Buying insurance is easy but buying the RIGHT insurance for your business is a little more complicated.
We all know that the key to a successful business is planning - marketing, advertising, finance, structure - every business has one if not all of these but making an insurance business plan is virtually unheard of.
Determining what insurance is right for your business is why an insurance program created by an insurance broker is essential.
Engaging with an insurance broker will assist in keeping cost to a minimum while at the same time ensuring that manageable risk is properly managed and unforeseeable risk is correctly insured.
Manageable risk can be described as something that will occur if action is not taken to avoid it, for example, if doors are not locked, property will be stolen.
Unforeseen risk is damage caused by fire, storm or similar but if a business has a high exposure to these types of events i.e. close to dense bushland or high on a cliff top, insurance companies will require a certain level of “risk” to be managed before offering insurance protection.
The cost of insurance is determined by “risk” factors - business activity, location, employee skills and quality control all have a major impact on insurance needs and cost.
A professional risk and insurance manager will assist in identifying aspects of a business which require insurance and those aspects which can be managed without insurance.
There is no single insurance plan that will suit your business but a properly created insurance business plan created by an experienced qualified insurance broker will ensure you don’t buy insurance that you don’t need and that the insurances you do buy are the most cost-effective for your business.