A good insurance broker can be a valuable ally in business. However, there may be more benefit than just the insurance support provided.
Sure, they should help you to assess and manage your risks, help you to arrange, acquire and maintain insurance and assist in settlement of any claim that may be necessary under your insurance.
Insurance brokers should also provide technical expertise including knowledge of insurance markets, prices, terms and conditions, benefits and pitfalls of the wide range of insurance policies available on the market.
But again, there is potentially more benefit that that.
So what is it?
It is the time for owners to pause briefly, look objectively at their business. An insurance broker needs to understand your business to arrange cover – so pause and enjoy that conversation. It might be understanding your assets better, or if you have multiple owners, thinking about a current valuation of the business.
So next time your are reviewing insurance, take a pause, and think about exactly where it is at.