Insurance forms an important part of the risk management strategy for your business as it offers financial protection when things go wrong. Of course, finding the right insurance solutions can be easier said than done and many business owners find it difficult to find the time to arrange insurance. If you’re trying to navigate your way around the often complex world of insurance and need a little help, it might be time to speak with an insurance broker.
An insurance broker is an insurance industry expert who can provide professional advice and act on your behalf to make the process of finding business insurance a whole lot easier. Today, we’ll be looking at just some of the reasons why you should consider utilising an insurance broker.
1. Offers expert advice
Whether you want to check that you have the right level of cover, want more information about your inclusions or exclusions, or have a question about your premiums, all you need to do is give your insurance broker a call. They have the expert knowledge to offer professional advice around your insurance and you can be confident that you have the right level of insurance cover in place. Rather than wasting your time trying to get your answers online, your insurance broker is an essential point of contact when it comes to insurance queries.
2. Assess your risk exposures
The purpose of insurance is to cover your areas of risk so you’re protected financially when things go wrong. Of course, you need to know what your risks are in the first place so you’re not caught out at claim time! Many businesses in Australian are underinsured which can lead to significant issues when you want to claim when you discover that your risks are not adequately covered. Well, that’s where your broker comes in. They’ll be able to look at your unique situation and identify the specific areas of risk which need to be covered. They also have knowledge of the risks across a range of different industries.
3. Saves you time and money
Having an effective insurance package in place is all about having high quality insurance cover at a competitive price. The last thing you want is to be spending too much money on insurance cover which isn’t up to standard. Your broker will be able to save you money by finding you cost effective insurance which provides you sufficient cover in the long run – remember, cheap premiums now can mean more expense for you at claim time! They also save you time by doing the running around on your behalf. They’ll find out exactly what cover you need and liaise with a number of insurers to find insurance that’s right for you. With so many other things that business owners need to consider, insurance brokers take the hard work out.
4. Industry training
Insurance brokers are industry professionals who have specific training which allows them to carry out their duties. In Australia, this means that brokers have their Tier 1 or Tier 2 in general insurance compliance and many brokers also have additional qualifications. Insurance brokers are required to hold an Australian Financial Services Licence (AFSL) or be authorised by a licence holder. A broker who is authorised by a licence holder is known as an Authorised Broker and is no less qualified or experienced than a licence holder. In addition to these qualifications, an insurance broker is required to undertake ongoing industry specific training each year. This ensures that brokers are fully up to date with industry standards and are aware of new products on the market.
5. Liaise directly with the insurer
Let’s be honest, when you’re busy the last thing you want to do is be on the phone all day to insurers to negotiate premiums or follow up on a claim. With an insurance broker, they do all the liaison on your behalf and know exactly who to speak to so you get the right answer. Whether it’s speaking to an insurer about the technical details of a policy, advocating during a claim or asking specific questions, your broker will take care of these queries on your behalf. This means you have one point of contact rather than having to speak with different insurers about multiple policies.
6. Advocates at claim time
When it comes to making an insurance claim, your broker makes life a whole lot easier. Once you contact your broker about a potential claim, they’ll lodge your claim on your behalf and follow up with the insurer to ensure the best outcome possible. Their industry knowledge means that they can facilitate a quick and painless claims process so you have an outcome sooner. They’ll also be able to let you know exactly what documentation is required, such as photographs, receipts and other proof of purchase, so there are no hold ups.
7. Works for you, not an insurer
Unlike dealing directly with an insurer, an insurance broker has access to a range of different policies offered by different insurers. This means they have no vested interest in a particular policy and will instead work to find the best product for your specific situation. When you contact an insurer directly, they’ll be able to inform you about the products on offer from their particular company but it will be up to you to compare their products to policies from other insurers. Your broker will take the hard work out by accessing a number of policies to find the best product for your needs. From the initial stages of choosing an insurance policy to offering support at claim time, your broker is there to support you – not the insurer.
8. Reviews your cover regularly
When you’re a busy business owner, it’s easy to take insurance cover out and simply renew it year after year without looking at other options. After all, who has the time? However, if you don’t review your policy then you may be missing out on more cost effective or better quality cover. When it comes to renewal time, your insurance broker takes the hard work out for you by reviewing your current cover to see if any changes need to be made. This could be negotiating with the current insurer around premiums or approaching a different insurer to see what they can offer. Due to their ongoing industry training, your broker will also be across new products to the market which may be more appropriate for you and your business.
9. Helps you understand the fine print
When you take out insurance cover, it’s important that you take the time to review your Product Disclosure Statement (PDS) so you understand exactly what your inclusions and exclusions are. However, this can be time consuming and often difficult to understand. Your insurance broker will take the time to explain your insurance cover to you so you understand what you can expect from your cover. Your insurance broker can also look over the PDS of your existing insurance cover to ensure that it’s providing the protection you need. In some cases, the exclusions attached to a certain policy will not suit the needs of your business and an alternative policy is required. For this reason, it’s essential that you understand exactly what your cover entails and your broker can assist with this.
10. Personalised service
One of the main advantages of using an insurance broker is that you can take advantage of the personalised approach that they provide. When you opt for cover through an insurer, you never know who you may be getting on the other end of the phone and you often have to repeat information to multiple people. Your insurance broker is a single point of contact and they have a good understanding of your specific business insurance requirements. As your ongoing relationship with your broker develops, you’ll be able to send them a quick email or pick up the phone with any queries you may have. Their personalised approach also means that they don’t provide cookie cutter solutions – instead, they take the time to get to know you and your business.
If you’re looking for a professional insurance broker in Perth, GSK Insurance Brokers can help. We have the knowledge and experience to deal with the increasingly complex conditions facing Australian businesses so you can be confident that all of your risks are covered. With a loyal customer base stretching across Australia, we focus on providing you with personalised insurance solutions. Our team will take the time to develop customised insurance for your business and we can provide ongoing support.