Risks to business today aren’t what they used to be, and so navigating the complex field of insurance has become daunting for many small businesses.
That’s where insurance brokers, who are licensed professionals, come in. They get to understand what kind of risks are facing your business and help you manage those risks and find the right insurance, with the right cover at the right price.
There’s never been a higher need for insurance brokers in Australia. Why? For three main reasons.
Money’s tight
It’s tough times in the Australian economy, and small businesses often bear the brunt of that. Recently, the effects of the economic climate have seen businesses hit by the highest insolvency figures in more than a decade.
Most businesses have insurance to cover their business assets, their employees and customers, as well as earnings. Insurance brokers are there to help you get the best possible coverage for the best possible price. In many situations, they’ll save you money because they have the expertise and knowledge in place to help you navigate the complex world of insurance and make sure you’re adequately protected.
Natural disasters are on the rise
We’re facing the effects of climate change. We’re seeing more intense bushfires, longer and hotter heat waves, rising sea levels, worsening coastal hazards, stronger cyclones, and more frequent flooding. The economic cost of Cyclone Jasper and the intense thunderstorms that took place last Christmas in Queensland was a whopping AUD $3 billion.
So, knowing what you need and how to get it from an insurance point of view is getting more and more complicated. That’s why having an insurance broker to make sure you get the exact cover for what you need is so important. In the event of a disaster, you want peace of mind. An insurance broker makes sure your policy is right.
Cyber risks are becoming real
A cyber crime was reported every six minutes in the 2022-2023 financial year. That’s 94,000 in one year alone. And the average cost of a breach now sits at $46,000.
Cyber insurance is of increasing importance in Australia and an insurance broker can help you understand what your policy covers and to help make a claim if an attack happens. They’ll make sure you get cover that will actually protect you in the event of an attack.
Your broker
Businesses have been operating under a tight belt for quite a while now, and as such, most are always looking for ways to continue to get the same value for less cost. Using a broker seems like one of the most obvious ways to do that. And you can rest assured that they’ve got your back.
