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Who needs an insurance risk adviser to help them protect their SME business? Aren’t risk advisers more aligned to big companies, while SME owners and managers can take advantage of the vast trove of information about insurance that is easily available online?

A report prepared by Deloitte Access Economics shows just how risky it can be to go it alone.

The research, commissioned by the National Insurance Brokers Association, found some 40% of clients were either under-insured or not insured at all before they engaged a broker. About 33% were paying more on their insurance prior to enlisting advice from an insurance adviser. And 41% of SME clients agreed their claims process would have been “much harder” without the support of a broker.

Historical insurance industry data has demonstrated that claims results can vary by as much as 15% plus in your favor, dependent on whether you engage the services of an insurance advisor instead of dealing direct with an insurance company. As your advocate, we work for you and ensure that you receive the full entitlement available under your policy cover.

One business owner who is quoted in the report says she made the right move to seek advice. “People don’t understand the risks of going to the standard, cheapest policy. They might have saved, but they didn’t know what they were covered for.”

She says that when her farming property was severely damaged in the 2019 Townsville floods, her insurance advisor advocated strongly on her behalf during the claims process. The advisor provided a range of support to help her through what was a difficult period, such as appointing a project manager to oversee the repair work. The adviser also negotiated an additional $10,000 in repairs than had initially been proposed by the insurer.

“You could talk to them about what you’re going through; they understand and they are emotionally involved,” she says. “Without their support it would have been a totally different journey.”

Misconceptions about insurance advisors run deep. But the report illustrates the value that advisors provide to their clients.

It’s about a lot more than just arranging insurance for clients. We represent our clients’ interests with insurers and advocate for them in the insurance process.

As your insurance adviser we have a legal and professional obligation to serve our clients’ interests. We help clients understand the risks to their businesses and prescribe tailored risk solutions to protect their livelihoods.

As the report illustrates, we bring clients a range of benefits. We hold highly specific qualifications and accreditations, bringing value to clients through our experience working in the insurance industry.

In a nutshell, that’s what we bring to the table.

So don’t risk it with Google, because buying insurance direct means you’re on your own in assessing your risks and fighting for the best claims outcome.

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Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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So don’t risk it with Google, because buying insurance direct means you’re on your own in assessing your risks and fighting for the best claims outcome.

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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.

Adroit Insurance & Risk, ABN 75 078972 700, AFSL 244 348

This article originally appeared on Adroit Insurance & Risk Blog and has been published here with permission.