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 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 top business insurance brokers in Canberra
RiotACT’s editorial team has combed through 19 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’s no secret that business insurance can be confusing. That’s why allinsure makes insurance clear and easy to understand. Its Fyshwick-based team offers custom-designed insurance programs to suit your business, with a focus 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.
Since opening their doors in 2007, allinsure’s team of diploma qualified senior advisers have been committed to working with and for their clients by tailoring insurance programs to achieve outstanding outcomes, rather than pushing an off the shelf product. Most importantly, the local team are there when you need it most, providing a hands-on claims service for all clients.
allinsure is a corporate authorised representative of Insurance Advisernet, one of Australia’s largest networks of independent insurance advisers. This relationship allows them to maintain their local ownership and presence here in the Canberra region, whilst having the buying power to access to a wide range of insurer products and services needed by their customers in today’s increasingly complex business world.
The team also have a strong focus and history of giving back to the local community. With the establishment of their community engagement program, the allinsure team are dedicated to supporting local charities, community organisations and sporting teams.
Here’s what one business client, N&J Dahl Pty Ltd, had to say about its experience with allinsure: “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.”
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.
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.
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.