Just a quick reminder – you should declare all of your business entities to your insurance broker.   You need to let them know all of your company, trust, registered trading and domain names that are associated with your business.

Don’t take a punt on the policy wording picking up all your entities.

Remember to declare all previous activities on your Professional Indemnity and other liability policies to ensure that you have protection in the unfortunate event of a claim.  Some policies require all of your activities, past, current and possible future ones to ensure the policy is correct and responds to a potential claim.

If you would like to discuss this, please let me know and I can introduce you to some great professionals in that field.

Over the last few days I have received phone calls from ex-clients and enquires from associates as to where to go for General Insurance.

A question asked is whether using a broker or dealing direct with the company was best.  After 23 years of observing this I would weight it up as:

1. Direct with the company is a very good option if that company is locally represented, consistent player in your market and competitive.  Unfortunately you are at the mercy of that company’s rating structure, policy wording and service levels.
2. Some companies do not offer a full range of products to suit every business.

A broker “should” be testing the market constantly and will know where each of the companies is positioned in regards to the product, pricing and claims service offered.  Even though there is still some great brokers out there that offer personalized service and educate you on the market, coverage options etc, too many of them are becoming increasingly focused on putting their clients insurance through a scheme type arrangement with an easy to use rating system, preset negotiated policy wording etc.  These have their benefits, but all too often the process becomes just another transaction rather than insurance to suit your own needs.

Probably the best advice is to be very clear on what service standards you expect from both your broker and what company or companies they use to place your business.  All too often cheap great rates are a poor substitute for poor quality policy wordings (or extensions) and even poorer quality claims service.

To hear from an ex client that it took 6 months to get a vehicle repaired and that a vital piece of machinery discussed and insured during a review is now apparently uninsured and awaiting $1200 of repairs for an accident is very upsetting.

The best way to approach any professional is either by tendering or preferably by referral.  Ask someone you respect for their direction, whilst setting your guidelines up front.  If they hesitate or can’t deliver, move on.

This is reciprocal however, when you find a good broker, keep them informed (email, that way it is in writing) and work on developing a long term relationship with them.

Have fun out there

John Burkhardt - Amplio Business Solutions