To get optimal value out of your broker it’s a good idea to prepare some questions about your business cover, terms and premium options.
Here are some sample questions to help you start.
1. What covers are compulsory?
If you use workers on any basis you are required to have workers’ compensation cover. In some states and territories you’re restricted to approved insurance providers and in others you’re free to choose your insurer.
If you use one or more vehicles for business you must hold third party injury liability and you may also be subject to mandatory insurance requirements.
2. Have the terms of the policy changed?
Policy wordings are subject to alteration so don’t assume simply renewing a business policy gets you the same cover as previously. Ask your broker what might have changed.
3. Can I customise my business insurance?
Gallagher brokers pride themselves on their ability to access cover and to tailor business insurance to our clients’ needs without them having to pay for what they don’t need.
4. Is there any advantage to bundling my business insurance into one policy?
The advantage of bundling your business insurance cover is that you only need deal with one renewal date, and it provides an overview of the cover you currently hold.
Your broker may offer a bundled package that can be customised by adding necessary extras and deducting any cover that you don’t need.
5. Is there any way I can reduce my payable premium(s)?
There are actually a number of ways you can reduce your premium.
- If your budget and resources allow you can carry some of the risk yourself – but in the event of a claim this also reduces the percentage of the loss paid by your insurer.
- Proactive risk management to mitigate your exposures by putting measures in place may be well regarded by underwriters. These could range from ramping up security to increasing on the job safety training. Your broker can provide guidance and arrange for an independent risk report.
- Some brokers can offer flexible premium payment terms on some policies, so you can spread your payments and retain higher working capital.
6. How do I know that the insurer will pay up?
Firstly you need to have the correct cover for your business’s exposures, with no gaps or exclusions.
That said, a claim can involve unforeseen factors to be interpreted in the terms of your cover. At Gallagher we stand by our clients by
- fully exploring the legal basis of the terms of the cover
- closely examining the facts of your claims case as they relate to the relevant insurance policy
- representing your case to the insurer involved.
The value of broker involvement in obtaining insurance cover
Involving an insurance broker who understands your industry sector and the risks that are particular to your business can help you to proactively respond to insurer concerns. We’re here to help. Call 1800 240 432 to speak to one of our friendly team for an obligation free conversation.