Running a business through a global pandemic is no easy feat. Has it been hard to transport supplies through closed borders? Have you had to lay off valuable employees or find creative ways to keep them connected? How have you kept up with health advisory changes and adapted protocols to keep customers and employees safe?
Have you sought advice navigating the COVID-19 crisis? Who has been able to help?
Alex Brown says insurance advisors have a wealth of knowledge that goes beyond premiums and deductibles, making them a great support through today’s “hard market” — if you find the right one.
“My father was a small business owner, starting in the basement of our family home and growing to 15-plus employees,” says Brown, a Commercial Account Executive at Hub International’s Courtenay office. “I know my clients are busy, and I’ll do as much of the heavy lifting as possible to manage costs and give my clients some of their time back.”
What is the insurance ‘hard market?’
In a hard market you can expect higher premiums and more picky underwriters — providers are more reluctant to offer insurance and take on risk.
“Costs are rising at a staggering clip,” Brown says. “Twenty years ago we saw very high premiums and it hurt, but at least you could still get coverage. Now for some classes of business it’s a question whether you can even get it.”
Add the hard insurance market to your other COVID-19 concerns and you’re likely wondering what you can do.
“The best things that clients can do right now is be proactive. If you’re just waiting until renewal to look at something it’s probably going to be too late. Clients that are able to show underwriters that they have a plan are going to weather this more effectively,” Brown says.
The Hub advantage
Hub International offers the best of both worlds, with multinational resources and local service agents like Alex Brown.
“As an international company we have strong relationships with carrier providers, and we are leaning on those now more than ever to help our clients navigate this market,” Brown says. “But we’re also local —I live right here in the Comox Valley, meeting clients in their board rooms or at their kitchen tables.”
Hub International’s Risk Services Team helps clients manage risk at all times, and is providing extra tools and resources to help business owners with COVID-19 reopening. Hub also has industry specific specialty practices to help your business stay ahead, whether you’re in hospitality, transportation, building ownership or another business. Sign up for weekly updates on industry trends, and engage in Hub’s consultative approach.
“It’s extra value added that you’re not likely to find with other insurance providers.”