GrownUps accepts no responsibility for decisions made by Members or any other persons as a result of using or relying on any information on the GrownUps website. GrownUps does not give any financial advice or make any recommendation of any product or service.

Five Reasons to Use a Business Insurance Broker

Five Reasons to Use a Business Insurance Broker

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