Public Liability Insurance Compared

Why every business needs to use an Insurance Broker

Whilst insurance is never an exciting topic, it’s certainly becoming more talked about than ever before. Inflation and extreme weather events resulting in an unprecedented amount of claims has driven up the cost of premiums. Combine that with the cost of living expenses – insurance is something everyone is thinking twice about this year.

Insurers are spending more than ever on their marketing campaigns to get your attention. They understand that money is tight and are using this as a motivation for you to shop around – and they’re right, now is the time to ensure you have the right policy – at the right price. But what business owner has the time to contact 9 insurers and compare not only the price, but the inclusions and exclusions? Most policy wordings are 50-80 pages long!

Insurance Brokers Save You Time

Using an insurance broker allows small business owners to save time. By using an insurance broker, business owners have one point of contact and will save time and hassle having to complete forms for each insurer just to be able to compare policies and pricing.

Brokers will ask you to complete a form which provides them with the necessary information to get quotes from up to 9 insurers on your behalf.

Once your insurances are in place, you will find another benefit of using an insurance broker is the ability to only deal with one point of contact for all of your policies. Forget waiting on hold for 60 minutes to an overseas call centre – simply call your local broker if you need to notify them for a change of address.

We compare Apples with Apples

When you’re shopping around for insurance, it’s easy to focus only on the yearly premiums. Sometimes, policies can vary in the thousands – but it’s important to understand the difference between the policy inclusions, exclusions, excesses and conditions.

The differing in prices between insurers often relates to:

Coverage Limits: Every policy has a maximum limit or sum insured, which is the most the insurer will pay for a claim. Ensure this adequately reflects the potential risks faced by your business.

Exclusions: These are specific circumstances or events that the policy will not cover. For instance, some policies may exclude damages from floods or other natural disasters unless you add it as an extra.

Excess: The out-of-pocket amount you agree to pay when making a claim. Choosing a higher excess generally results in lower premiums, but you’ll need to cover a larger portion of any claims.

Extensions/Add-ons: Some insurers offer additional coverage options you can add to your policy for an extra fee. For example, you may be able to add sub-contractors to your policy for any work they do on your behalf.

Claims Process: The ease of the claims process and response times can vary between insurers. The benefit of using an insurance broker means they will manage the claim for you on your behalf – but more on that later!

Period of Insurance: Ensure you’re aware of when your policy starts and ends, and know whether it auto-renews.

Geographical Coverage: Some policies might only cover events in Australia, while others might offer international coverage, especially relevant if you have overseas operations.

Business-specific Considerations: Depending on your industry, there might be specific insurance considerations. For instance, a transportation company might need goods-in-transit insurance, while a publisher might require defamation insurance.

Adjustability: As businesses grow and change, insurance needs can too. Check how easy it is to adjust your policy and if there are any penalties or charges for doing so.

Brokers take the time to understand your insurance requirements so we can provide you with quotes from insurers that provide the cover that is right for you. They will discuss the quotes with you in detail, so you can understand the differences between the policies and make an informed decision based on inclusions as well as budget.

Insurance Brokers Provide Ongoing Quality Service

Brokers will continue to provide ongoing support throughout the life of your policy. We will review your policy regularly to ensure that it continues to meet your needs (but it’s important you tell us if your circumstances change in between), and will assist you in making any necessary changes or updates to your coverage.

At renewal time, we will often ‘remarket’ your insurance policy to ensure your current insurer is still offering the most competitive policy and premium for you and your business.

Most Importantly - We Manage The Entire Claim

Perhaps most importantly – In the event of a claim, Insurance Brokers act as an advocate for their clients, working on their behalf to ensure that claims are processed quickly and fairly.

They represent you during the claims cycle and have the experience and knowledge to ensure the claim is handled as it should be by the insurer. We know your rights and work to protect them, as well as knowing key contacts and escalation points within the insurer group to get results and the outcome you deserve – we work for you, not the insurer.

Broker will also be able assist with difficult or problematic claims that require escalation. During times where there are high claim numbers, such as weather catastrophes, brokers assist with the claim processing. This ensures you, will continue to receive superior claims service even during busy times.

If you are considering ‘shopping around’ for your insurance – now is the perfect time to chat to one of our insurance brokers. We work closely with you to understand your unique needs and provide tailored recommendations based on those needs. This can help ensure that you are getting the coverage you need, rather than a one-size-fits-all policy.

Publicliabilitycomparison.com.au by Insure 247 Ausure Insurance Brokers Pty Ltd T/as Insure 247 Authorised Representative of Ausure Pty Ltd AFSL 238433. 
General Advice Warning: Please be aware that any advice that may have been given or implied is general advice only. We have not taken into consideration your individual needs, objectives or financial requirements. Before deciding to purchase a financial product, you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs. 

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