It’s something you hear about often, drifting in and out of conversations, and you probably know you should take an interest, but as usual you turn the other way and talk about something else. After all, who really needs health insurance? Maybe you think you don’t need it and everything is fine. Possibly you feel it’s an expense you would rather not make, but can you really afford to do without health insurance?
Construction costs have increased significantly since the carbon tax was introduced, with additional expenses filtering through the building sector from top to bottom. Soft economic conditions have also affected small construction companies, with many owners under-insuring their business against potential losses. A lot of businesses are under-insured, with few owners understanding the ramifications until they make a claim.
For business owners, there is no opportunity to take paid sick leave. Unexpected illness or injury can result in turmoil for your business if you remain uninsured as an individual. It’s important to insure yourself just as you insure your business if you want certainty regarding your future.
Businesses are constantly on the lookout for ways to increase profit margins and achieve sustainable business growth. It makes good sense to ensure your business doesn’t come to a grinding halt if you are out of the picture for a period of time.
An insurance broker is hired in order to help your business obtain the appropriate cover. They assist clients by helping avoid risks or unnecessary expense. Some business owners consult an insurance broker for general insurance advice, although a qualified broker can also handle complex claims and legal matters.
Broker/client relationships take many forms:
- Business risk analysis
- Recommendations and quotes regarding insurance products
- Implementing insurance policies
- Assistance with forms and paperwork
- Providing advice regarding claims
- Annual revision of ongoing insurance needs
The first step in the relationship is to consult a broker regarding your needs. By learning about your business a broker can make recommendations about insurance and risks. The broker will analyse your situation and compile insurance quotes. When a satisfactory arrangement has been decided, the broker will provide you with policies and documentation. If the relationship with your broker is ongoing the policies will be reviewed before your next yearly renewal. The broker will also investigate competing insurers to locate the most competitive price for your insurance.