How do insurance brokers add value to businesses?

Insurance Brokers add value to businesses, no matter what size or industry they’re in.

An insurance broker is a valuable person to have on board any business, no matter what size or industry they’re in.

Insurance is all about risk – and insurance brokers are experts at identifying, and helping to minimise, the risks businesses face each and every day. Risks they face, on many occasions, without realising it.

Over the last few years, especially during the COVID-19 pandemic, many businesses pivoted into offering new products and services, introducing new ways of delivering products and transacting business. This may have opened up new risks, and unless the right cover is in place, it could have consequences for a business.

The transactional act of buying insurance is something many of us are accustomed to doing online in our personal lives.

However, Business Insurance can be a whole different proposition, and getting the right solution, tailored to your individual situation, is important. Doing this yourself can be a time-consuming process. This is where we, as insurance brokers, can add value to businesses.

There are many insurance products in the market, and being able to have someone navigate and evaluate them on your behalf can be beneficial. Knowing an expert has reviewed your business, has identified the right policies and limits for you, and that you have everything properly covered is reassuring. The right insurance broker can become a trusted adviser for a business and add significant value.

The power of negotiation

Identifying risks is only one aspect of an insurance broker’s role. From there, they’ll find the right insurer to place your risk with. And that’s a task that requires skill in today’s market. Having relationships with insurers, knowing how they work and what they’re looking for, helps place policies efficiently.

Insurers want to see that businesses have an understanding of the risks they face, and they have mitigation strategies in place to deal with them. Insurers need to understand the risk they’re covering. So by really knowing what they’re looking for insurance brokers can get your policy placed at a competitive rate, by ensuring you’re not being covered for things you don’t need.

Confirming you’re insured at the right levels

You may have insurance in place, but are you insured at the right values for today? Research by the Insurance Council of Australia often shows that consumers are often either underinsured or not insured at all before engaging with an insurance broker.

And it’s easy to fall into an underinsurance trap. After all, the value of goods and services change, property prices rise, and sometimes there are hidden costs in returning you to the situation you were in before the event took place.

An insurance broker will work with you to review your business risks at least on an annual basis and advise you on market changes and anything that may affect your sums insured, and hep you adjust them accordingly. The last thing you want in the event of a claim is to find you’re not sufficiently insured to get back on your feet.

Support during insurance claims – navigating the process

During the claims process insurance brokers also add value. Insurance is the one thing we buy but hope never have to use – but if you do have a claim, it can be stressful. Insurance brokers are well versed in the claims process, and can manage the process on your behalf. Your insurance broker is your claims advocate during the claims process. We go into bat for you and deal with everything the insurer needs to get the claim processed.

As your insurance broker, we’re in it for the long term

While an insurance broker can add significant immediate value to your business, the real benefit is working with an insurance broker over the long term. We get to know your business and become a genuine trusted adviser.

This is particularly helpful at renewal time. We begin the renewal process early, to ensure you get the coverage you need for the risks you face today.

If you’d like to talk to one of our Qualified Practicing Insurance Brokers, give us a call on (07) 5482 7485 or contact us here. We help Business Owners in a wide variety of industries, Australia wide. W’d love to help you too!