If you have a business, you need insurance of some sort. For many business owners, choosing the right insurance policy is a complicated matter.
Luckily, the help of a broker can make the process simple to understand, and may help keep policies affordable.
What does an insurance broker do?
An insurance broker helps companies and people find the right insurance policies for their situations. They are not affiliated with any single company, which means they have access to a wide variety of policies.
Because they're able to compare policies from multiple companies, they can put together policies designed for specific business' insurance needs. Plus, they can negotiate with insurers to get a reasonable price without sacrificing critical coverages.
What are the benefits of working with a commercial insurance broker?
Perhaps the biggest benefit of working with an insurance broker is their knowledge. They're experts in insurance policies, and can evaluate your business to determine which types of policies you need, and the level of coverage. They can also provide you sound advice on how to handle your insurance needs.
Since they're not affiliated with any specific insurer, they're priority is putting together an insurance package that benefits their clients, not a particular insurance company.
Insurance brokers are licenced financial professionals, which means they're obligated to act in the best interest of their clients, Understand Insurance, an Insurance Council of Australia initiative, explained. Additionally, if any of the advice they provide is based on incomplete information, they're obliged to say so.
Choosing the right commercial insurance policy takes time: Evaluating various options and negotiating with insurers is all time-intensive. Brokers do the heavy lifting for you, so you can focus on your business. This saves you the time and the stress of having to search for and evaluate insurance policies on your own.
What types of insurance policies can brokers offer?
Brokers work with many types of insurance policies. For those who specialise or have experience with commercial insurance, they know the intricacies of the types of insurance that businesses need.
These may include:
- Liability insurance: This type of policy protects against claims that consumers may make against a business. There's always a risk that someone could experience harm due to a company, whether it's because they slipped on a wet floor on the premises, had a bad reaction to a product or something else altogether.
- Car insurance: This type of policy covers expenses related to car accidents due to business travel or vehicles. It's mandatory for any company that uses vehicles for business purposes.
- Workers' compensation: This type of policy helps with financial obligations due to a worker becoming ill or injured as a result of their job duties. It's mandatory for any company that has employees.
- Physical Asset protection: The assets your business use have value, from the building in which you operate to the equipment you need to your inventory of products. If something should happen to them, such as theft or storm damage, this type of insurance policy can help you financially recover.
You never know what injuries related to your business that a person might sustain. Having the right insurance policy is the best way to ensure that you can financially survive a hardship.
The insurance experts at Trans Pacific Assurance Limited are knowledgeable on the business needs of companies operating in Papua New Guinea. We work with major brokers in the region, and can help you obtain the right insurance policies for your company. Contact us to learn more.