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7 Benefits of Choosing a Commercial Truck Insurance Broker
Insurance plays a crucial role in effective risk management for every truck and transport business (or any business for that matter). However, you may be wondering why you should go through a truck insurance broker instead of going directly through an insurer. It turns out there are many benefits of choosing a commercial truck insurance broker that you wouldn’t have access to if you went through the process on your own.
A commercial truck insurance broker is an industry professional that finds the right solutions for you based on your needs and generally make the process of finding business insurance much easier.
The Benefits of Choosing a Commercial Truck Insurance Broker
The key benefits of dealing with a commercial truck insurance broker include:
- Expert technical and industry advice
- Act and advocate on your behalf
- Develop a risk management strategy
- Save time and money
- Independent and unbiased
- Ongoing training and qualifications
- Personalised experience
1. Technical and industry expertise
Commercial truck insurance brokers not only have extensive knowledge of the different products and terms and conditions available, but they also know what’s going on in the insurance markets. This gives you access to professional advice and can help you avoid certain pitfalls when choosing insurance.
2. Act and advocate on your behalf
Commercial insurance brokers liaise directly with insurers and act on your behalf when dealing with claims. By having a single point of contact for all queries, questions and issues, you will streamline your conversations and avoid any miscommunications. It can also be advantageous when it comes to lodging, negotiating and settling claims.
3. Develop a risk management strategy
The goal of insurance is to financially cover you and your business from your risk exposures. Many business owners don’t fully understand their risks and get caught out by not having adequate cover in place, or worst still, by not having insurance at all. A commercial truck insurance broker can help immensely on this front by identifying different risks and what needs to be covered. They can also help you build a risk management strategy that can reduce your insurance premiums.
4. Save time and money
As a business owner, you have enough on your plate, let alone spending hours trying to shop for the best products. Finding insurance seems much easier than it actually is – there are terms and conditions to understand, policy inclusions and exclusions to think about and prices to compare. A commercial truck insurance broker can spare you the back and forth by finding and presenting you with a range of solutions that meet your criteria. They also have access to a much larger pool of insurers than the average Joe and can negotiate competitive premiums.
Truck Insurance is very similar to car insurance in that it involves two components: Own Damage Coverage and Third Party Coverage.
Cyber Liability Insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack.
Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.
As a business owner, you have enough on your plate, let alone spending hours trying to shop for the best products. Finding insurance seems much easier than it actually is – there are terms and conditions to understand, policy inclusions and exclusions to think about and prices to compare. A commercial truck insurance broker can spare you the back and forth by finding and presenting you with a range of solutions that meet your criteria. They also have access to a much larger pool of insurers than the average Joe and can negotiate competitive premiums.
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Adam Pile
5. Independent and unbiased
One of the biggest perks of dealing with an insurance broker is that they are not linked with any particular insurer or policy and provide unbiased advice and products based on your unique circumstances. Unlike dealing with a broker, it is up to you to compare insurance products and prices when you contact insurers directly.
6. Ongoing training and qualifications
Insurance brokers in Australia are required to have professional qualifications and training in order to offer their services. They also need to do ongoing training every year. This means you can have confidence in knowing that a broker is up to date with market changes and new products, and is practicing in line with industry standards.
7. Personalised experience
When dealing with a broker you have a personal and direct point of contact instead of being transferred to a call agent. They will take the time to really understand your business and build an ongoing relationship with you. They will also take the time to ensure you understand the fine print of your Product Disclosure Statement (PDS) and review your cover every year to assess if there are better products available.
Truck Insurance HQ is Australia’s leading insurance brokerage for the truck, transport and plant/machinery industry. We pride ourselves on the personalised service and ongoing support we offer our clients.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
Adam Pile, Insurance HQ Pty Ltd, ABN 33606759228, AFSL 363610
This article originally appeared on Truck Insurance HQ and has been published here with permission.
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