Is It Time to Switch Business Insurance Brokers?

While Western Australia is arguably the most prosperous and most productive state in the country, its economy is the most capital-intensive due to the nature of the mining industry as well as its relatively low population density, outside of Perth. The state’s isolation from the rest of the country is often the subject of jokes and wry observations, but it also has the very real effect of making it more expensive to do business in the state than it is in more populated areas to the east of the country.

In this business environment, having good insurance is essential, simply because even smaller entrepreneurs may have more to lose. Unfortunately, business insurance brokers Perth and WA business owners could depend on, seem few and far between. The insurance and financial services industries, while growing, have largely failed to keep pace with the growth of other business sectors in Western Australia.

Here are some signs you might want to check out a new business insurance broker in Perth or elsewhere in WA:

1.) Difficult claims processes

If you’ve had problems filing claims with your current provider, you’re not alone. Many Perth and WA-based business owners have had serious issues when filing legitimate claims with their insurers. While insurance companies have the right to protect themselves, there’s a huge difference between reasonable prudence and intentionally preventing you from filing a legitimate claim. If you feel this is the case, then you should find a new business insurance broker.

2.) Lack of industry knowledge

In many respects, Western Australia is a very different place to do business compared to the rest of the country. Any business insurance broker you have should be able to understand both wider market conditions and the nuances of your business in addition to being able to explain your policies. If they are not able to understand any of those areas, then you may want to consider looking for a new broker.

3.) Unacceptable customer service

If you find that your broker cannot give you a straight answer on a simple question or doesn’t reply to multiple emails, then it’s time to find a new one. While this used to be the norm among too many business insurance brokers, responsive customer service is now a key goal for top insurers. Your business shouldn’t have to wait long for answers to simple questions, and it’s important that you have a broker that understands this completely.

4.) Complicated or hard-to-understand renewals

Renewals are a critical time, as your premiums and other important fees may change, possibly throwing off your financial planning. You don’t want to be surprised when renewals come up. If this happens, you may be justified in looking for a new broker who could explain the process better.

5.) You are offered too few options

Good business insurance brokers are typically able to offer a decent number of options for you to choose from. If you feel that none of the options offered is suited for your current situation, then finding a new broker is justified.

Conclusion

Insurance brokers have several key functions beyond simply selling your business a policy so that they get a commission. They are supposed to be there to help guide you and your business and help protect you when necessary. You shouldn’t feel hesitant to switch out your brokers when you feel that they have breached your trust or have failed to live up to their responsibilities.

Thankfully, a few insurers such as GSK Insurance Brokers in Perth remain committed to delivering excellent service along with their top-rated insurance plans.