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5 Feel-Good Reasons Businesses Should Use an Insurance Broker
So it’s time to think about your business insurance - yay! (Insert: socially distant high-five)
Between trawling Google for different insurance companies, spending hours answering the same questions and inputting the same information into online quoting tools, and trying to wrap your head around (or not fall asleep over) complex, wordy and jargon-filled policy documents, not to mention somehow comparing all those different quotes and covers - I completely understand why most business owners would far rather poke their own eyes out, than deal with their insurances.
Quick show of hands before we go on - are you;
a) Excited to dive into the world of online insurance quoting, reviewing your exposures with a fine toothed comb and digesting lengthy policy wordings,
b) Way too busy to even think about it, just going to let that off-the-shelf policy you took out with Unknown Insurance Co. roll-over for the 6th year in a row, she’ll be right!
Or,
c) Thinking now might be the time to talk to someone about getting a better deal on better cover, but you’re just not sure what a broker does or how do you even get one anyway?
My hunch is there’s not too many of you picking A, far too many of you picking B, and then there’s you, a curious C, wondering what all the fuss is about.
Look, in the end insurance is not everyone’s cup of tea. Some days it’s not even mine (we all have those days). But it’s on those days I remind myself why I love doing what I do, which is helping people like you, figure out all that insurance stuff so that you can get back to that thing you love.
So with that in mind, here are my 5 feel-good reasons businesses should use an insurance broker;
1. The business partner you didn’t realise you needed
Most businesses have an accountant, some use marketing or advertising companies, others outsource their IT, their recruiting and HR and you get the gist.
We rely on the expertise of others to provide crucial services for the running of our businesses.
A good broker has years of experience, backed up with the technical expertise and knowledge and can apply this to your exposures and tailor the right package for you. That’s a pretty good reason in itself - you’re getting insurance policies, tailored to your needs and circumstances, and a go-to person for support and professional advice.
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.
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.
A good broker has years of experience, backed up with the technical expertise and knowledge and can apply this to your exposures and tailor the right package for you. That’s a pretty good reason in itself - you’re getting insurance policies, tailored to your needs and circumstances, and a go-to person for support and professional advice.
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Laura Meyer
A fantastic broker is all of the above but also actively interested in and supportive of your business (kind of like your insurancy cheer-squad).
They are someone who takes the time to get to know the ins-and-outs; how you do that thing you do, gets to know your people, the way you operate, the trends in your industry.
They’re checking in regularly, proactively on top of your evolving business needs ensuring your insurance program grows with you - an integral part of your extended business team.
They see you. They hear you. They’ve got your back.
2. They’re into insurance, so you don’t have to be
All brokers work within a strict regulatory framework and must maintain a certain number of hours of Continuous Professional Development each year. Good brokers keep up with their professional development to make sure they’re up to speed with the industry and regulatory and compliance needs, and providing you relevant information and policies to match your risks.
A fantastic broker, is a natural educator. They love what they do, and the industry they get to work in, so they’re usually keen to pass on their knowledge in all the ways it relates to and benefits you and your business. They’re actively seeking out opportunities to grow and hone their skills and technical knowledge so they can be of even greater value to you.
It’s the fantastic brokers who go above and beyond, because they’re proper into it. Like, fan-girl/guying at industry conferences, Linkedin on the weekends (who does that? *ahem-cough-me*) upskilling with higher education, pulling side-ways moves into complementary disciplines just for fun, talking shop till their partners give them that look (so they go back to Linkedin for a bit longer)…
Those guys - they’re the ones you want looking after your insurances.
“ Hey Jane, did you see that story in the paper on Monday? I’ve got some info for you that I think you should have a look at. You remember at our last review we talked about cyber hacking and using QR readers in the café? This goes a little further into how it relates to your business and why you need to be aware of it. While I’m here, I’m just going to grab a flat white, and one of those lemony yummy things you do too, thanks!”
3. They’re doing the hard yards for you
Those keen as mustard brokers are busy at it behind the scenes pulling all that industry and technical knowledge in to play in wrangling the good covers, negotiating with insurers to add this bit in and take that bit out, sharpen that price a bit more, lower that excess and add some more shiny things in for good measure.
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Laura Meyer
Good brokers have extensive relationships with all the major insurance companies and underwriting agencies.
They have the connections and the know how, backed up with their in-depth understanding of your business, to put together the right package for your circumstances.
Brokers also belong to various industry bodies (like Steadfast, NIBA and ANZIIF for example) all of which provide additional resources and support, as well as beefier standard policy wordings with better cover than you’ll get going to our friends at Unknown Insurance Co.
On top of all that, they do this every year to make sure you’re getting the right cover, at the right price, each and every renewal.
4. They’re your personal cheer-squad and front-seat driver at claim time
The whole reason we take out insurance is to protect us when the you-know-what hits the fan.
So the last thing you actually have time for as a busy business owner when you have to make a claim, is to deal with an insurance company yourself.
All the phone calls and emails, trying to understand the jargon and how it relates to you, the stress of the unknown, the questions, the paperwork, the delays and the assessors.
And insurance is not even your job, yet this bit feels like a big old chore and how good would it be to have someone take care of it all?...
Enter stage left: Your Broker.
Thanks to those extensive connections and relationships brokers have with the insurance companies, they are literally in the best place to get you the outcome you need.
They’re your biggest advocate at this time, with the managing and the smoothing and negotiating and whip-cracking in the background, keeping you up to date and liaising between multiple departments and parties like a pro.
Letting you focus on your business and getting you back on your feet as quickly as possible, is the number one goal of your broker.
5. They’re on your side, not the insurance company’s.
This last feel-good reason is pretty simple - you get peace of mind knowing that your broker (your fantastic broker, if you’ve found one of those!) is working for you, not for the other guys.
This means getting that partnership right is so valuable to you as a business owner.
Because a broker that is engaged in your business, is personable and genuinely interested in you and what you do, who has the technical expertise and knowledge, backed up with the love of their job and what they bring to the table - they’re showering all that good stuff on you, helping you get what you need.
QUESTIONS? JUST ASK
Laura Meyer
How would it feel to know that there’s a professional expert in your corner, who understands your business, and who has the solutions and tools to make your day easier? Less stressful when it comes to claim time?
My entire mission at MeyerInsure is to partner with busy business owners and professionals to demystify and humanise their insurance and risk management. By working closely with you and fostering real relationships, I can give you back your precious time, and deliver all five of these feel-good outcomes.
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.
Laura Meyer, MeyerInsure, ABN 87 340 928 486, AFSL 233750
This article originally appeared on MeyerInsure - Blog and has been published here with permission.
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