Like most small businesses, your knowledge of Insurance coverage and the policies that you require may be limited. Accordingly, this is where a Business Insurance Broker can assist you in sourcing an insurance policy that will protect your business at an affordable price for your budget

Purchasing an insurance policy directly with an insurer vs an Insurance Broker – what is right for you?

Insurance Broker

An Insurance Broker makes obtaining insurance easy. They do all the hard work for you. They approach a large panel of Australian-approved insurers with your requirements and do a multipoint review and comparison of the quotes that have been obtained. An Insurance Broker will put together their recommendation on their findings to ensure that the policy you purchase will protect your business. Insurance Brokers are your dedicated insurance advocate and your point of contact for all your insurance needs.

Direct through an Insurance Company

Insuring direct with an Insurance company can be a very quick and easy process through their portal and be covered within a matter of minutes. Purchasing an Insurance policy directly through an insurance company means you would need to do a thorough analysis of their cover, terms and conditions, and policy wording yourself, along with a comparison of other quotes you’ve obtained. This is especially important as some policies can have conditions that could impact your business if not understood correctly.  If a claim were to occur, you would be representing yourself and have to liaise with the insurance company yourself.

A benefit of an Insurance Broker over insuring through an insurance company directly is that an Insurance Broker will manage all of your claims from lodgement through to settlement.

How to find the best Business Insurance Broker for my business

1. Ask for a referral

Asking qualified professionals such as your accountant, financial planner, or lawyer for a recommendation for a referral. These professions usually have a good relationship with an Insurance Broker.

2. Look locally

Start by looking online in your local area. There will be many Insurance brokers in your area to choose from. You can search using local directories such as Google maps and yellow pages.

3. Word of mouth

Ask your friends, family, or colleagues that are in the same industry as you how they manage their insurance and if they can recommend a good insurance broker.

Good Insurance Brokers like Morgan Insurance Brokers can save you time and money, and streamline your insurance policies so you can focus your time back on your business.