Small business owners tend to be born optimists with little inclination to think about what could go wrong. That’s why it pays to have an insurance broker in your corner to safeguard what you’ve worked for.
Save yourself time
Anyone who has compared car, home or health insurance policies to try to find the best deal knows how time consuming it can be. Choosing a business insurance package is even more complex because of the range of risks requiring cover.
A broker will not only save you time sourcing the right policy, they can also save time and money if you need to make a claim. That was Harrison’s recent experience with his long standing Steadfast insurance broker.
Utilise your broker’s experience
Small business owners are great at what they do, whether it’s running a café or a consultancy. But they are rarely insurance experts. What they may not understand is the broad range of risks they face.
A broker will help identify the risks your business faces, then get the insurance package that matches those risks. “There’s no point buying a business package off the shelf if it only covers some of your risks.”
I don’t think you can do that on your own. You may think you know what can go wrong but you never realise how much impacts on your business going forward.
Access better deals and cover
Buying the wrong insurance cover cheaply can be expensive, whereas paying a bit more for the right cover can save you money. In some instances, an insurance broker may even be able to negotiate a better deal in terms of both price and coverage. A broker will find the business package that covers their client’s risks at the best value for money.
Harrison says his broker also keeps the business up to date when new policies become available and advises them when their assets need upgrading. “The first time we made a claim, we didn’t have computers. They said a computer stock take would make future claims easier, so we installed computers with software to substantiate claims quicker. If you have to make a claim, it’s good to have someone on your side.”
Back-up when you need it
Your insurance broker works for you, not the insurer. A good broker can prove invaluable if a claim needs to be made, by co-ordinating the claims process and knowing what is and isn’t covered by your policy.
Behind every Steadfast insurance broker is the power and wealth of knowledge of the Steadfast Group. If an insurer turns down the initial claim, Steadfast Group can determine, based on the facts of the claim, if there are grounds to go in and provide additional strength. “If you have to make a claim, it’s good to have someone on your side,” says Booth.
It’s worth investing some time and effort into finding an insurance broker with a good reputation. One who you trust and are happy to have a long-term relationship with. “As you grow, they grow with you”, says Harrison.
The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs – Fitzpatrick & Co. Insurance Brokers Pty Ltd (ABN: 25 050 242 914, AFSL No.: 244386).
For more information on how Fitzpatrick & Co. Insurance Brokers can assist with your insurance needs please visit their website, www.fitzpatrick.com.au or call (03) 8544 1600.