The value of using an insurance adviser for your business insurance

If small business owners focused on the negatives, they would never be successful. However, there’s a risk in always focussing on the positives and ignoring what could go wrong. This is where an insurance adviser comes into the picture because they focus on the negatives for you, minimising and reducing the financial risk to your business.

So instead of spending a lot of time trying to find the right type of insurance at the best rates and comparing lots of different products with different coverages and sums insured, your insurance adviser can do all that for you, as well as giving you the best advice when claiming. Having said all of that, how can an insurance adviser help your business reduce your exposure to the multiple risks faced by your company?

Identifying and managing risks

Every business is exposed to different types of risks. It’s your exposure to these risks that you need to either accept, manage or minimise. Using their experience working with other clients in your industry, your insurance adviser can help you identify common industry risks, as well as any specific risks in your business.

Your insurance adviser can arrange expert risk assessments of your business from either an independent specialist or your insurer. Whether you need to change certain policies and procedures to reduce your exposure to these risks or add additional fire or security protection, your insurance adviser can help you find the best options for your business. Increased risk management results in less incidents and accidents, less down time to your business and reduced insurance costs.

Choosing the best policies

When you in conjunction with your insurance advisor have identified your key business risks, it’s time to decide what amount of risk you want to retain or transfer by buying insurance. With numerous providers on the market with so many options on their policies, plus various exclusions, clauses and premiums, it can be a time consuming and frustrating job.

Your insurance adviser has the expertise to work with you to select the insurance coverage required and to compare all the different variables to help you to decide which ones suit your needs the best. Even better, they have access to more insurers that if you shop around yourself. Insurance advisers are very good at finding you the right type of insurance, particularly if you have custom needs or risks, at competitive premiums, terms and conditions.

Saving money on your premiums

Your insurance adviser acts in your best interests. They have the knowledge and experience to not only identify the best policies that match your specific business needs, but they can also save you money, by negotiating with the insurance company. Insurance company’s like dealing with insurance advisers because they know that the adviser has looked at all the angles and has selected the right policy for their clients. Some insurers only deal with insurance advisers, not the public. Working with an insurance adviser results in you spending less time on finding the best insurance terms each year and also dealing with claims, as the insurance adviser takes on this work for you.

Fast and efficient claims processing

Your insurance adviser is not only a good negotiator, but their industry knowledge and expertise means they can assist you when you have a claim, enabling you to focus on running your business, this is especially helpful when there is a larger or more complex claim. Your adviser will work with you to provide insurers with documents or information that the assessor or claims officer requires to assess and then finalise the claim as quickly as possible. If there are any issues during the process, they will act as your advocate usually ensuring a better outcome than if you try to do it yourself, while running your business.

To speak to an insurance adviser who specialises in your industry, contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here.