How SMEs Get Benefited By Insurance Broker?

In recent times Entrepreneurship is the buzz word. Entrepreneurship bug has also bitten Indian youth and result is there has been a considerable rise in young Indians, shedding the taboo of failure and heading into the risky world of start-ups and floating SMEs. Now we not only see newly constructed malls and flyovers but we see SMEs delivering a world class service at every few steps. Be it Manufacturing Unit, Retails Stores, Ecommerce Service, Franchisee, Travel, Hotels, Spa, Café, Saloon or Cab service; there is a passion mix pride and self-esteemed mixed humble deliveries all starving to excel. But then why only few of these start-ups sustain in the market? However big or small a business is, there is always an element of risk involved. It’s important to consider all risks but it’s more important to not hold the phobia of risk while taking business decisions as it effects the innovations and experimentation. There are buddle of Business Owner Insurance and Business Insurance product which take up the burden of most of the risks associated to business. To name some, Property Insurance, Business Interruption Insurance, Product Liability Insurance, Professional Liability Insurance, Workmen’s Compensation Insurance and Group Medical Insurance. There are many insurance companies and many agents to offer all these products under different names, so how to buy ? Often it’s found that SMEs buy insurance under pressure of their financial institutions or Life Insurance Agents or their financial advisors. At times pseudo understanding of saving cost push them to take policy without understanding hidden clauses and terms or take up policies that under cover their risk . So what to do? Well before answering it, let’s imagine you want to paint your house, what will you choose? To go directly to Axxx paints dealer and buy ABC shade and XYZ paint. Or a show room where you can compare different brands and features of different products and buy a customized one which best suits you. A best cooling paint for roof, an easy clean for kids room, exterior paint with a dust free or fungal protection suitable for weather you live in, some of your spouse’s favourite wall papers or stickers etc. An insurance brokers is that showroom for SMEs. Insurance brokers is different from insurance company or insurance agent as they are not directly related to any Insurance Company in fact they represent the SMEs. With a broader understanding of product and key benefits of variety of insurance companies they compare insurance products across companies to provide insurance according to their budget and requirements. In fact, brokers can get insurance at cheaper rates by leveraging their scale with the insurer. That’s why good broker’s brokerage is included in premium itself. Brokers provides risk management support, advice on insurance not limited to single insurer or product. They also deals with alternations and keep giving ongoing advice and support to a business. Broker will also take care of your servicing requirements. Therefore, as a business needs accountant for accounting and consultant for tax planning same way an insurance broker for risk management and mitigation.
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