Insuring your business through a broker can be a smart way to reduce risk. It can help you get the right policies for the best price and, importantly, if you need to make a claim, your insurance broker can help you maximise your chances of success.
With so much information and so many services available online, you’d be forgiven for thinking your insurance broker doesn’t have to be local to get you a good deal. However, a local broker is better for your business in five key ways:
1. Personal touch
Getting your insurance through a faceless website may seem quick and convenient. However, by having a local broker come to your business, you can be sure that they’re seeing all the risks and making sure you’re covered. This is a more comprehensive way to make sure you get the right policy versus filling in an online form, where you may miss a vital element. And, if you do need to make a claim, you’ll be grateful to have a human face and voice to talk to, helping you get the compensation you deserve.
2. Risk mitigation
Insurance should be part of an overall risk mitigation strategy that aims to reduce the chances of an adverse event happening to your business, not just ensuring you get compensated if it does. Instead of someone who’s just looking to sell a policy, your business would be much better served by a risk mitigation expert who can help you reduce the chances of having to claim on your insurance in the first place. A local broker can come to your business and help you understand the risks you face, as well as ways to mitigate those risks beyond just insurance. By mitigating those risks in other ways, many of which may cost you very little, you could reduce your premiums significantly.
3. Local expertise
Your local insurance broker lives in your area, so they understand the risks you face from localised threats such as earthquakes, floods, high winds, crime rates, etc. This local knowledge comes in handy when it’s time to choose the right policy. It can help ensure nothing is overlooked and that your business is fully covered even for events that may seem unlikely.
Your local insurance broker lives and works in your area. This means they’re highly motivated to help local businesses succeed. After all, if local businesses suffer losses they can’t recover from, the broker will soon be out of work, too. Having a broker who is invested in seeing your business succeed improves the chances that they’ll be an effective risk mitigator and a fierce advocate on your behalf in the event that you need to make a claim.
One of the best ways to decide which broker is right for you is to speak with other businesses that have worked with them. This can be hard to do reliably if all communications are online or via phone. With a local broker, you can meet them face-to-face to get a sense of whether you’ll work well together. And, importantly, you can speak with other businesses in your area to find out about their experiences with the broker.
Local broker, national reach
As important as it is to work with a local broker, it’s also important to know that they have the strength of a national organisation behind them. This means your broker will have enough bargaining power to get you the best deals with the most reputable insurers.
Source: NZBrokers Blog Article
Originally posted on June 6th, 2019.
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