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The Risks of DIY Business Insurance

Buying insurance for your business online seems like an easy way to check something off your to-do list. Websites make it look quick and straightforward - just answer a few questions and get a policy.

But when it comes time to make a claim, you may realise that bargain policy from CheapInsuranceCo didn't actually cover what you needed. Getting adequate cover takes more than clicking boxes. Working with an insurance broker who understands your business is worth the time and money.

The Trouble with Online Business Insurance

Online insurance platforms aim for one-size-fits all cover. But each business is unique, with specific risks and needs. Without expert guidance, it's far too easy to:

  • Get inadequate cover. Pre-packaged plans rarely address specialised risks. Essential exposures may be missing or cover limits too low.

  • Misunderstand exclusions and gaps. Legalese and technical terminology make policies confusing. It's tough to spot issues on your own.

  • Make costly mistakes. Entering information incorrectly can cause claim denial down the road.

  • Lack personalised recommendations. Online forms don't assess your operations and advise customised solutions.

  • Compromise data security. Sharing details online always poses some risk. Can you trust privacy protections?

  • Struggle with limited support. If issues come up, will you get quick, knowledgeable assistance?

The Value of an Insurance Professional

In contrast, an experienced insurance broker makes sure you get tailored cover that fits the true exposures of your business. Here's what a quality insurance broker provides:

  • Accurate assessment of operations and risks

  • Policy review and recommendations

  • Assistance understanding terms and exclusions

  • Guaranteed secure handling of information

  • Responsive, expert support when needed

  • Assistance filing claims when necessary

By taking the time to fully understand your business, an insurance broker can match you with cover that fills gaps instead of creating them. Though initially more effort than clicking a few buttons, working with a pro pays off when you need to file a claim.

Don't Gamble with DIY Insurance

Saving money upfront appeals to every business. But skimping on proper insurance is an extraordinarily risky place to cut corners. The consequences of inadequate, inaccurate or misunderstood cover can be financially devastating. Protect your company and peace of mind by working with an expert. The extra assurance is worth every penny.

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