How Using and Insurance Broker Can Help You Save Some Serious Money?February 12, 2020
If you’re thinking of getting in touch with an insurance broker in Perth to give you a hand with your cover, it’s a smart move! Insurance can be complicated and it’s essential that you get the right advice so you can be confident that you have appropriate cover to address your risk exposures. There are a number of benefits associated with using an insurance broker – they’re the experts when it comes to the world of insurance and can help you find the best cover possible for your unique set of risks. Of course, one of the main benefits that comes with using a broker is that they can save you money. Let’s take a look at how an insurance broker can benefit your business.
They can shop around
If you’re like most people, you just don’t have the time to compare a whole heap of different policies to find the right price – after all, you’re busy enough with your own business! That’s where your broker comes in. They’ll compare a number of different policies on your behalf to find cover that offers a competitive price and high quality cover. Due to the professional network connections your broker has, they also have the power to negotiate with insurers around the cost of your premiums for the best outcome for your business.
They have specialist industry knowledge
An insurance broker is an insurance industry specialist and has specific qualifications which allows them to practice. Every insurance brokerage in Australia must have an Australian Financial Services (AFS) licence or be appointed as an authorised representative of an AFS licensee. They also hold additional qualifications and are required to undertake professional development on an ongoing basis. If you’re unsure of the qualifications of your broker, just ask – they’ll be happy to explain their experience and qualifications. Not only do insurance brokers hold specialist knowledge but they also have established relationships with insurers for the best outcome possible for their clients.
They negotiate on your behalf
You’re busy enough at work without having to spend time negotiating with your insurance company over your premiums and during claim time. It’s also difficult to know what to ask for when you don’t have specialist insurance knowledge. Your insurance broker does all of the negotiating on your behalf and knows exactly how to deal with the various insurers. They not only negotiate quality cover in the first instance but they also step in at claim time to take the hard work out.
They advise on the best cover
Every business knows that you require insurance cover. But which policies does your business actually need? There are a number of business insurance policies available, including public liability insurance, workers compensation insurance, professional indemnity insurance, commercial motor vehicle insurance and personal accident and illness insurance and your insurance broker will be able to advise you on the best cover requirements for your business. If you require specialist insurance cover, your broker can also assist in finding more specific cover for your business.
They understand your risk exposures
Every business has a unique set of risks and the role of insurance is to protect you financially if things go wrong. But how do you know if you have the right level of coverage? Well, your insurance broker is here to help. They understand the specific risks that your industry faces and would also get to know the specifics of your business for targeted advice. Protecting your risks is essential for the longevity of your business and to ensure ongoing financial peace of mind. If your work situation changes, you can also speak to your broker to see if you require any additional cover.
They get the balance right
The problem with opting for the cheapest insurance policy possible is that you may not be getting good quality cover. It can be tempting to opt for the cheapest premium but this when it comes to claim time, it can mean very minimal cover which can work out to be very expensive! To the same token, you need to have insurance cover which fits within the budget of your business. Your broker will work hard to get the right balance with your cover, which means you get a quality policy at a competitive price.
They save you money
It’s understandable that one of your business priorities is to save money and stick to your budget. However, you also need to find the right level of insurance cover to protect your risks. When it comes to saving your money, your insurance broker is your best friend. They have established relationships with various insurers and can help find the best cover possible at the best price. They can also save you money at claim time as they advocate on your behalf to the insurer for the best outcome on your claim. They also re-negotiate your insurance cover at renewal time and shop around for more cost effective cover options.
They offer personalised service
When you deal directly with an insurer, you never know who you’ll be speaking with and it can be frustrating to have to give the same information over and over again to the same people. With an insurance broker, you get personalised service from your broker and they act as a convenient single point of contact. The personalised approach to customer service also means that your broker gets to know you and your business for targeted insurance solutions.
They save you time
Let’s be honest – not many business owners have the time to be searching for the best insurance possible and this can lead to insurance cover which isn’t quite right. When you use an insurance broker, they save you time by doing the hard work on your behalf. They compare a number of different and speak directly to the insurer to find the most appropriate insurance cover while you get on with your regular work! They also save time at claim time by liaising directly with the insurer.
They help you understand the fine print
When it comes to your insurance, you need to understand your cover and know what your inclusions and exclusions are. Of course, this can be easier said than done and many businesses simply don’t have time to go through the fine print of every policy. Luckily, your insurance broker is available to assist. They understand the Product Disclosure Statement (PDS) and can make sure you understand what your cover includes. They can also answer any questions you may have along the way about the details of your policies.
They review your cover regularly
Insurance premiums vary between different insurers and they can also change over time as insurers offer discounts or additional cover. Rather than staying with the same insurer each year, your insurance broker will review your insurance package when it’s due for renewal to see if there’s an alternative which offers better cover for the same price or reduced premiums. Their industry knowledge means that they across new products that come onto the market which may be better for you and your business. Remember that your broker isn’t loyal to a particular insurer, they work for you!
They step in at claim time
It’s not just the early stages of selecting your policy where your broker can step in. They can also support you at claim time by liaising directly with the insurer to advocate for the best financial outcome possible for your claim. They’ll enter into negotiations if necessary and act on your behalf – perfect for those tricky claims! If you want to make a claim, all you need to do is give your insurance broker a call and let them know what’s happened. They’ll be able to tell you exactly what you need to do and what evidence you need to provide. This means that the claims process will run as smoothly as possible with minimal hold-ups.
At GSK Insurance Brokers, we pride ourselves on our commitment to excellence and personalised customer service. As one of Australia’s leading insurance brokers, we have built a loyal client base which extends across the country. Our insurance brokers Perth will take the time to analyse your needs so we understand you and your business. We then identify the specific risks you face and formulate insurance solutions so that you’re covered. Our brokers have experience with businesses of all different shapes and sizes across a range of industries. At GSK, we insure your success!
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