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Five Reasons to Use a Business Insurance Broker

Five Reasons to Use a Business Insurance Broker
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Published with permission from Vero Insurance New Zealand.

There are many great reasons to work with a broker when addressing your business insurance.

Vero spoke with over 900 small-to-medium businesses, where 30% of SMEs, who don’t work with a broker, said they hadn’t thought about dealing with their insurance this way.

So, of the businesses who do use a broker, where do they find value in managing their insurance this way? Read on below to discover the five main benefits of working with a broker, according to SMEs.

1. Campaigning for your business

One of the great benefits of being with a broker, is their capacity to support clients. SMEs Vero spoke with said:

  • Client advocacy is an important broker task – 81%
  • Having a broker manage the claims process is an important task – 80%

2. Added value to your insurance policy

A broker has the ability to shop around for the best-value policy and helps you determine if a policy delivers comprehensive cover for your business.

Businesses in the survey identified the broker tasks below as especially important:

  • Finding the best-value policies – 88%
  • Providing policies that are not available direct – 57%

3. A source of insurance knowledge and information

Another aspect of a broker’s role is to keep you informed of any changes in the business and legal field which could impact your risk and insurance requirements. 73% of the companies surveyed thought keeping up-to-date of any changes impacting business insurance was an important service a broker can offer.

4. They save you time

Insurance brokers help with a wide range of insurance tasks, which gives you more time to focus on running your business, not filling in paperwork! 73% of SMEs felt a broker’s ability to tackle admin and paperwork was of particular value.

5. In-depth risk mitigation

When it comes to determining your risk profile and how to alleviate it with the best possible cover, brokers are experts. 70% of the SMEs interviewed said they felt a broker’s skills at assessing their risk profile and recommending a policy, was one of the crucial things a broker does.

 

Not already working with a broker? Contact High Street Insurance Brokers to find out how they can help.

High Street Insurance Brokers

Article by Catherine Bateman