Why Insurance Agent is Vital in Buying Business Insurance During COVID-19
The economic effects of coronavirus pandemic COVID-19 altered the risk management profiles of many businesses. Small businesses in India face risks today that they could have never anticipated before 2020. Forced closings, customer and employee illness, reduced income and other issues associated with this outbreak & resulting lockdown have presented unique challenges for both insurance companies and its customers.
Going forward, management of these unique challenges will separate the Men among Boys. As it is rightly said “When the going gets tough, the tough get going”. Both stakeholders have now realised this opportunity lying in adversity. On one hand, insurance companies are now offering a different mix of products to cater to changing customer needs and on the other, Business houses(customers) have realised the importance of right and suitable insurance cover that meets its risks.
Lets understand the importance of Insurance Agents in Purchasing Right Business Insurance Products in pandemic times:
- Add Value to Business Overall Risk Management: A professional Insurance agents with its business knowledge & insights can help you in choosing the right insurance products appropriate to your business type by looking & analysing at all aspects of the policy, all exclusions and all potential contingencies, before you decide what’s the best plan to meet your needs. Here, experienced Insurance agents like Vitality Insurance can add critical value in your total risk management.
Like Business Interruption Insurance policies does not cover any losses arising out of events like pandemic. With COVID-19 as a new challenge, business owners should purchase customised plans – with adequate extensions- that do cover these low-probability but highly-disruptive events. - Managing Premium Costs: With the onset of pandemic, many businesses have curtailed their operations thus impacting their operational cash flows. Not everyone can spare the same sum on premiums that they once did pre-COVID-19.
Buying business insurance has got more complex during this pandemic. Here, a right insurance agent like Vitality with full understanding of your business model can do the financial calculations to look out for right policies with required extensions suitable to your business risk and within your new budget. - Strike Right Balance: Pre-Covid, there were two set of business owners - some business owners use to invest in too many policies with all the extensions which was not even required while others used to spend too less to not even cover vital risks. In today’s Covid times, the importance of coverage for few of the business risks like business interruption has increased significantly and a knowledgeable insurance agent can help you strike a perfect balance wherein you just purchase the right type of insurance policies with adequate coverage.
- Pick Right Customised Plans:
Since onset of Covid-19, many businesses have been grappling with the question – “Does Business Insurance Cover Covid?”
Covid has put lot of business in vulnerable position and in this scenario a good insurance agent / broker can help you customise your insurance plans based on your business needs and risk exposures. This not only ensures optimum benefits but also saves some costs by spending your money on right insurance products. In these challenging times, an informed & educated choice is ideal for business owners. - Professional Insights: Current market scenario is very complex with new challenges and no DIY measures can provide the right solution in these pandemic times. However, an Insurance agent, like Vitality Insurance, with decades of industry experience understands all the nuances of the market and with its market insights can help you identify the right insurance products.
With their wide network across all insurance companies, a good insurance agent can also help you find low-premium insurance plans with wider coverage. Thus, helping you in cost-saving as well, which is need of an hour for almost all kind of businesses.
It’s a challenging time for everyone, everywhere, both personally and professionally. Right decisions can make all the difference to the future of your business and the people who work with you. So, make the informed & intelligent choice while picking the right insurance agent / broker to help you navigate this crisis smoothly!
Stay home, Stay positive & Stay safe!
