As a small business owner, it can be hard to find the time to fit everything into the day. When it comes to your business insurance opting for a cheap one­ size ­fits ­all online option is probably very tempting. It might save you time and money now, but it is worth being aware that cheap insurance isn’t always good insurance and one size never fits everyone. 

No one wants to overpay for insurance but not having the right insurance can cost you far more down the track when you need it most. An insurance policy is a contract between you and the Insurer designed to put you back into the position you were in before things didn’t go to plan. One­ size fits all policies don’t take your specific circumstances and unique business nuances into account.  What might be a small impact after a loss for one business could cripple another – even if they are in the same sector or industry. 

Insurance PDS terms, conditions, and definitions can be confusing and every Insurer's version is different. If you were to compare closely you will find that one insurer will offer coverage for something, while another may exclude it altogether.  Some might even attach conditions that restrict or lessen the coverage.  Opting for what seems to be a good deal could see you underinsured with less coverage. Cover that you and your business might need to survive through a loss. 

As a small business owner, you probably have a small, trusted group of professionals that you use to help you to manage various parts of your business. Your Accountant, maybe a bookkeeper, your IT guy, your bank manager, and so on. Adding an insurance broker to that list is a smart move.

At some point, you may need to test your business insurance by making a claim. Those that have been in this unfortunate position know all too well what an exhausting, time-consuming, and often infuriating experience it can be. Unfortunately, DIY insurance can often result in bad claims experience with an undesirable outcome. Everyone knows someone who has been declined an insurance claim and feels cheated by an Insurer.

An Insurance Broker makes the process of sourcing adequate and appropriate insurance for your business less of a risk, and the experience won’t necessarily cost you more, especially if you weigh up the value vs risk. If you have a limited budget, your Insurance broker is the best­placed professional to guide you through the ‘must have’ and ‘nice to have’ insurance policies for your business, giving you the most protection and value.

If you do need to make a claim your Insurance Broker is the professional who can make a very stressful time, less painful by liaising with the Insurer on your behalf,  ultimately saving you significant time while getting the best outcome for you. 

As a small business owner, you probably have a small, trusted group of professionals that you use to help you to manage various parts of your business. Your Accountant, maybe a bookkeeper, your IT guy, your bank manager, and so on. Adding an insurance broker to that list is a smart move.

At some point, you may need to test your business insurance by making a claim. Those that have been in this unfortunate position know all too well what an exhausting, time-consuming, and often infuriating experience it can be. Unfortunately, DIY insurance can often result in bad claims experience with an undesirable outcome. Everyone knows someone who has been declined an insurance claim and feels cheated by an Insurer.

An Insurance Broker makes the process of sourcing adequate and appropriate insurance for your business less of a risk, and the experience won’t necessarily cost you more, especially if you weigh up the value vs risk. If you have a limited budget, your Insurance broker is the best­placed professional to guide you through the ‘must have’ and ‘nice to have’ insurance policies for your business, giving you the most protection and value.

If you do need to make a claim your Insurance Broker is the professional who can make a very stressful time, less painful by liaising with the Insurer on your behalf,  ultimately saving you significant time while getting the best outcome for you. 

Small business owners are busy people. Many are accomplished masters at wearing lots of hats to keep things on track, especially if you are just starting out.  Ask yourself – what is my time worth and where should I be spending it within my business?   If you are honest with yourself,  spending hours researching and comparing insurance for your business, is not a good use of your time. If you could put a dollar value on your time – how much would it be?  Isn’t this value better spent on growing your business?    

Perhaps you are like many time­poor  business owners and leave this chore to the last minute only to find that you have left it too late and need to renew everything ‘as is’.  If this is true,  you already don’t have the time to manage your business insurance effectively – this could cost you money and more time down the track.  

It is true that business owners know their business better than anyone, but a good Insurance Broker will be able to get up to speed on your business operations very quickly.  As professionals who are experienced in understanding risk and providing relevant insurance programs for a huge variety of business sectors ­ you might be surprised just how much time (and money) they can save you, now and over time. 

No, of course not!   Should you engage a professional Insurance Broker to look after your business insurance?  Yes, of course. As the saying goes…horses for courses.