Key takeaways:

  1. Brokers are independent of all insurance companies, who act in your best interest and offer impartial and unbiased advice.
  2. Use a broker for their industry/sector expertise, identifying day-to-day business risks, and for tailoring an insurance package that meets your needs.
  3. Opting for a cheaper ‘off the shelf’ insurance policy is often not the best approach for insuring your business correctly – brokers can usually negotiate better premiums or conditions.  

Small business owners tend to be born optimists – passionate, resilient and driven – but running a small business can certainly come with its own risks and challenges. That’s why it pays to have an insurance broker in your corner who can help accurately identify and protect the day-to-day risks your business faces.

Whether you run a café, brewery, photography studio, transport business or B&B, finding the right level of insurance should be top priority to ensure you are properly protected. However, insurance can be incredibly complicated to fully understand due to the broad range of risks faced, the various packages and costs available, and even the fine print that define the terms & conditions.

Brokers are independent of any insurer and can therefore explain aspects of your policy or note things that you may not have considered. Compared to buying directly, brokers can offer a wide range of plans, tailor packages to meet your specific business needs, make impartial recommendations, meet face-to-face on request, and even negotiate better premiums or conditions.

Additionally, larger and more specialised brokers (like Midland) have the capacity to offer a range of value-added services such as assistance with claims, employee education and contract renewal support, all of which are often included at no extra cost.

So, whatever your small business, it’s worth investing a little time and effort into finding an insurance broker that’s right for you. Because at the end of the day, they are there to act in your best interests, provide you with sound and rational advice, and ultimately help you and your business succeed.

The below animation further helps explain the key benefits of using an insurance broker.

If you would like to chat with one of our highly experienced brokers to gain a free assessment of the insurance coverage protection that is available for you and your specific business, please email or call us on 1300 306 571.

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This article is informational only and should not be construed as individual advice as it does not consider your individual needs. You should consider if the insurance is suitable for you and read the Product Disclosure Statement or policy Wording before buying insurance.