• / Blog
  • / How to Choose The Right Insurance Broker

How to Choose The Right Insurance Broker

  • Adroit Insurance and Risk
  • May 20, 2022

Small business owners often find it annoying when they have to wade through the morass of all the different small business insurances and offers available. But they could save themselves the hassle if they knew how to find and choose the right insurance broker with the right knowledge of their business.

 Better still, one who will study their operations to curate the insurance at the right price that suits their needs. If you choose Adroit Insurance & Risk that’s exactly what you will find, and more. 


Don’t Choose an Off-the-Rack Insurance Policy

What many business owners may not know is that some policies offered by insurance companies are off the rack and offered to all their business customers. This is despite the fact that they may be operating in vastly different industries, which is more often than not totally unsuitable for most business owners.

All businesses in Australia are different, and all the claims they make are different, even if they operate in the same industry. When decide you need you choose a new insurance policy for your business you have many different options and an insurance broker can help you, 


What Does an Insurance Broker Do?

Insurance brokers are professional agents who specialise in insurance and managing risk. The broker you choose should be one whose aim is to act on behalf of clients, providing insurance advice and guidance in the interests of those clients. 

If your broker also acts for an insurance company or their representatives they should explain that fully at the start. You should also ask for the broker’s qualifications. 


The Best Risk Management Option 

When you select an insurance broker they can also assist in identifying your business and individual risks. This way you can choose which assets, equipment and other situations to insure, and the best ways to manage those risks. Brokers offer valuable advice if you choose to make a claim.  

These professionals know about the benefits and exclusions, terms and conditions and the price of a broad variety of competing business policies. This means they are the perfect solution to helping you discover the best cover to apply to your own business circumstances. 

Brokers can help design and lodge the cover you choose with the insurer you want to go with, and they can often give valuable advice on ways to make your insurance budget work for you.


The Interests of Your Small Business Come First

When you’re searching for the right insurance broker for your unique business it’s vital that you choose the right insurance broker to act on your behalf.

This means your new broker will spend the time and effort it takes to fully understand your business operations and requirements, risks and financial needs. 

As your authorised representative, a broker works for you, and he or she has got your back if you need to choose more insurance or make a claim. 

To find you the right insurance coverage, our Adroit insurance adviser will offer you the professional advice you need and devise a risk management strategy to suit your business. 

We act on your behalf and work with you in the interests of your business’s wellbeing rather than that of the insurance company you choose for your policy.


All Businesses Are Different with Unique Needs

No matter what size, service or industry your business falls into, it will have unique aspects and requirements from the next business in the same niche or industry.  This means that insurance products that suit one business will not suit another enterprise that offers the same service or product.  

There are many different types of insurance and different ways your claims process works, depending on the product you choose.  

The policy you choose for your business should cover all your assets, building and contents, stock, staff, yourself and your profits and income. You should also be able to quickly and easily make a claim if necessary and have cover for cyber insurance to protect your customer data, privacy and also your reputation. 

This is why Adroit insurance brokers spend so much time carefully devising the most appropriate cover for your insurance needs.


Is It Worth it to Choose an Insurance Broker?

It can certainly be worth it to choose a qualified insurance broker for your commercial insurance needs because they know the insurance market better than anyone in the business. The broker you choose will have access to insurance policies ordinary people cannot access. 

Also, insurance brokers can negotiate with insurance companies to get you a good price and a good product. If your business needs to claim, your experienced insurance brokers act for you to help you wade through the process.

Brokers must advise clients what fees are charged for the services they provide to your business, so there should be no hidden costs.  Broker fees must be clearly set out in the Product Disclosure Statement, the Financial Services Guide. The fees will be set out in your Statement of Advice if the broker you choose gives you personal financial advice.


Adroit Brokers Are Clear & Approachable

When you meet your Adroit broker, you’ll be pleasantly surprised at their clarity and approachableness. You won’t be baffled by jargon, and will soon realise the importance of having a professional to help you choose the right insurance for your business needs.   

Your broker will be there for you when you need to make a claim. The informed, knowledgeable and quick responses that you will receive from your Adroit broker are important. If you need to make a claim after an unforeseen event has caused damage or loss, you don’t want a broker who takes their time to get back to you.

If you’re looking for a business insurance broker and the best deals available, you’ll find our offices in many convenient places in Victoria.  Our friendly support team at Adroit is ready to tailor the right insurance quote for you. Call us today on 1300 MY ADROIT to speak to a broker or request a quote online.

Leave a Reply

Your email address will not be published. Required fields are marked *