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Six reasons why you use an Insurance Broker

Understanding the value of working with a trusted insurance broker. The importance of being risk aware and how a broker can help identify gaps in your cover to protect your business for growth.
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Businesses have gone through significant disruptions over the last few years, contending with a global pandemic, a challenging market, and emerging risks to their business and people. With this in mind, businesses should be proactively seeking ways to protect their business and avoid placing additional strain on their employees, supply chain, and revenue. This is where insurance can help. Insurance provides you with the peace of mind that your business is able to remain financially secure even if you suffer losses, damages to property or assets or are unable to operate for a specific period.

The challenge however is that there are a multitude of products and coverages available and it can be daunting to know exactly what will be best for you, both financially and from a risk management perspective. Speaking with a qualified and experienced broker can significantly help businesses make the right choices and gain peace of mind that they are appropriately covered against risk. A broker will represent your business to find the best value in terms of cost and coverage.

Insurance brokers offer experience in different types of insurance and risk management, working closely with you to establish the scope of your insurance needs. With this understanding, insurance brokers shop a variety of insurance companies to find the best policy fit for your business. Whether focused on one particular type of insurance or industry, or more generalized across a variety of categories, insurance brokers research coverage, terms, conditions and the price of various policies and then offer a recommendation.

Top benefits of using a broker:

  1. A broker uses their expert knowledge to highlight areas of cover that you may not have considered but that could potentially expose your business to risk.
  2. A broker can shop around for the best insurance cover and service on your behalf so that you can focus on what’s important - growing your business.
  3. A broker’s role doesn’t stop after you’ve purchased the policy. Brokers continue performing valuable day-to-day services and monitoring the adequacy of coverage limits and policy terms as market conditions fluctuate.
  4. In the event of a claim, a broker would support you in settling the claim as quickly and efficiently as possible.
  5. A broker can leverage their relationship with insurers to make sure that you receive the best cover at the best price.
  6. A broker acts as an advisor and a consultant, supporting you in making the right decisions for your business. For example, professional indemnity policies require you to notify your insurers if you become aware of a claim against you in relation to your professional activities, or you become aware of a circumstance that may give rise to a claim. A broker can provide valuable advice and guidance as to whether you should notify a claim or circumstance to insurers. 

A broker is an expert in insurance and risk. They will provide you with advice on the insurance your business really needs to survive and thrive. With the right broker as your partner, you can be confident that the insurance you have will actually protect your business in the event of a claim.

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