Owners and operators of small to medium enterprises (SMEs) often try to reduce expenses wherever possible in order to maximise profits and secure future growth.
However, a startling number of SMEs may be risking expensive mistakes when choosing their business insurance products. A recent study from Australian insurer Vero has found more than half (57 per cent) of SMEs personally research their insurance needs, rather than contact a broker.
While business owners may believe they can accurately predict the insurance needs of their own organisation, even the smallest mismatch can lead to significant legal costs or recovery expenses. Additionally, without a broker’s extensive knowledge of the business insurance market, business owners risk choosing a policy that is unsuitable or more expensive than other available products.
There are many benefits to using a business insurance broker, including saving time and money. The Vero survey found that 53 per cent of those business owners that used brokers agreed the service has saved them time.
A broker can dedicate a significant amount of time to researching the best options for your business, leaving you to focus on more important endeavours, such as running your organisation.
Additionally, business insurance brokers hold extensive knowledge in a number of industries, allowing them to expertly analyse the risks facing your particular organisation. This means you can trust an insurance broker to find a product suitable for the specific risks to your business.
Instead of spending days – or even weeks – researching the many policies offered by insurance companies across Australia, talk to one of the specialist insurance experts at MGA Insurance Brokers.
Our team works closely with you – not the insurance company – to ensure your business gets the protection it needs, including employment practices liability or business interruption cover. For more information, get in touch with MGA today.