How to Spot the Trusted Advisor

This post was written by Tim Lee

The Informed Choice

It is virtually impossible to establish a business without taking professional advice. Accountants, solicitor’s and business consultants, to name but a few, provide a skill set to help companies negotiate the vast and complex world of trade and commerce.

Professional advice is chargeable whether it is correct, likable or necessary and free advice is elusive and rarely free.

Having digested the professional reports, recommendations and warnings you make your decisions on an informed basis armed with the knowledge that your trusted advisor can be counted on when the chips are down.

“Risk comes from not knowing what you’re doing” Warren Buffett

Whether the economy is in boom or bust the survival of your company depends upon the removal or management of risk. Insurance is part of the risk transfer mechanism and it cannot be treated lightly.

Enter the insurance advisor, salesman, trusted friend or long term family broker. Your instinct is to buy at the lowest price convinced the insurance policy covers the main threats to your company.

It’s too late to discover that your policy has a warranty or condition limiting or declining the loss. It’s a bad time to realise the insurers are refusing to indemnify you or that that your claim will be reduced due to average or large policy excesses. All avoidable with the correct advice.

Choosing the right advisor

If your choice of advisor is based on their ability to predict the future you’ re in safe hands. If they talk as if your business was their own or they can draw upon a wealth of experience invite them to the table.

Rarely does and insurance advisor play devils advocate with the loss and recovery of your business. Too often insurance is driven by cost, lack of knowledge, misunderstandings and poor judgement. If you’re not challenged by your broker, friend, salesman or Internet search engine your are inviting trouble.

Don’t settle until you’re confident that the confusing jargon, policy limitations and uninsured areas are explained in plain English. Grasping the basics isn’t enough, you must understand the subtle differences between policies and this is works best when your advisor is sitting in front of you.

Stop comparing on price and start asking for a comparison of cover. It’s your choice, make it an informed one.

Written by Guest Author

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