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The value of working with an insurance broker

Eight ways an insurance broker can help with your business insurance and risk management needs

Every business faces risks. How a business understands, manages and mitigates its risks is key to its ongoing success and growth.

A robust insurance and risk management strategy is an effective tool that many businesses employ to minimise their risk and financial exposure should something go wrong. However, finding the right insurance solutions and appropriate cover for your business can be easier said than done. 

That’s where an insurance broker comes in. 

We break down the top eight reasons why you should work with an insurance broker for your business insurance and risk management needs. 

They have in-depth insurance and risk management expertise

An insurance broker is a professional adviser with expertise in risk management and insurance solutions. Their up-to-date knowledge of terms and conditions, benefits and exclusions, as well as cost for several competing policies, enables them to provide comprehensive advice.

They work for you, not the insurer

It’s important to remember that an insurance broker works on behalf of the client and not an insurance provider. They have a vested interest in your business success and your business' ability to get back on its feet fast if you were to suffer a loss.

They have access to a network of insurance providers 

Working with a broker can provide you with a wide range of insurance solutions across a number of providers. This is more important than ever in the current environment where certain insurance solutions are becoming more challenging to obtain. A broker’s access to and knowledge of the market, and relationships with insurers enables them to offer insurance solutions that meet your business requirements that otherwise may not be available to you.

They advocate for competitive terms and premiums

Access to a wide variety of insurers allows brokers to negotiate competitive premiums and policy terms on your behalf. They will advocate for cover inclusions, limits of cover and claims excesses that align with your risk appetite and needs.

They provide claims advocacy 

The reality is that not all claims are black and white. As well as arranging and placing cover, brokers can also act on your behalf and provide support through the claims process. In the event of a contentious claim, a denial or even a reduced settlement, a broker can advocate on your behalf and negotiate with insurers with the aim to achieve a positive result.

They can have specialised industry expertise

When looking for the right insurance broker, it's important to find an expert who specialises in your industry or specific insurance requirements.

Specialist brokers often have direct relationships with specific insurers enabling them to negotiate competitive cover and price. A specialist broker also knows the right insurers to approach rather than flooding the market for quotes, which can potentially have a negative effect on how the insurance market views your business.

They help simplify the complex 

The insurance industry is full of terminology that most of us don’t use in our day-to-day business environment. As a part of a broker’s service offering to clients, they can help translate specific information about your policy into accessible insights.

They save you time

As a business owner, your time is precious. Engaging with multiple insurance providers and understanding their available insurance solutions can be a time-consuming task. Working with an insurance broker alleviates that pressure, as they will use their existing knowledge of the market to recommend and obtain insurance solutions that meet your business needs. 

Speak to a Marsh insurance broker today

As the world’s leading insurance broker, we offer professional broking and risk management advice to businesses across all sectors.

We understand the challenges you face; no matter your industry, size or business needs, our brokers utilise their specialist expertise to develop an insurance program aligned to your unique risk requirements. We also know that an integrated and collaborative approach with our clients is key to delivering maximum value.

Arrange a hassle-free consultation with one of our experts

Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) (“MAI”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) which is a related entity of MAI. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh Advantage Insurance on request.