When most businesses think of an insurance broker, they think of a professional that helps them navigate the often-complicated world of buying insurance, ensuring they buy insurance cover for the right risks at the right price.
But, as any business that has ever experienced a major insured event will attest, it is only in the event of such a crisis that the true value of an insurance broker is revealed.
Advantages of having a broker at claims time
In the event of a claim, your first step, after ensuring the safety of any individuals involved and preventing any further loss from occurring, should be to contact your insurance broker.
Some of the advantages of having a broker involved in the claims process include:
- Sound advice – because they are familiar with your insurance cover, your broker will be able to advise your business quickly about the extent to which your claim is likely to be covered.
- Having an advocate – your broker is acting for your business and in its best interests, not in your insurers.
- Resolution time – brokers deal with insurers every day so they understand how they work, which can ensure a faster claims resolution. A recent report by Deloitte found that using a broker saves an average of 2.5 hours in the claims process1.
- Less paperwork – your broker will help collate all the information and documentation required to support your claim, taking the weight off your staff.
- Making it easier – Deloitte also found that 41% of small and medium businesses agree that the claims process is much harder without a broker2.
- A better outcome – brokers have deep relationships with insurers and can leverage these relationships to ensure the best financial outcome possible for your business.
- Recovery support – after a claim has been finalised, a broker can help manage the repair and recovery process on your behalf, enabling your business to get on with doing what it does best.
Strengthening your future outcomes
Having your insurance broker involved during a claim can also provide them with an opportunity to review your risk management, and make recommendations to improve your processes and procedures, where necessary, to prevent a similar claim from reoccurring in the future and minimise the chances of another loss.
Having been involved during a claim can also ensure your broker is fully armed with all the relevant information at your business’ next insurance renewal, putting them in a stronger position to advocate on your behalf and push back against any premium increases your insurer may want to impose as a result of the claim.
Gow-Gates are here to support you.
The Gow-Gates claims team are committed to supporting you during the claims process. We will work closely with you to minimise any disruption to you or your business and achieve the fastest possible turnaround on your claim with your insurer.
Please don’t hesitate to contact our specialist brokers, to discuss the management of your risk exposures.
Suzana Strbac | Director Client Engagement
T: +61 410 507 973
1, 2 Deloitte, The economic value of insurance broking, September 2020.