Brokers are separate of all insurance companies, who act in your best interest and offer honest and non-partisan advice.
Use a broker for their industry/sector expertise, identifying day-to-day business risks, and for tailoring an insurance package that meets your needs.
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.
Whatever business you're in, finding the right level of insurance should be top priority to ensure you are properly protected. However, insurance can be complicated to understand due to the broad range of risks businesses face, the various packages available and associated costs, and even the jargon in the contract and fine print that defines the terms & conditions.
'Using an insurance broker means clear advice, more choice and a better price tailored to your business needs'.
Price-conscious business owners usually believe if it is more cost effective going direct to the insurance provider. However this is often not the case, particularly with the multiple facets that are involved in operating a business these days.
'A broker ensures your claim is presented to the insurer in a clear and legible way to assist in a speedy settlement'.
A trusted adviser can add value to your business in a variety of ways that extend far beyond any initial cost saving you may find online. Some of these benefits include:
- Market/sector expertise
- Better rates
- Accurate cover
- Accurate valuations
- Personal service
- Unique offers
- Access to specialists
- Simplifying the fine print
- Assistance with claims
In addition to the above benefits, specialised brokers (like Midland) also offer a range of value-added services such as assistance with claims, employee education and contract renewal support, all of which are included at no extra cost.
The below flow chart illustrates the typical journey that brokers take on with their clients, nurturing them through the entire insurance lifecycle from pre-sales service through to post-sales service. Without an insurance broker, clients don’t typically experience the full suite of support and services, in particular, the post-sales services.
'Remember, an insurance broker doesn't work for the insurance companies; they work for you and have a vested interest in the ongoing success of your business'.
Developing an ongoing business relationship with a broker can be of considerable benefit, but make sure you invest a little time and effort into finding one that's the right fit for you. Your broker should understand your future plans, the associated risks and how you like to do business. With those requirements ticked off, you can rest assured that they will continue sourcing the most suitable and most cost-effective cover that works for you and your business.