How as your broker do we understand your business?
The best solution starts with a conversation.
When discussing insurance and risk with you we won’t sell you a product—led approach. We’ll start with an open conversation about your business. Nobody knows your business better than you so it will help us identify relevant risks and makes it easier to identify and tailor an insurance program to match your unique needs.
Before we meet we’d like to know more about your company and will research online your company, products or services, media presence, customers and directors. We want to understand who the decision makers are, and your approach to business.
What factors will we, as your broker consider?
Many different factors affect the evaluation of different insurers, policies and premiums. We will ask questions about the size of your business, number of employees, health and safety risks, and claims history. Don’t be reluctant to challenge us, and don’t be offended if we challenge you.
It’s all part of exploring your tolerance for risk and understanding where there are exposures that you are not comfortable with. We’re here to help you make informed decisions about how you manage risk and acquire insurance. Other important factors include:
- Risk mitigation:
What risk mitigation strategies do you have in place? These can dramatically improve your risk exposure and cost of insurance. For example: do you have a good fire or flood response plan? This lessens the likelihood of property damage. If you require dual signatories on financial transactions, this helps protect against fraud.
- Supply chain:
Does your business rely heavily on major customers or suppliers? Do you audit your suppliers to understand how impacts to their business might threaten yours?
If so, your business is at risk if they become temporarily or permanently unavailable.
Contractors and subcontractors:
This is especially relevant for public liability insurance. What insurance do your contractors have in place. What risks do they pose? You need to understand what you’re liable for in the event of a loss or claim.
- Risk appetite and tolerance:
What level of risk would you be happy with on your balance sheet or impacting your P&L? This affects your policy limits, your excess and your deductibles. Do you or your Directors feel comfortable assuming more risk? As your broker we want to help you understand the benefits of this assessment.
- Key performance indicators:
What are your KPls around profit, revenue, growth and return on equity? How much can you afford to lose against your KPls before it hurts? We will help you understand how to remove volatility by mitigation and transfer of risk.
- Benchmarking:
As your business changes, it may benefit from benchmarking insights. Does your current broker offer benchmarking? What does their process involve, and from where do they source data? Many local brokers struggle to deliver this capability, so watch for smoke and mirrors.
- Statutory requirements:
What are your legal and industry compliance requirements to operate? Official licences, approvals and permits may have a significant impact on your business — especially if they change.
- Contract risks:
Every time you enter into a contract, you assume risk. As your broker we’ll help you to understand the extent of that risk and what can be covered by insurance. Examples include supplier agreements, property leasing, insurance, indemnity and other clauses.
How do brokers analyse my needs?
Both when commencing a new policy and at renewal time, it’s important to start with a fresh perspective. As your new broker we can get a good feel of your current program from your existing arrangement, but we won’t be working from someone else’s assumptions, as mistakes of the past may be repeated. We will take an objective look at your insurance program.
Needs analysis will identify gaps or changes in your requirements. We’ll also connect you to other experts in our team such as specialists in workers compensation, insurance property valuations and risk assessment. We have a broad capability.
It’s all about selling your risk to the insurance marketplace. There’s a lot to think about, and that’s where a great broker can help. Properly prepared, robust conversations with your broker are vital for achieving the best possible insurance outcomes. By asking and answering the right questions, you can secure the right balance of protection that enables your business to confidently trade, grow, and recover in the event of a loss.