Why Brokers are the Insurance Heroes You Never Knew You Needed

For small businesses, there are so many things to think about, especially when you are starting out, and even before you think about your own business and how to run it.

Here are three… Regulations, Registrations and equally important – Insurance!!

You must have your insurance coverage in place from DAY ZERO. 

Just imagine a customer walking into your shop. You are not open yet but the door is open for the shopfitters and a passer-by walks in, trips on the old carpet you were about to replace and breaks a leg…and your appointment with the insurance broker is tomorrow?

Note I said insurance broker – not an insurance company. There is strong reasoning behind this comment. To explain further, let’s look at five of the most important things you need to consider when getting business insurance.

1. Understanding the types of insurance available

There are lots of different types of business insurance policies, such as Public Liability Insurance, Professional Indemnity Insurance, Workers Compensation Insurance, and Property Insurance. You will need to familiarize yourself with all of the different options and select the ones most relevant to your business needs.

But Wait! Do you really need to do this yourself or do you just seek the advice of a professional broker who can do this for you, much more quickly and efficiently than you can?

2. Assess your business risks

Determine the potential risks your business may face, such as accidents, theft, property damage, or legal disputes. This assessment will help you identify the types and levels of coverage necessary to protect your business adequately.

But, how on earth do you do that? You probably don’t have the knowledge or experience to cover all the bases. You need help with this so that your Insurance Policies cover your needs, and not just in a general sense. A professional Insurance Broker knows exactly what you need. 

3. Choose a reputable insurance provider

Research various insurance providers, their coverage options, and customer reviews. A reliable insurance provider with a strong track record will offer comprehensive coverage and quality customer service, ensuring your business is well protected.

Hang on! You are trying to either get your business up and running, or working long hours to keep it that way. Do you really have time for all that research? A broker, on the other hand, already has access to the best policies from a range of different insurers to suit you.

4. Tailor your coverage

Customize your insurance policy to fit your unique business requirements. This may include adjusting coverage limits, adding endorsements, or selecting specific coverage options relevant to your industry or business operations.

Ummm! – By now I am sure you are seeing the pattern here. Why do all this yourself, when your insurance broker can save you all the time, worry and stress involved.

5. Review your policy regularly

Business needs and risks may evolve over time. Regularly review your insurance policy to ensure it remains relevant and provides adequate coverage. Make any necessary updates or adjustments as your business grows and changes. 

This is what Insurance Brokers do! Every year they will meet with you to discuss changes in your business and how this will affect your policy.

These 5 points highlight the important things you need to do to get the best insurance cover, at the right time, and for the right reasons.

This article highlights how much better it is to get a qualified and experienced professional to do the legwork while you reap the benefits.

Roger Hosie at #RSMTasmania will be happy to explain what you need.

Give him a call today on (03) 6244 7854, or email rogerh@rsmgroup.com.au 

Read More

Related Posts