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Navigating a minefield of insurance companies

Written by Sharon Simeon

When it comes to running a business, there are a lot of unexpected unknowns and an overwhelming amount of decisions to be made- that’s simply the way business works.

And while sometimes you just have to sweat it out and put in the hard yards, navigating a minefield of insurance companies and options isn’t one of those times.

When you lack the experience and insight of an insurance broker, it’s extremely difficult to understand exactlywhich insurance policy is best suited to your businessand the wrong choice could end up being catastrophic for your business down the line.Below are 3 of the topbenefits of using an insurance brokerfor your small business:

Making the right choice for your business will obviously rely on your individual needs, and who or what can best cater for them.

It’s an excellent investment

While an insurance broker will charge you a fee for their time and knowledge, the amount of money you spend will be much less than the amount of money your business saves in the long run.

Your broker will gather and source quotes from different companies, pointing out to you those policies which will be most cost-effective for the specific needs of your business- an insight which you otherwise wouldn’t have, meaning you would likely be spending money unnecessarily or on the wrong aspects of insurance. What’s more, your insurance broker will use their network and inside knowledge to help negotiate a fair price.

Tailor-made solutions

Any business owner can find a bog-standard business insurance plan online. However, these plans are rarely designed to cover all of the industry-specific risks your organisation may be exposed to in the future. What’s more, by the time business owners become aware of the gaps in these insurance plans it’s usually too late. Most ready-made business plans take a one-size-fits-all approach which is likely to end up costing you a lot of money down the line.

Insurance brokers, however, are experts in identifying the requirements of your trade or industry no matter how niche they may be. This means you’ll end up with a policy that has taken all possible risks and influencing factors into account, therefore, giving you steadfast protection.

Assistance with Claims

Your relationship with your insurance broker doesn’t simply end after you have purchased a policy. If you ever need to make a claim in the future, your insurance broker will assist you to ensure you achieve the outcome which is most beneficial to you and your business and in line with your policy. Otherwise, negotiating with your insurance provider alone can become a very time consuming, exhausting and expensive process.