Mind The Protection Gap
Tempted to do some online DIY insurance buying for your business?
In recent weeks, the Insurely team have been helping a number of clients that had been buying their commercial insurance through direct (no broker) online platforms. These are undeniably a quick and easy way to access insurance products. Our team look at what can wrong and why it is really good idea to seek professional risk and insurance advice for your business.
1. Gaps in your Protection?
Some of the businesses approaching Insurely for a review have grown from small start-ups, into multi-million dollar businesses with a good number of employees. These clients asked us to review whether their ‘DIY insurance purchases’ had kept pace with their growing business and to check if they were covered correctly. The short answer was generally ‘NO’.
We found that many of the covers bought online had not evolved with the business, leaving large gaps in protection and often inadequate limits/sums insured.
The client was left to make all the important decisions about their cover, limits and decide if their insurance was fit for purpose
2. Support at Claim Time is So Important
The website of one direct NZ supplier states clearly that they are an agent of the insurer – not the client.
If a client has a claim, they’re on your own to manage the process. There’s generally no support from anyone else and they’re dealing directly with the insurers themselves to negotiate the claim.
Suffering a major loss can be a stressful experience for customers. Good brokers go into bat for their clients and provide full support when clients need it most.
The Insurely team have many years’ experience helping clients achieve the best outcomes from claims.
3. Generic Offerings versus Tailored Solutions?
Some direct platforms state that they do not take into account the individual needs of a client. Even though every business is different, the products offered were all generic.
The Insurely team believe in providing specific advice to help protect your business that is specifically tailored to your needs. This advice is available from the time you begin your business and evolves with your business as you grow and expand.
In fact this is an important requirement for all financial service providers – that is, to provide professional and unbiased advice to clients, to help them make the best decision.
There is certainly no issue with technology or platforms; the Insurely team love to see technology enabling better customer journeys. Our primary focus is making sure that businesses receive the best advice, support and guidance when they need it.
How do you ensure the best protection for your growing business?
Enlisting a professional risk advisor to be your advocate is the best way to ensure you get the best protection.
When the worst happens and you have a claim, you have a professional to call who has your back – we deal with the Insurers on your behalf to get the right result for you.
Protection, Advice and Peace of Mind - Insurely
At Insurely, we provide you the best possible advice for your overall business risk, not just insurance. We proudly provide our clients with risk management advice to help prevent claims from happening in the first place.
We tell you what you need and, just as importantly, what you don’t. It’s a relationship with our clients fundamentally based on trust and understanding.
Book a call with our team today and we can show you what makes Insurely different.