Finding the Right Insurance Policy for your Business

 

Choosing an insurance policy for your business can be a time-consuming and exhausting task.

There are hundreds of different policies available and each one has different terms, conditions, and legal jargon. Without the right experience and understanding of the insurance industry, how do you determine which policy will give you the most value for money and provide the right amount of protection?

Here are some helpful tips!

To begin with, it is important to decide whether or not you would like to work with a broker or purchase your insurance policy through an online provider or comparison website. Each method has pros and cons, and because every business is different and every industry requires a different amount of protection, your insurance policy can vary quite a bit depending on which method you choose.

Aggregators / online comparison

Many people decide to purchase their business insurance policy through an online comparison website because that’s how they compare and choose other items, such as plane tickets, hotel accommodation, and theme park passes. However, while online comparison tools allow you to compare prices and find the cheapest deals quickly, comparing your business insurance policy on price alone can be a risky decision. Selecting a ‘one size fits all’ insurance policy for you business leaves you vulnerable and open to gaps or conflict further down the road. Every business has different needs, risks you may not even be aware of, and assets that require different amounts of protection. If you ever have a dispute with your insurance provider, you’ll also be on your own against an entire company with little to no face-to-face interaction.

Summary: an online comparison website may be able to provide you with a cheap business insurance policy in minutes, but what you gain in time you sacrifice in unique, individual-focused, industry-specific advice and personal relationships.

Insurance brokers

One of the fantastic advantages of working with a broker to select your business insurance policy is the wealth of experience, knowledge, and qualifications your broker brings to the table. Unlike aggregators, your broker will be by your side every step of the way and will advocate for you when disaster strikes and you need to make a claim. A broker will identify what risks are specific to your industry and your business, and recommend a policy that is tailored to match your needs and your required level of protection. You can also count on all of your emails being answered quickly and no long phone calls waiting on hold. Your insurance broker will work hard at maintaining a personal relationship with you and will take the time to understand your business and do a lot of the legwork for you, so you can get back to doing what you do best!

Summary: It may take longer to find a policy for your business, but the comprehensive research and work an insurance broker will do for you will ensure that your business is always protected.

Looking for a business insurance broker in Brisbane? Call us today on 07 3420 4122, or send one of our friendly staff members an enquiry!