What to look for when selecting the right general insurance broker

For a business owner, selecting the right general insurance broker can be time consuming, stressful, and costly. But it’s a necessary activity because having the right insurance can mean the difference between continuing to operate your business as usual or having to shut down because of a misadventure.

For a business owner, selecting the right general insurance broker can be time consuming, stressful, and costly. But it’s a necessary activity because having the right insurance can mean the difference between continuing to operate your business as usual or having to shut down because of a misadventure.

A good general insurance broker can help by working with you to identify the various risks your business faces, then sorting through the different policies that could be appropriate for you.

A good general insurance broker will:

Be a risk advisor, not just someone who sells insurance

A general insurance broker will be invested in recommending the right insurance policies for your business, not just trying to make a quick dollar and move to the next client. They will consider the risks that come with operating your business and recommend products accordingly. They may also recommend non-insurance risk-mitigation advice, which can help save you money on the cost of your policies.

To do this, your broker will need to understand the industry you operate in, the risks you face, and their potential consequences and costs.

Recommend fitting products/services

A good general insurance broker will have strong relationships with various insurance providers and be able to recommend products that most closely align with what you need. While you may already have an idea of what you need from an insurance policy, it could pay to be open to options that you have not considered because a good insurance broker will understand your concerns and work closely with you to achieve the optimum balance of cost and cover for your business. Their impartial advice could include recommendations you’ve never considered but that are ideal for your business.

Negotiate policy terms and costs with insurance providers

A benefit of going through a general insurance broker is that they can negotiate policy terms and costs on your behalf. This can save you time and money, as finding your own insurance provider can be extremely time consuming, especially if you trying to find the best deal available and comb through the fine print.

General insurance brokers will do the heavy lifting for you. With their expert knowledge on policies and insurers, they can usually find you a better policy than you could access on your own. Larger brokers sometimes have a stronger influence in negotiating premiums and benefits, although that does still mostly depend on the industry you’re in and the providers that offer cover for you.

Walk you through the claims process

When you use a good insurance broker and you need to make a claim, you need one that will be there to walk you through the process. With their unique knowledge of your policies and your business, they are extremely well-placed to help you get a favourable result from your claim, and can gain a significantly better result than if you managed the claim yourself.

An experienced general insurance broker will understand your business’s unique needs and recommend the most suitable insurance options. A great broker can also streamline the process of making a claim and increase your chances of success. They will be there to support your business’s goals by providing that extra layer of protection that lets you conduct business confidently.

To find out more, contact an NZbrokers member today.