SMEA Members – The Emjay Solution – SME Insurance Broker
Emjay are the recommended SME insurance brokers for the SME Association of Australia.
It is increasingly easy and tempting for business owners to shop online for their insurance needs in a bid to cut costs. However, SME business owners need to be aware that cheap off-the-shelf insurance solutions can sometimes fail to provide adequate work cover and business protection. And if that happens, it could lead to your business having to close its doors for good.
At Emjay we plug gaps in cover for small businesses, as well as provide expert risk management advice and solutions. We recognise that SMEs are becoming more complex – and that requires a more complex insurance and risk management solution.
You won’t find that if you source insurance direct from a carrier or via an aggregator price comparison website. Only by using a qualified broker can you be sure your business’s individual risks are adequately covered and here are a few reasons why you should consider using a broker for all your insurance and risk needs if you don’t already:
- Access to more products
Brokers tend to have access to more products than a customer could find direct. In commercial lines, the vast majority of business is traded by a broker and the direct market is not anywhere near as well defined. Using a SME insurance broker provides choice of cover and price that may not be available elsewhere.
- Saves you time
Most SMEs are extremely busy, so scouring the market to find the best deal won’t be the best use of your time. You may be concentrating on attracting new customers and servicing your existing ones. Often SMEs tend to be small outfits and most won’t have a risk officer to research and evaluate insurance options. This is where a SME insurance broker may be able to assist.
- Experts on risk
The pace of change in all areas of our lives is increasing. One example of this is changes in technology, which can provide savings in costs or access to new markets. However, there may be additional risks that the SME needs to consider and a broker may be able to help with this.One example of this is that more and more businesses use the internet to trade, but product liability in respect of exports to the US may be excluded. Another example might be around office-based risk and the increasing use of allowing staff to bring their own device to work. There are potential data security issues here, which, again, a broker is ideally placed to help an SME evaluate and source suitable cover.
- Plugging gaps in cover
The recession forced many SMEs to diversify in order to survive. This in itself has led to them being more complex and having more complex insurance needs, such as exploiting new technologies. Examples of this are a plumber including solar panel installation or florists adding jewellery or other gifts to the goods they sell. Newsagents, too, are increasingly becoming depots for parcel collection and returns.
- Dealing with legal complexities
More flexibility in working practices in a bid to achieve a better work-life balance may mean that more help is needed from a broker to better evaluate the risks. Examples include an increase in employees working from home, where health and safety implications may arise, as well as data security/cyber-crime issues associated with remote working.
- Your advocate at claims time
If the worst comes to the worst and your business needs to claim on your insurance policy, a broker can be your best ally. They will liaise with the insurer on your behalf and negotiate the best settlement. Statistics show that your claim is more likely to be paid if you place your cover through a broker – and the claims pay-out is on average 15% higher.
As the SME insurance brokers of choice for the SMEAA, Emjay Insurance Brokers is ideally placed to help you with all your insurance and risk requirements.
Contact us to today to discuss your needs on 02 9796 0400.