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Should your business engage an insurance broker? How to choose the right insurance broker for you.

Aug 16, 2023
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Small businesses are the backbone of economies, fostering innovation, generating employment, and contributing to the growth of local communities. However, they also face a unique set of challenges, including financial risks that can jeopardise their survival. A key way to mitigate risk in a business is to insure your business against these risks.

How do you know if you should engage an insurance broker?

If you walk down the street and take a look at the different businesses in your area, no two businesses are alike. From different industries, to different clientele, to different products and services, to differing premises, each of these differences is reflected in the different insurance coverage that may be suited to a business.

Do you want to protect your business from risk but don’t have the time or expertise in-house to decide what insurance coverage to choose? An insurance broker could be a good choice for you.

What does an Insurance Broker do?

An insurance broker acts as a middleman between businesses and insurance providers. They are well-versed in the intricacies of insurance policies, and dedicated to finding the best coverage options for their clients.

A good insurance broker will:

Provide personalised guidance, taking the time to understand the specific needs and risks of your business
Research and compare policies from various providers to find cost-effective options that balance your budget constraints with the coverage you need
Provide Claims Assistance, advocating on your behalf, ensuring a smooth and efficient claims process and fighting for the best financial outcome. This can be especially beneficial for small businesses, which may not have the resources to navigate complex claims procedures or know how to fight to overturn a denied claim.

How do I choose an insurance broker?

When selecting an insurance broker, there are key considerations that can help you to find an insurance broker that suits your unique business.

1. Local Expertise

Opting for a local insurance broker can offer distinct advantages. A local insurance broker is more accessible and can provide face-to-face consultations and site visits to your business, building a stronger rapport and understanding of the business's needs.

A local insurance broker is more likely to have a deep understanding of the local business landscape and regulations, enabling them to recommend policies that are aligned with the specific challenges faced by businesses in that area.

Management Liability Insurance

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.

Details Get Quote

Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

Details Get Quote

Business Package

Purchase up to six products under one Business Insurance Package.

Details Get a quote!

2. Industry-Specific Experience

Another factor in choosing an insurance broker is whether they have relevant experience with businesses similar to yours. Insurance needs vary widely across industries, and a broker who has worked with similar businesses in the past may have a better grasp of the risks you face and the coverage you require. Their insights can help you avoid potential pitfalls and ensure comprehensive protection.

3. Personal Recommendation

Finding a recommended insurance broker can give peace of mind. Ask around within your industry or local area, or look online for recent ratings and reviews.

What is the easiest way to find an insurance broker?

Websites like Advisr, advisr.com.au, specialise in helping businesses find an insurance broker right for you. On Advisr you can search for an insurance broker by location or by industry and then read ratings and reviews to learn more about that insurance broker before you reach out to them.

An insurance broker can be a valuable asset for small businesses, offering personalised guidance, time and cost savings, and industry expertise. Whether you opt for a local broker with a deep understanding of your community or one with experience in your specific industry, the right insurance broker can help safeguard your business's future, giving you the peace of mind to focus on growth and innovation.

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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.

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