Not everyone has an insurance adviser, in fact, not everyone has insurance! However, if there’s one thing that the COVID-19 (including the latest mutation Omicron) pandemic, recent flooding, last year’s catastrophic bushfires and lowest interest rates in memory has taught us, is that the unexpected can and will happen. As far as insurance is concerned, these unforeseen occurrences have combined and resulted in increasing premiums, a reduction in competition, also difficulties in placing some risks in high hazard industries, risks in northern Australia and clients with poor loss records.
This is referred to as a ‘hard market’. It is expected that premiums will continue to increase for property, liability, and professional indemnity insurance over the next 6 months. In your planning for 2022 we recommend speaking with the team at HMD Insurance who has the experience to help you navigate the complexities of the insurance landscape.
A professional adviser works for you, to help you and your business find the best cover to match you budget. Your adviser can also act as your advocate throughout the entire claims process.
If you’re still not convinced that an insurance adviser can help your business, here are eight reasons that should help change your mind.
Why is Cash Flow the Cornerstone of Future-Proofing?
If there’s one thing that can keep a business afloat during tough times, it’s cash flow. Without it, even the most profitable business can sink under the weight of unpaid expenses and unexpected costs. A well-thought-out insurance strategy is a critical cash flow tool, helping businesses maintain operations in the event of business interruption, natural disasters, or legal claims.
By integrating risk management tools and appropriate insurance policies, you create a safety net that helps you mitigate large, unexpected outflows. For example, public liability insurance protects your business from costly claims that could otherwise disrupt your cash flow management and long-term financial strategy.
HMDI works with clients to align their insurance with cash flow forecasts—making sure you always have cash on hand to manage business finances during turbulent periods.
2. Customised Insurance Products
Professional advisers have in-depth knowledge of your industry, no matter what it is, this enables your insurance adviser to work with you to identify risk and develop customised insurance cover tailored specifically to your needs and business risks.
3. More Breadth of Choice
An experienced and well-regarded insurance adviser has access to many different insurance products and a wide range of insurance companies. They will help you find the best fit, matching your business with an Insurer that understands your industry and your business.
4. One-On-One Insurance Assistance
It’s always good to know that you can deal with the same insurance adviser year after year, not passed on to different people who you need to explain your business to again. Call centres have their place, but they lack personal understanding or ability to offer face to face meetings.
5. Better Use of Time and Less Stress
When you build a relationship with your insurance adviser, you can save a significant amount of time and worry because your adviser knows you and your business and proactively takes the lead with advice. Your insurance adviser will not only arrange insurance for the key financial risks, they will also negotiate and organise your insurance cover, assist with any claims that need to be submitted and act as an advocate with your insurer.
6. Streamlined Claims Process
Claims can be very time consuming, complex and involve a number of specialists or experts, particularly for large or complex claims. Your insurance adviser will assist you with reporting the claim, within the conditions of your policy, help identify immediate ways to reduce or mitigate further loss and speak with your insurance company to get fast approval, as they pay most of these costs. Finally they will act as your claim adviser and advocate to smooth the claims process up to final settlement.
7. Increased Appreciation of Risks
Professional advisers have an in-depth knowledge and understanding of your industry or profession. Insurance advisers quickly recognise your business risks and can help you minimise and manage risks, often by arranging specialised insurance cover.
Although business owners are professionals in dealing with risk, it can be difficult to gain a comprehensive understanding of the business and latest industry risks. As business and industries continually change, this can leave you and the business under or uninsured and exposed to significant financial loss. Business risks can include:
- Property
- Financial
- Reputational
- Operational
- Legal liability
Your insurance adviser will work with you to identify risks and helps you manage them effectively.
8. Saves Money for Your Business
The ability to identify business risks, develop customised policies, access a wide range of providers, and negotiate competitive premiums all combined to save you and your business time, effort, and money. It’s only with the help of an experienced insurance adviser that these savings can be realised.
Check Your Business Insurance Requirements with HMD Insurance
Check NowIn summary
If you’re in search of an experienced professional insurance adviser, look no further than HMD Insurance.
