Eight ways an insurance broker can help with your business insurance and risk management needs
Every business faces risks. How a business understands, manages and mitigates its risks is key to its ongoing success and growth.
A robust insurance and risk management strategy is an effective tool that many businesses employ to minimise their risk and financial exposure should something go wrong. However, finding the right insurance solutions and appropriate cover for your business can be easier said than done. That’s where an insurance broker comes in.
We break down the top eight reasons why you should work with an insurance broker for your business insurance and risk management needs.
1. They have in-depth insurance and risk management expertise
An insurance broker is a professional adviser with expertise in risk management and insurance solutions. Their up-to-date knowledge of terms and conditions, benefits and exclusions, as well as cost for several competing policies, enables them to provide comprehensive advice.
2. They work for you, not the insurer
It’s important to remember that an insurance broker works on behalf of the client and not an insurance provider. They have a vested interest in your business success and your business’ ability to get back on its feet fast if you were to suffer a loss.
3. They have access to a network of insurance providers
Working with a broker can provide you with a wide range of insurance solutions across a number of providers. This is more important than ever in the current environment where certain insurance solutions are becoming more challenging to obtain. A broker’s access to and knowledge of the market, and relationships with insurers enables them to offer insurance solutions that meet your business requirements that otherwise may not be available to you.
4. They advocate for competitive terms and premiums
Access to a wide variety of insurers allows brokers to negotiate competitive premiums and policy terms on your behalf. They will advocate for cover inclusions, limits of cover and claims excesses that align with your risk appetite and needs.
5. They provide claims advocacy
The reality is that not all claims are black and white. As well as arranging and placing cover, brokers can also act on your behalf and provide support through the claims process. In the event of a contentious claim, a denial or even a reduced settlement, a broker can advocate on your behalf and negotiate with insurers with the aim to achieve a positive result.
6. They can have specialised industry expertise
When looking for the right insurance broker, it’s important to find an expert who specialises in your industry or specific insurance requirements.
Specialist brokers often have direct relationships with specific insurers enabling them to negotiate competitive cover and price. A specialist broker also knows the right insurers to approach rather than flooding the market for quotes, which can potentially have a negative effect on how the insurance market views your business.
7. They help simplify the complex
The insurance industry is full of terminology that most of us don’t use in our day-to-day business environment. As a part of a broker’s service offering to clients, they can help translate specific information about your policy into accessible insights.
8. They save you time
As a business owner, your time is precious. Engaging with multiple insurance providers and understanding their available insurance solutions can be a time-consuming task. Working with an insurance broker alleviates that pressure, as they will use their existing knowledge of the market to recommend and obtain insurance solutions that meet your business needs.
9. Speak to your Marsh insurance broker today
As the appointed insurance broker for Master Plumbers, we understand the unique challenges of the plumbing industry. No matter your size or business needs, our brokers utilise their specialist expertise to develop an insurance program aligned to your individual risk requirements, and a portion of every premium is paid back to Master Plumbers to support their initiatives and advocacy. Contact Marsh today on 1300 300 511 or email Mpib[email protected] for a no-obligations insurance quote.
Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) (“Marsh”) arranges the insurance and is not the insurer. This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. The Master Plumbers and Mechanical Services Association of Australia receives a financial benefit when an insurance policy is arranged by Marsh. LCPA 23/443.