There are so many benefits to working with an insurance broker to put the appropriate financial protection in place for your business. Having a dedicated professional looking after your insurance needs can take this important yet daunting task off your plate.
If you’re just starting out in running your business, or have never worked with an insurance broker before, you may be wondering exactly how it works. How is working with a broker different from, say, typing your needs into a comparison site and choosing from the options?
If you’ve been considering working with a broker to protect your business, read on to discover exactly what you can expect from the relationship and how it could benefit you.
When you start work with your insurance broker, the first thing you’ll do is discuss your circumstances and your insurance needs. As a creative business, you might have some particular needs that are quite different from a business in another sector, so working with someone who understands this can help.
Your broker may ask you for details on things like:
This conversation will help your broker to understand your business, allowing them to make their recommendations about the types of protection that will be most suitable for you. It could also enable them to spot risks that you may not have considered.
After you have shared the details of your business with your broker, they will take their findings and research the types of protection they consider to be important for you. They’ll seek quotes from across the market to discover which providers might be most suitable based on your specific requirements.
This is one of the ways that working with a broker is so beneficial compared to attempting to arrange insurance yourself. Your broker will likely have access to better rates and more bespoke offerings than you could find yourself, meaning that they can offer much better value for money and more suitable insurance.
When you’ve considered the proposal that your broker has presented, you’ll be able to discuss the suggestions they have made and ask any questions you have.
If something isn’t quite right, or if anything has changed in your circumstances, you can request amendments to the proposal too.
Once you reach a point where you feel confident in the plan, you can sign your agreement and your broker can arrange cover to begin as soon as possible.
Another huge benefit to working with a broker is that they can review your needs as your business grows and changes. This can be especially helpful if your business is growing, because when things get busy day-to-day, updating your insurance policies yourself could easily fall to the bottom of your list of priorities.
Once your broker has arranged your initial cover, they may suggest regular meetings for you to update them on any changes to your circumstances. This can help them to suggest changes to your protection as and when it’s needed.
This means that no matter how quickly your business grows, you will still be protected in case any of those risks become a reality.
You can learn more about how having an ongoing relationship with your broker can benefit you on our website.
Of course, your insurance policies are the one business expense that you always hope won’t actually be needed. But sometimes, the worst does happen and you need to make a claim on your policy.
Your broker isn’t just there to help you set up your policies. They can also support you when making a claim. In some cases, they may be able to help speed up the process. Having a relationship with the insurers means they can help you to understand exactly what you need to do and answer your questions.
Our brokers are experienced in helping creative sector businesses of all sizes to create a protection plan that meets their specific needs. If you’d like to learn more about how we could help you, please get in touch.