How to Choose an Insurance Broker in Perth

With Perth having some of the highest insurance rates in WA, businesses usually take a bit more time finding a broker.  Having the right insurance is critical for any organisation, however, and business owners can’t always afford to stay unprotected for too long.

Here are a few tips and tricks for finding insurance brokers Perth businesses trust.

1.) Make sure they know your industry

There is more specialization than ever in today’s business landscape. Even current technologies and fields such as mobile app development and blockchain are sometimes well out of the scope or understanding of some insurance brokers.  This makes it challenging, if not impossible for the broker to accurately assess the risks associated with your industry.

Be sure to look out for mentions of specific insurers that are popular within your industry to narrow down the list of possible brokers. Perth’s quite a small community and you’ll likely find leads fairly quickly.

2.) Their coverage should match your needs

Every business is different, so it doesn’t always make sense to go to the same brokers everyone else goes to. An organisation that has a lot of employees who travel internationally, for example, might be better served by an insurance broker that offers true international insurance so that their coverage goes with them. An organisation that only does business in one geographical area, on the other hand, might find better deals by using a local insurance broker that understands local risks better.

3.) They can grow with your business

If your business is like most others, you would likely want to see some kind of continued growth.  This means that your needs today may differ a lot from your needs in 3 or 5 years.

The insurance you have may prove inadequate in just a few short years, so it’s critical to get a policy that will align with your projections for future growth.  In many cases, this may even end up saving your organisation time and money down the line, due to the rising cost of premiums.

4.) They make dealing with them easy

One problem many business owners have with insurers is how complicated it is to deal with them. There are a surprising number of insurers that still require you to apply for a policy through a stack of old-fashioned paper forms.

Try to find an insurer that lets you complete your application digitally and gives a reasonable time frame for your policy approval. If they allow policies to be bound online, even better. Finding an insurer that allows these will keep you from having to wait in limbo while your policy is approved. The time savings can be especially massive if you have a good number of employees in your organisation.

5.) They’re able to give you a quote without too many issues

If a prospective insurance broker is able to deliver a quote without too many issues, that can be a positive sign. Check to see if they’re asking questions relevant to your industry and your organisation’s scope of operations. Do they seem to know what they are talking about when they ask you about your business? If they don’t seem to be knowledgeable, that can be a sign that they do not really understand the risks your organisation faces.

Another thing to look out for is their professionalism.  If the broker inspires trust and does not obfuscate any important details about the policy they are trying to sell, that can be a sign that they may also be pleasant to deal with in the future.

6.) They know how to handle claims properly

Finding an insurance company handles claims can be the most critical part of choosing a broker. Check out what services your prospective insurers offer for facilitating your claims. Ask other people in your industry who may have used the same insurers about their experiences with filing claims.