Retail liquor businesses are complex. You have sales, inventory, staff and shifts to manage, regulatory compliance to observe, security protocols to follow. Getting your business insurance by doing a DIY job through an aggregator website – yep, like the one with the meerkats – might seem like a fast and easy solution.
Just answer a few simple questions, tick the relevant boxes, find the cheapest deal and cut out the middle man, right? Except for a business with multiple exposures an off-the-shelf insurance package could be dangerously inadequate because those questions might not fully cover your particular business needs.
You may have to buy several policies, and what you wind up with may not be the cheapest option. In fact, by going direct you may miss out on the best deal and research indicates that you’re quite likely to be underinsured.
If you buy your insurance through a broker their knowledge of available products and understanding of your particular risk profile means that they can choose the right cover and bundle policies into a comprehensive program that covers your specific exposures.
A broker can explain what you need, why you need it and how it works, and you can rely on them to cross-check the policies to ensure they meet all your requirements.
Here are 5 reasons why buying insurance through a broker beats relying on the meerkats:
You’ll get the best cover for your money
Insurance contracts can be complicated and difficult to understand. Insurance brokers understand insurance contracts. They can assess your individual risks, advise you on the type and level of business insurance cover you need, and then shop around for the best prices available in the market for you.
You’ll get a package solution
Insurance brokers aim to create one-stop solutions, saving you having to patch together policies to meet your needs, and providing a single renewal date. And in the event that you have to make a claim they will have already made sure you have recorded the required documentation to support it.
It streamlines the process
When you engage a brokerage, a dedicated client manager will take ownership of your insurance needs and act on your behalf, saving you time, trouble and the risk of getting things wrong or missing something essential.
You’ll get bespoke service
While you get on with your business, your broker will search the market for the most appropriate insurance cover for your retail liquor operation and assets, using their assessment skills to make sure you are not underinsured. Then they will put together some options and talk you through the fine print, alerting you to exclusions and policy excesses.
You’ll stay on top of changes to your risk profile
When it comes time to renew your business insurance policy, your client manager will conduct a re-broking check to find out if you have acquired or disposed of any assets, and reassess any significant factors affecting the value of your cover.
You can trust Gallagher’s brokers to take care of your business. Let us help you ensure your business is completely covered in one single competitive package.
The article above was submitted by LSAWA Corporate Members and proud business partners Gallagher – one of Australia’s – and the world’s – largest insurance broking and risk management companies.
For more information visit: https://ajg.com.au