Top 3 reasons to use a broker for business insurance

Top 3 reasons to use a broker for your business insurance

There’s a lot to love about running your own business, but it’s unlikely buying insurance is one of the reasons. As a small business owner, time is money, and the last thing you want to spend your valuable time doing is researching different policy types, insurers and coverages. Enter the insurance broker…

A good broker can help you find a policy that is customised for the common risks of your industry. Here are some of the top reasons to use a broker for your business insurance and how to select the best broker for your business.

Identify the right cover

The best broker is the one who takes the time to understand your industry in as much detail as possible, and thoroughly assesses all the potential risks. A broker should carry out a needs analysis to identify gaps or changes in your requirements (both when taking out insurance, and at each renewal). Your broker may also be able to introduce you to additional services such as workers compensation specialists’ and asset valuation services.

negotiate better deals

Brokers often have access to a panel of insurers, who have been screened to ensure they offer the best coverage and value for your respective sector. The coverage and deal you get is often also impacted by your broker’s relationship with these insurers. A good broker should be comfortable to negotiate with insurers on your behalf to ensure you’re getting the best outcome. A broker can help you manage your claim with the insurer. This not only means managing or helping you with all the paperwork to submit your claim, but may also include lobbying and challenging insurers if the broker believes that a denied claim should in fact be covered.

Brokers often have access to a panel of insurers, who have been screened to ensure they offer the best coverage and value for your respective sector.

About Aon

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Please note: The information contained in this article is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider your personal circumstances, as well as the relevant Product Disclosure Statement (if applicable) and full policy terms and conditions available from Aon on request. All representations on this website in relation to the insurance products we arrange are subject to the full terms and conditions of the relevant policy.

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Managing claims

insurance goes well beyond simply paying a premium – you often see the true value of it only when something happens. For this reason, if you do have an incident which you need to claim for, you’ll want to make sure you’re accurately portraying the incident and managing all the paperwork without any gaps so you’re getting the most out of your cover. A broker can help you manage your claim with the insurer. This not only means managing or helping you with all the paperwork to submit your claim, but may also include lobbying and challenging insurers if the broker believes that a denied claim should in fact be covered. For this to be possible, your broker not only has to have a detailed understanding of insurance coverage and the exclusions that apply, but also a healthy relationship with insurers. – Aon

Aon is a proud to partner with the REIV to bring members market leading and competitively priced insurance solution. Is your professional indemnity or business insurance due for renewal? Visit aon.com.au/reiv