Getting business protection for your company can be a time consuming and often confusing process.
Not only because of the number of providers available, but because of the number of products that fall under the “business protection” umbrella.
If you’re going it alone it can be tough to understand not just the level of business protection you need to properly protect your company, but it can be a challenge to understand which types of protection you need in the first place.
Going through a broker can make the process easier to navigate if you find the right one.
But is it really worth using an insurance broker to find the best business protection for your company, or could you get by on your own?
In this article we’ll look at the main benefits you’ll get by going through an insurance broker to get your business protection.
Get access to the full market of providers
The business protection market is a big place and it can be tricky to work through it on your own and make sure you’re getting the best information from every provider. Sure there are comparison sites, but these tend to just offer a snapshot of the deals available.
Plus, depending on the type of business insurance you’re looking for, you might be better going to a more specialised or niche provider that you wouldn’t necessarily have heard of, or be able to find on your own.
With the right insurance broker you can get access to the full market of business protection products.
From all the major providers, down to the smaller, niche protection providers you can find deals from them all to ensure you’re making an informed decision.
Get impartial advice
Getting impartial advice can ensure you understand what types of business insurance would best suit your business (and which types you might be legally required to get) as well as help you understand which deals might be the best fit for what your business needs.
You should be careful and use an independent broker to ensure you’re getting real impartial advice however.
Some brokers are associated with providers and will only give you information about their preferred or partner lenders - so you should be clear about this from the start.
Provide the right information to insurers first time
Like any insurance product, it’s essential you provide accurate information to a provider to ensure that if you do make a claim, you’ll actually receive a payout.
Failing to provide the correct or accurate information could result in your policy being void when the time comes - in which case your business will get nothing.
Going through an independent broker can reduce this risk as they’ll ensure you provide all the relevant, accurate information first time.
Plus, this will help speed up the process of getting your protection in the first place.
Find the right business protection advisor
Unless you’ve got experience with business protection it can be difficult to understand the policies you’re signing up for and ensuring you understand exactly what you’re signing up for and what you’re covered against - and just as importantly what you’re not covered against.
Using an independent broker can be helpful to use as a sounding board and your broker can help explain what your policy covers and other information you need to understand before signing up.
This can save you time, money and effort later on if you end up with business protection that isn’t suitable for your company.
Get access to specialist insurers
While business protection is available from the majority of big name insurance providers, it’s often the case that in more specific or niche circumstances, you might get a better deal from a smaller provider.
Or you might need a more specialised level of protection depending on your industry.
In these circumstances, you could need help navigating the market and finding the right provider that you might not be able to find through your own research.
An independent broker will have access to the entire protection market so you’ll always be able to find a provider who matches your needs.
Get access to better deals
Depending on your business’ circumstances you might need help finding a more specialised protection product or a deal you can’t get through a major provider.
Using an independent broker can often help you get access to better deals and premium rates than you’d otherwise be able to get access to.
These could include broker only deals that you can only get through using a broker and wouldn’t be available to you if you approached a provider directly.
Make sure you get the right level of protection
When taking out business protection you need to ensure you’re not just getting the right type of protection, but that you’re also getting the right level of protection too.
One of the major dangers facing businesses when it comes to insurance and business protection is that they underestimate how much protection they actually need.
If they under-insure the business and then need a payout, they could find themselves short of the financial help they need - and also facing penalties for under-insuring the business in the first place.
By using a broker who will gather all the relevant information about your business you can ensure you get the right level of business protection that can help you in the event you need to make a claim.
Get what you need from a business protection provider with the help of an independent broker
Properly protecting your business with the right type and level of insurance is critical for the long-term viability of your business.
While it’s not always essential to use a broker to help source the right type and level of business protection, it can help reduce the time and effort you need to put into the process.
Using a broker can also help to ensure you find the best possible deal from the entire marketplace that you otherwise wouldn’t have access to.
At Rigby Financial we’re an independent broker helping hundreds of businesses get the business protection they need to safeguard their financial future without worrying about excessive premium costs and additional charges.
All our staff are experienced in the business protection market and can help work with you to understand what types of protection would suit your business and then present the best range of deals to you to choose from.
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