When the future is uncertain, the benefits of risk management are clear. You’re able to be more flexible and recover faster when things go wrong. And if you’re serious about how to manage risk in business, you’ll appreciate having a broker at your side.
Santam has been offering insurance that’s good and proper for over a hundred years. Intermediaries are the people who deliver our products and services, connecting us to their clients. We’ve seen first-hand how the expert advice of intermediaries transform the lives of policyholders and their businesses.
Wondering what an intermediary actually does? An intermediary is a risk specialist and trusted advisor for clients. They help you, and your business, to understand industry jargon and financial terms so that you reap the benefit. They design customised risk management solutions for individuals and businesses so that you can mitigate your risk, and they’re there for you when things go wrong.
How intermediaries help your business
How to manage risk across all areas with the right intermediary
Many intermediaries are experts in their chosen fields and can give clients appropriate advice for their business, farm or personal belongings. With years of experience behind them, they can help implement a risk management process for you - such as putting good housekeeping procedures in place, ensuring electricity and plumbing certificates have been provided, that alarms are in good working order and eliminating basic fire, flood or theft risks. An intermediary will work with a client to check all the boxes, and ensure general property maintenance is kept to a good standard - e.g. waterproofing a roof or installing burglar bars or safety gates.
Intermediaries also add huge value to agriculture. Only an intermediary knows the rainfall a client received last season and the expected yield for each of their crops. They keep abreast of the latest trends and know which new tech will add value to a client’s operation. They can advise them on everything from drone insurance and legal liability to livestock and safer transport.
An intermediary is the one person who knows the ins and outs of protecting your car and home, from the crime stats for your area to how much you’ll save on premiums if you install electric fencing. Whatever your passion - 4x4 trips, riding a speedboat or investing in a vintage car - your intermediary will be a trusted advisor to help you plan for any type of risk.
Helping our clients better understand their policy
Many clients prefer to have an intermediary at their side who can not only explain policy terms but also point out exclusions to watch out for. An expert intermediary will listen carefully to your needs and help you combat risk in the best - and most affordable - way possible.
Tailored risk management for your business
No business is the same, and requirements vary from industry to industry and from area to area. For example, a bakery in a busy urban centre and a bakery in a rural area might both sell bread but they have very different needs and risks.
This is where intermediaries add value by engaging with businesses to familiarise themselves with their unique challenges and the risks they are exposed to. An intermediary will visit a business to do an in-depth risk assessment with a client. From liability to business interruption cover, only a trained eye will be able to tell where weaknesses lie and how to best protect assets with the right insurance cover.
Risk management from all angles
Just as businesses vary considerably by their operations, industry or area, they are also at different stages of growth. An intermediary can assist with any size of business by properly evaluating the business and help establish the correct value of items to be insured. This will assist clients in avoiding the risk of being underinsured and will also evaluate if business interruption cover is required.
They will also determine the turnover value of each type of business, enabling a more accurate underwriting process. It’s about looking beyond physical risks to safeguard a company’s ability to stay in business.
With these insights, an intermediary can ensure that a business is properly covered so that there are no hassles at claims time, and can streamline the renewal process. This is the benefit of a risk management approach.
A trusted advocate when it’s time to claim
Claims time is crunch time and an insurance intermediary will provide invaluable support throughout the process. As a partner and advocate, an intermediary will work with an insurer on your behalf to try and speed up the insurance claims process as much as possible. This can be an especially stressful time for businesses as you have to provide information and documentation in support of your claim.
This is when intermediaries show why they are often regarded as such an essential part of clients’ business advisory teams.
Powerful risk assessment with Santam intermediaries
As the market leader in short-term insurance with almost 70 years of experience, Santam continues to work closely with intermediaries to deliver the right insurance solutions for our clients. We offer ongoing professional education through workshops and conferences, and we give support through dedicated technology platforms.
Click here to find an intermediary near you.