There are a few unavoidable expenses that come with running a business. Insurance is one of them.
If you’re in business, chances are you already know that some types of insurance are compulsory, like workers compensation if you have employees or working directors. Other insurance types, such as building insurance, commercial motor vehicle, theft or public liability are optional, but help provide protection against a wide range of business risks that you may face.
The right combination of insurance policies can reduce financial uncertainty and protect both your own livelihood, and that of your employees. Common types of business insurance include business interruption, public and products liability, property damage, theft, machinery breakdown, tax audit, glass and transit.
But there’s no reason to navigate the complicated business insurance landscape alone. A business insurance broker (also known as an insurance adviser or intermediary), works for you and not the insurer, helping you de-mystify the process and ensure you end up with affordable, comprehensive cover that meets your need.
What makes a great business insurance broker?
Whether you’re looking for a specific type of policy or need some advice on what you should be insuring, an insurance broker can provide valuable insights and become a key business partner – just like your accountant or lawyer.
Here’s what to consider when choosing one:
- Qualifications and experience. Don’t be afraid to ask about your broker’s educational background and qualifications. They must have an Australian Financial Services Licence and be either a Qualified Practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP), and ideally your broker should be diploma qualified.
- Value for money. The best business insurance isn’t necessarily through the cheapest provider. Do your research to ensure that you’re getting comprehensive cover for a competitive price.
- A tailored approach. Each risk and business is different, so a one-size-fits-all approach doesn’t work when it comes to insurance. It’s okay to not know exactly what you need in an insurance policy. A good broker will work with you to understand your business and its requirements, provide advice on which risks to insure, and help you determine an appropriate level of cover to ensure you are protected.
- Access to a range of products and insurers. Not all policies are equal. It is important to be aware of coverage, exclusions and additional benefits that can vary from product to product. A particular insurer could have up to 20 versions of a business insurance package, depending on the distribution channel that you purchase it from. Some insurers may only deal with brokers or have products that are exclusive to the broking market. A good broker has buying power that gives them access to a vast range of products and reputable insurers to ensure they present you with the best options.
- Advice and choice. When you engage an insurance broker, you are asking them to provide you with financial advice. The decision-making process rests with the business owner. A good broker should take the hassle out of insurance, present you with the options available and provide you with the tools to make an educated decision for your business.
- Someone who will be your advocate at the time of a claim. You purchase an insurance policy to protect you when you need it most. Claims can be complicated, so an experienced business partner who understands you and your business is crucial to making the process as pain free as possible. A good broker works with you and the insurer to achieve the best outcome possible, while some brokers choose to outsource their claims management to others.
- Honesty and integrity. Do your homework about the broker you’re considering. Have they been in business for a long time? What do other businesses say about their services? Are they committed to being honest and transparent?
The best business insurance brokers in Canberra
Riotact’s editorial team has combed through 20 years of on-site comments to compile a list of the most recommended businesses according to you.
To be listed in our Best of Canberra series, each business needs to have consistently received positive feedback on Riotact and Facebook as well as maintaining a minimum average of 4/5 stars on Google.
It is no secret that business insurance can be confusing. That is why locally based allinsure, have committed their services towards providing proactive, innovative, and strategic risk solutions that offer peace of mind for business clients.
Since first opening their doors in 2007, they have focussed on delivering superior client service and fostering strong, long-term relationships. This unique client first and advice-based culture has seen them move to the forefront of the industry, gaining recognition on a national scale.
In the 2020 Insurance Business Awards, allinsure were the proud recipients of the Broker of the Year – Authorised Representative, and the Best Community Engagement Program – Broker. They also received four excellence awards for Brokerage of the Year (6-20 staff); for Best Customer Service from an Individual Office; and for Young Gun of the Year Independent (1-19 staff).
Director Peter Chamberlain was featured in Insurance Business Magazines 2021 Hot List, denoting the top 50 individuals within the industry. Peter has also featured across trade press, most notably for his position on giving back to the community through his suicide prevention and mental health charity, The Chamberlain Foundation.
As a corporate authorised representative of Insurance Advisernet; one of Australia’s largest networks of independent insurance advisers; allinsure maintain their local ownership and presence, whilst leveraging buying power and product access.
As such, allinsure pride themselves on their ability to create tailored insurance programs, unique to the needs and strategies of individual businesses. Most importantly, their team are there when needed most, providing hands-on claim servicing for all clients. For highly personalised service and the right business insurance products to match, look no further than allinsure.
As N&J Dahl Pty Ltd wrote in a website testimonial, “The service we’ve received from allinsure has been nothing short of impeccable. Right from the start, Tate and his team spent a great deal of time getting to know us and our business structures to ensure we’re able to run safely and securely…their proposed changes meant less policies to keep track of and a significant cost saving.”
JV Business Insurance can help you with all things related to business insurance, from ACT workers compensation to professional indemnity, business insurance and liability insurance.
Based in Weston Creek, JV Business Insurance is a corporate authorised representative of Insurance Advisernet Australia, which means it has the buying power to offer competitive premiums from a range of insurers.
Based in Fyshwick, Capital Insurance Brokers can help you with a wide variety of business insurance options. Its dedicated and qualified team are experts in seeking the best terms that suit your needs, ensuring that your business insurance portfolio is cost effective, and presenting the terms to you so you know exactly what you are and aren't covered for.
Capital Insurance Brokers can assist with everything from professional indemnity insurance and directors and officers liability cover, to tax audit insurance and corporate and domestic travel insurance.
With 20 years of experience in the insurance industry and a passion for providing high quality service, Jamie Fluke and the team at Strive Insurance Services provide business and personal insurance services, including business insurance packages made up of various types of cover depending on your business' unique needs (i.e. fire & perils, business interruption, burglary/theft and goods in transit).
Strive Insurance Services is an authorised representative of NAS Insurance Brokers, so it has access to wide range of competitive insurance products. By getting to know you and your business personally, Jamie makes sure you get the insurance cover you really need.
Whilst you’re looking for business insurance brokers, you might also like to check out our articles on the best insurance brokers, best workers compensation insurance brokers, best strata insurance brokers, best public liability insurance brokers and best construction and trades insurance brokers in Canberra.
For more information on financial and professional services, read through our articles on the best business lawyers, best business advisors, best business succession planning services, best mortgage brokers and best commercial mortgage brokers our city has to offer.
Your experience buying business insurance in Canberra
Thanks to our commenters who have provided insightful feedback. If you believe we have got it wrong, please let us know.
Have you had experience with any of the business insurance brokers listed above? If so, share your feedback in the comments below.
Frequently Asked Questions
What does a business insurance broker do?
Business insurance brokers provide a range of services. They can research to get you the best deal on a business insurance policy. They can provide advice on the type and level of insurance you need. They can also act as your advocate if you need to make a claim.
How do I know if I’m getting value-for-money from my policy?
A business insurance broker is across a wide range of insurers and policy types. They can share this knowledge with you and discuss options with you.
Do business insurance brokers need to be licensed?
Yes they do. They must have an Australian Financial Services License and be either a practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP). Ideally they should be diploma qualified.
How do I choose the best business insurance broker?
Do your homework and conduct some research. You’ll want to look online to see how long the business insurance broker has been operating. You can also check their credentials. In addition, you can check online for reviews of their business.
Will my business insurance broker decide which is the best policy for me?
Business insurance brokers can give you well-informed advice and they can explain the pros and cons of various options. They can’t decide what you should do, however. The final decision on what policy to take out rests with the business owner.