Why an ongoing relationship with your insurance broker deserves a place in your business planning.

Running a business means making decisions every day. You manage customers, employees, suppliers and cash flow while working towards your next milestone. Insurance can easily become something you revisit only when a renewal notice arrives.

BaCor FSP (Pty) Ltd believes a useful insurance conversation starts with a simple question:

Your answer creates a starting point for reviewing your protection, understanding your responsibilities and deciding what needs attention.

Start with what has changed

A broker can help assess your needs, explain suitable insurance options and review your cover as your business develops. That process depends on a clear understanding of your operations.

Before your next discussion, prepare a short “what has changed” list. Consider:

• What have we bought, sold or replaced?
• Have we changed premises or started working at additional locations?
• Are we offering any new products or services?
• Has the way we use our vehicles or equipment changed?
• Are we holding more stock at certain times of the year?

You do not need to arrive with insurance terminology or ready-made answers. Start by describing what happens in your business. Your broker can help identify which changes need closer attention.

Make room for questions

An insurance review should leave you with a clearer understanding of your policy.

Ask your broker to walk you through the cover, limits, excesses and exclusions relevant to your operations. Where something is unclear, ask for an explanation using a situation you recognise.

For example: “Our equipment regularly travels between clients’ premises. What should we check in our policy?”

Practical questions make the conversation relevant to your daily work. Keep a record of the answers and any outstanding actions so that your review leads to decisions you can follow through on.

Think through a disruption

Picture an important part of your operation being unavailable tomorrow. What would you need to do first? Who would contact customers? Where would you find your asset records, supplier details and insurance documents?

Use this exercise to prepare questions for your broker about your protection and the claims process.

A broker can assist with submitting a claim, communicating with the insurer and following its progress. Understanding that process beforehand gives you a useful point of reference when you need support.

Turn your review into an ongoing conversation

Set aside time for a proper review and contact your broker when significant changes arise between reviews.

At the end of each discussion, agree on three things: what needs updating, who will provide the necessary information and when you will follow up.

General disclaimer

This article provides general information and does not replace advice based on your circumstances. Refer to your actual policy wording and schedule, and confirm cover, conditions and exclusions with your broker or insurer.

All content, processes, templates, macros and automated workflows are the exclusive intellectual property of BaCor Holdings (Pty) Ltd and may not be copied, reproduced, adapted, distributed, commercialised or used in any manner without prior written approval. Unauthorised use or replication is strictly prohibited.