Does my small business need an insurance broker or adviser?

If you own a business, chances are you’ll need a range of different insurance policies to help protect your operations, assets and employees. 


However, determining the type and level of cover appropriate for your needs isn’t always a straightforward process – and getting it wrong could cost a lot.

That’s why it pays to work with a specialist whose job is to ensure you have the right cover for your needs. Here’s how they can help you get the most out of your insurance investment.

Tailoring your coverage

No two businesses are the same, and that means their insurance needs aren’t the same either.

Also no two insurers are the same, and that means their insurance policies aren’t the same either.

A good broker or adviser will spend time getting to know you and your business, including the risks and vulnerabilities that need to be covered. Armed with that knowledge, they’ll design and source policies that are right for your risk profile.

As a result, you can have an appropriate level of cover for your specific circumstances.

“Ideally your relationship with your broker or adviser will become a long term one so they can provide ongoing assistance with policy adjustments and renewals”

Making sure your sums insured are accurate

Your sum insured is the maximum amount your insurer will pay out on each of your policies should you make a claim. To determine what those figures should be, you’ll need to calculate your potential losses for a range of events, such as natural disasters, business interruption and theft.

Overestimating what your losses would be can result in your paying unnecessarily high premiums, while underestimating can mean you’re significantly out-of-pocket in the event of an incident. An experienced broker or adviser can help you strike the right balance.

Understanding the options

It pays to shop around, but if you’re a busy business owner, there may be a dozen more urgent tasks on your ‘To-do’ list. Sticking with the status quo can feel easier than spending hours on the phone researching the alternatives.

Or you could allow your broker or adviser to do that leg work for you, contacting insurers to explore the options and recommending the policies that represent the best value for money.

Assisting with claims

Making an insurance claim is often time-consuming and stressful, but a broker or adviser can assume some of the burden on your behalf. It’s their job to support you through the process, liaising with your insurer and acting as your advocate.

Having an expert in your corner can result in smoother and speedier claim settlements, allowing you to get on with running your business.

Providing ongoing support

Ideally, your relationship with your broker or adviser will become a long-term one, so your broker or adviser can provide ongoing assistance with policy adjustments and renewals as well as risk management advice to help you safeguard your operations and assets.

Cover when it counts

Having appropriate insurance in place can help protect your business in the event of adverse incidents.

A broker or adviser can help you determine what type and level of cover best suits your circumstances and advocate for you in the event of a claim.

Contact your broker or adviser today if you’d like to talk to a specialist about your requirements.


Important notice – Steadfast Group Limited ABN 98 073 659 677

This general information does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your insurance broker or adviser as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. These insurances are issued by various insurers and can differ.


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