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Why having an ongoing relationship with your broker can really benefit you

Two people discussing business reports

When was the last time you spoke to your broker? Like most people, it’s probably been a while – perhaps when you last needed to renew your business’s cover?

It can sometimes be tempting to see your relationship with your broker as a simply transactional one. Once a year, you need to review your protection, so you ring them up for a chat, they sort it out, and then you go away happy that you don’t have to think about it for a few more months.

However, while this strategy may seem quick and convenient, it can be much more useful for you to speak to your broker regularly. Doing so can enable them to assess your needs more effectively and give you greater peace of mind that your business is properly protected.

Read on to find out how building an ongoing relationship with your broker can really benefit you.

Protecting your business against disruptions can be an important task

While managing a business can be highly rewarding, there’s also a lot to think about. Not only do you have to consider things like cash flow and income streams but also hiring decisions and advertising your services to prospective clients.

With so much on your plate, knowing that your business is fully protected against unexpected issues can definitely be a weight off your mind.

For example, if you’re nearing an important deadline for a client, it can be comforting to know that, even if you encounter a major disruption, your business will be able to overcome it.

Speaking to a professional when searching for cover can be useful, as doing so can give you peace of mind to know that you have the right types for your needs.

One easy mistake to make when working with a broker is to treat it as a simple transaction. You have a problem, you speak to them once and sort it, and you’re done.

Of course, protecting the business you’ve worked so hard to grow can be a bit more complex than nipping into Currys to buy a new webcam! Instead of thinking of it as a simple one-off transaction, it can be much more useful to cultivate a long-term relationship with your broker.

An ongoing relationship can help your broker to recommend the cover that suits your needs

As you’ll know, no two companies are the same. The workplace culture you’ve worked hard to foster, your business’s practices, and the skill set of your team are all unique and this is what helps it to stand out.

Since your company’s experiences will be distinct, it can be important that you keep your broker updated when it comes to the risks your company faces and the protection you need. This can help them to find the cover that’s right for you.

If you only speak to your broker once a year, they may not have the full picture about the kind of protection that your company needs.

Fostering an ongoing relationship can help them to stay informed and give you peace of mind to know that you have the cover that’s right for you.

As your business grows, your protection needs are likely to change with it

Take a moment to think about how much your business has changed over the years, from those initial early days to the present.

In that time, your working practices, team, and company culture have probably all changed substantially. In the same way, your protection needs may be different too.

For example, as your team has grown you may now rely on a few key members of staff. If any of them passed away unexpectedly, or fell ill and were unable to work, then it could seriously affect your business’s ability to function.

Alternatively, as your business grows, you may find that it offers a more tempting target for cybercriminals. If you’re the victim of a ransomware attack, then not only could it set you back financially, but your staff may also be unable to work for several days.

When you think about how much your business has changed over the years, it’s important that your protection evolves with it. This is why it can be useful to have regular conversations with your broker, so they’re fully informed and can meet your needs more effectively.

This can give you greater peace of mind that you won’t have to worry about any unexpected issues arising. Knowing that you have the protection that’s right for you can give you one less thing to worry about, so you can focus on managing your team in the most effective way.

Get in touch

If you want to ensure that your business is fully protected against whatever the future may hold, we can help. To find out more, email creative@eggarforrester.com or use our contact form to request a callback from our team.

Posted: May 27, 2022 | Categories: News

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