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How To Get The Best Advice From Your Business Insurance Broker

How To Get The Best Advice From Your Business Insurance Broker

By Tracy Jardine
02/05/2016

Insurance brokers exist to get your business the best insurance cover for your business and the best price. At Austral Risk Services, our brokers are no different. In fact they thrive on finding the best offerings for our clients.

So we asked our broking team, from a client’s perspective, how you get the best business insurance advice? This is what they had to say.

1.     Talk to your insurance broker and ensure they understand the ins and outs of your business. The better understanding of your risks and exposures, the better job they can do for you.

2.     Ask your broker to explain what the mandatory insurance requirements are for your business or industry. Your insurance broker will help you understand these must-haves.

3.     Ensure you have a thorough understanding of the features offered by different policies – get your broker to walk you through each policy so you understand what’s covered, what the features of the policy are and what the price differences are. For example, they will be able to help you accurately compare policies considering all things like excess amounts payable, claim service times and so forth.

4.     If your business changes, you need to make changes to your insurance cover to protect you. Keep your insurance broker informed so they can keep your insurance up to date. It’s too late when things happen.

5.     Depending on the size of your business, review your business insurance needs annually and prior to renewal. If you business is growing fast or is larger, your broker will more than likely schedule more regular catch ups to keep them informed.

6.     Don’t forget cover notes. Always obtain a cover note if you need to trade or use a vehicle before a policy is issued.

A broker is a part of your team and like all good teams, communication is key for a great relationship – and for you to get the best advice.

Many of the businesses Austral Risk Services works with have been with us for a long time. The reason is we have become a part of the business team. That’s because we’ve become trusted advisors – and friends.

That’s what you should be aiming for too.

And of course, if you’d like Austral on your team, contact our insurance brokers here.

 

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