Which is better, online business insurance comparison and purchase, or an Insurance Broker?

Which is better, online business insurance comparison and purchase, or an Insurance Broker?

Accreditation vs Aggregation

In recent times we have seen the rapid evolution of business insurance and how it may be obtained. Business owners can choose whether they want to order an insurance policy online or meet a broker face to face.

Websites that aggregate and compare business insurance packages, allow business owners to compare prices on insurance products and buy cover online. While we all love the convenience of off-the-shelf insurance packages are all insurances really created equal? Will they really protect your business when you need it most?

While the idea of saving money seems to be a lure, does an online policy actually do that? If the insurance cover turns out to be too generic or fails to adequately cover you in a specific emergency, then this is where engaging an insurance broker can pay for itself.

Most business owners require tailored insurance policies written for their business to provide the specific protection they require. Cover that they know will be available when they need it.

Qualified insurance experts that advocate for the client

If you haven’t worked with an insurance broker before, you probably won’t know the many benefits they can bring to your insurance needs. One of the biggest gaps in the insurance of Australia’s one-million-plus small business owners is business interruption insurance. Designed to protect the business’ revenue from damage to the property that generates it. Business interruption insurance is like income protection for a business, yet only one in four Australian small businesses have it – meaning many small businesses are leaving themselves exposed.

If your shop burns down, you’re going to lose customers and income, but you will still need to pay wages. Business interruption insurance is designed to cover the loss of revenue while you’re unable to trade.

Insurance brokers are objective and qualified insurance experts, with a depth of experience, understanding, and training that you just cannot match if you’re buying insurance directly online yourself.

  • Brokers partner with their clients, providing expert advice and advocacy as well as looking after the insurance details, including claims. This enables you to focus on your business.
  • Insurance brokers understand and assess your risk, using their expertise to review all options and tailor cover to match your risk, cost-effectively.
  • Brokers deliver personalised service because they take the time to understand your business and build long-term relationships.
  • Brokers are objective specialists and can access insurance covers from a wide range of underwriters and insurance agents, both in Australia and overseas.
  • Businesses face a broad and expanding range of risks, including emerging areas such as cybercrime. Insurance brokers are at the forefront of this rapidly evolving insurance environment and are developing and tailoring covers to respond to these changes.
  • Brokers are firmly on their clients’ side, and act as advocates at all times, including during the time of claim. This can severely reduce your stress levels at times of crisis.
  • Insurance brokers need to undergo accreditation.  They need to have had a minimum level of training and undergo regular training each year to keep their skills up-to-date.

So it makes sense to commit time to understanding business insurance policies that are right for you. Insurance is not an expense that you can afford to cut corners, it’s one of those areas where you need to take the time to assess and seek advice a broker you can trust.

If you are looking to save money on your business insurance, please apply online or call us on 1300 787 789.

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