Not everyone has an insurance adviser, in fact, not everyone has insurance! However, if there’s one thing that the COVID-19 (including the latest mutation Omicron) pandemic, recent flooding, last year’s catastrophic bushfires and lowest interest rates in memory has taught us, is that the unexpected can and will happen. As far as insurance is concerned, these unforeseen occurrences have combined and resulted in increasing premiums, a reduction in competition, also difficulties in placing some risks in high hazard industries, risks in northern Australia and clients with poor loss records.
This is referred to as a ‘hard market’. It is expected that premiums will continue to increase for property, liability, and professional indemnity insurance over the next 6 months. In your planning for 2022 we recommend that should find a professional insurance adviser, with experience in your industry, who you can build a strong relationship with. A professional adviser works for you, to help you and your business find the best cover to match you budget. Your adviser can also act as your advocate throughout the entire claims process.
If you’re still not convinced that an insurance adviser can help your business, here are eight reasons that should help change your mind.
1. Better Insurance & Risk Advice
When you work with an insurance adviser, you not only benefit from their knowledge of your industry, but also the insurance industry. They can provide you with up-to-date knowledge to help you make the right decisions in managing the financial risks relating to your business, including recommending the right insurance.
At Insurance Advisernet, we are proud to offer insurance advice that will enable you to make an informed decision.
2. Customised Insurance Products
Professional advisers have in-depth knowledge of your industry, no matter what it is, this enables your insurance adviser to work with you to identify risk and develop customised insurance cover tailored specifically to your needs and business risks.
3. More Breadth of Choice
An experienced and well-regarded insurance adviser has access to many different insurance products and a wide range of insurance companies. They will help you find the best fit, matching your business with an Insurer that understands your industry and your business.
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.
Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.
An experienced and well-regarded insurance adviser has access to many different insurance products and a wide range of insurance companies. They will help you find the best fit, matching your business with an Insurer that understands your industry and your business.
It’s always good to know that you can deal with the same insurance adviser year after year, not passed on to different people who you need to explain your business to again. Call centres have their place, but they lack personal understanding or ability to offer face to face meetings.
5. Better Use of Time and Less Stress
When you build a relationship with your insurance adviser, you can save a significant amount of time and worry because your adviser knows you and your business and proactively takes the lead with advice. Your insurance adviser will not only arrange insurance for the key financial risks, they will also negotiate and organise your insurance cover, assist with any claims that need to be submitted and act as an advocate with your insurer.
6. Streamlined Claims Process
Claims can be very time consuming, complex and involve a number of specialists or experts, particularly for large or complex claims. Your insurance adviser will assist you with reporting the claim, within the conditions of your policy, help identify immediate ways to reduce or mitigate further loss and speak with your insurance company to get fast approval, as they pay most of these costs. Finally they will act as your claim adviser and advocate to smooth the claims process up to final settlement.
7. Increased Appreciation of Risks
Professional advisers have an in-depth knowledge and understanding of your industry or profession. Insurance advisers quickly recognise your business risks and can help you minimise and manage risks, often by arranging specialised insurance cover.
Although business owners are professionals in dealing with risk, it can be difficult to gain a comprehensive understanding of the business and latest industry risks. As business and industries continually change, this can leave you and the business under or uninsured and exposed to significant financial loss. Business risks can include:
Property
Financial
Reputational
Operational
Legal liability
Your insurance adviser will work with you to identify risks and helps you manage them effectively.
8. Saves Money for Your Business
The ability to identify business risks, develop customised policies, access a wide range of providers, and negotiate competitive premiums all combined to save you and your business time, effort, and money. It’s only with the help of an experienced insurance adviser that these savings can be realised.
If you’re in search of an experienced professional insurance adviser, look no further than Insurance Advisernet. We have a variety of different insurance advisers who will be happy to discuss your business, it’s risks and insurance requirements, also answer any questions you may have.
Visit our website or contact us for more information. We look forward to helping you look after your business the right way!
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.
Insurance Advisernet, ABN 15 003 886 687, AFSL 240549
This article originally appeared on
Insurance Advisernet News
and has been published here with permission.
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