Not everyone has an insurance adviser, in fact, not everyone has insurance! However, if there’s one thing that the COVID-19 pandemic, recent flooding, 2019/2020’s catastrophic bushfires and the lowest interest rates in memory have taught us, is that the unexpected can and will happen. As far as insurance is concerned, these unforeseen occurrences have combined and resulted in increasing premiums, a reduction in competition, difficulties in placing some risks in high hazard industries (including risks in northern Australia) and clients with poor loss records.
This is referred to as a ‘hard market’. It is expected that premiums will continue to increase for property, liability, and professional indemnity insurance over the next 6 months. In your planning for 2022, we recommend that find a professional insurance adviser, with experience in your industry, who you can build a strong relationship with. A professional adviser works for you, to help you and your business find the best cover to match your budget. Your adviser also acts as your advocate throughout the entire claims process.
If you’re still not convinced that an insurance adviser can help your business, here are eight reasons that should help change your mind.
1. Better Insurance & Risk Advice
When you work with an insurance adviser, you not only benefit from their knowledge of your industry, but also the insurance industry. They can provide you with up-to-date knowledge to help you make informed decisions in managing the financial risks relating to your business, including recommending the right insurance.
2. Customised Insurance Products
Professional advisers have in-depth knowledge of your industry and take the time to understand your business. This enables your insurance adviser to work with you to identify risks and develop customised insurance cover tailored specifically to the needs of your business.
3. More Breadth of Choice
An experienced and well-regarded insurance adviser has access to many different insurance products and a wide range of insurance companies. They will help you find the best fit, matching your business with an Insurer that understands your industry and your business.
4. One-On-One Insurance Assistance
It’s always good to know that you can deal with the same insurance adviser year after year, and not be passed on to different people who you need to explain your business to again. Call centres have their place, but they lack personal understanding or ability to offer face to face meetings.
5. Better Use of Time and Less Stress
When you build a relationship with your insurance adviser, you can save a significant amount of time and worry because your adviser knows you and your business and proactively takes the lead with advice. Your insurance adviser will negotiate and organise your insurance cover, assist with any claims that need to be submitted and act as your advocate with your insurer.
6. Streamlined Claims Process
Claims can be very time consuming, complex and involve a number of specialists or experts, particularly if they are large or complex. Your insurance adviser will assist you with reporting the claim, within the conditions of your policy, help identify immediate ways to reduce or mitigate further loss and deal with your insurance company directly. They will act as your claim adviser and advocate to smooth the claims process up to the final settlement.
7. Increased Appreciation of Risks
Experienced professional advisers have in-depth knowledge and understanding of your industry or profession. Insurance advisers quickly recognise your business risks and can help you minimise and manage risks, often by arranging specialised insurance cover.
Although business owners are professionals in dealing with risk, it can be difficult to gain a comprehensive understanding of the latest industry risks that you may face. As business and industries continually change, this can leave you and the business underinsured (or even uninsured) and exposed to significant financial loss. Business risks can include:
- Legal liability
Your insurance adviser will work with you to identify risks and helps you manage them effectively.
8. Saves Money for Your Business
Your insurance adviser has the ability to identify business risks, develop customised policies, access a wide range of providers, and negotiate competitive premiums to save you and your business time, effort, and money. It’s only with the help of an experienced insurance adviser that these savings can be realised.
If you’re in search of an experienced professional insurance adviser, get in touch with the allinsure team. We have a variety of different insurance advisers who will be happy to discuss your business, its risks and insurance requirements.