go to them directly. However, insurance brokers know how to work with insurers, and can negotiate on policy costs to help you secure the best price.
Tailored policies for complex business needs: Most insurance companies will sell one-size-fits-all products, which might not be suitable for your business needs. But an insurance broker matches your situation with specific policies to ensure a ‘best fit’.
Claims are looked after: One of the biggest benefits of using an insurance broker in the first place is easy claims. In times of making a claim, you are likely to be going through a lot of stress without even dealing with an insurance company. Your insurance broker will take the details and make a claim, and deal with any push back or issues. In essence, we fight in your corner and help you get the appropriate pay out. But if you have bought insurance directly, you will have to go back and forth with the insurance company yourself, which can be daunting and cause a lot of hassle and worry. Last year studies published proved that there were 40% more claims settled where the policies were handled by a broker than on direct basis.
We act with your best interests and have a duty of care in how we behave – this allows us to be able to explain and justify any insurance policy recommendations we make for your business