Are you looking for a business insurance broker in Melbourne?
On the surface it should be easy to find one. If you search online, you will find dozens of brokers in the Melbourne CBD and throughout the suburbs.
However, choosing the right business insurance broker can be challenging. How can you tell that you have picked the right agent from the sea of brokers? Who will offer you the best combination of value and service? How will you know they will fight for you if you have a complex claim?
Therefore, it is crucial to consider certain factors when choosing the right insurance broker in Melbourne.
Here’s how…
Ask for Referrals and References:
Ask your friends or colleagues in the same industry which insurance broker they recommend and why.
If you are not convinced, go online and find out about the broker’s reputation through testimonials and reviews.
All you need to key in the “agent’s name” and “reviews” in the search bar of Google. And you will find plenty of information about them.
Going through the reviews can help you determine the quality of service and customer support.
Although there typicallywill be some negative reviews, assess the overall rating; and the tone of recent feedback. If the majority of recent reviews are positive, you may consider that agent. You can also ask them toprovide references of their current clients in similar industries to yours.
Consider Your Coverage Needs:
Now that you have narrowed your choice of insurance brokers in Melbourne, it is time to review your coverage needs. This is the most critical phase when it comes to opting for business insurance.
You should consider the points below:
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Types of cover required
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Policy wording
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Choice of insurer
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Sums insured
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Excesses
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Insurable business risks
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Cost
Are they Familiar with Your Industry?
If possible, try and find an insurance broker that is familiar with your industry. After all, such brokers shouldbe familiar with the typical activities, cover requirements and business risks for your occupation.
For example, a painter and a business consultant both have risks, but their key exposures are not the same.
The expertise of your insurance broker can help you get suitable cover at an affordable rate.
Take Note of Their ClaimsService:
It is vital your business insurance policy respondswhen you need to claim.
And if your claim is “grey“ you want a good broker representing your interests on your side. They can help get your claim paid.
Check the fine print. Does the broker represent your interests only?
Or are they agent of the insurance company; and represent the insurance company?
This can make a big difference to you at claims time.
Have they clearly explained the coverage they have recommended?
A good insurance broker will explain to you why you need the cover they are recommending. They should be able to relate the recommended covers back to your business activities, the risks you face and possible claims, in language you understand – not insurance jargon business. Plus they will guideyou on how to achieve the best balance between cover and cost, based on your risk profile.
Factor in Premium Costs:
The cheapest policy is not always ideal. But you do not want to overpay either. A good Melbourne insurance broker will help:
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Compare multiple business insurance quotes where possible.
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Package policies where possible.
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Review sums insured
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Review excesses
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Avoid duplication.
Keep one thing in mind—make sure the policies cover all your business activities.
Above are some smart tips to find help you find the right business insurance broker in Melbourne. Assess their reputation, claims service, who they represent, customer support and expertise in your industry.
A bit of groundworkwill benefit you in the long run.
What do you think? Let us know by commenting below!
Disclaimer :
*Important: Cover may be available subject to meeting insurers underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations. Talk to a business insurance broker for more information.
Author Bio:
Romit Malhotra is the brand representative of Smart Business Insurance, a leading Australian insurance broker. A big foodie, he loves to travel the world. Also, a diligent businessman, Romit likes to pen down his thoughts on related topics whenever he finds some free time.