38. Saltwater Insurance Consultants

Founder: Chris Stannage

Revenue: $530,094

Started: 2007

Head Office: New South Wales

Employees: 4

Industry: Legal

Website: https://www.saltwaterinsurance.com

Most businesses hate the process of obtaining legal advice. It’s costly and stressful, even if it manages to save you from some trouble.

This dilemma prompted Chris Stannage to start Saltwater Insurance Consultants. During his time as an in-house counsel for Multiplex, he noticed there wasn’t any “bridge” between the expensive, high-end advice from legal giants and the type of advice given out by insurance brokers.

He spied an opportunity to give more tailored legal advice for smaller businesses. Founded in 2007, the company now turns over more than $500,000 a year and is growing fast.

Stannage says he focuses on providing support and advice to general counsel and chief operating and financial officers, working specifically on insurance matters. The company also added a workers’ compensation advisory team one year after forming.

Stannage’s main challenge was like that of any other business: “Being confident enough to take the step of opening the doors and believing that the advice and services we offer have a place and value in the market.”

Ultimately, however, the experience has been a rewarding one.

“Saltwater has created a new niche between law firms and brokers, providing commercially-focussed strategic advice on insurance issues to corporate and high-net-worth individual clients.”

“We are committed to demystifying insurance wherever it may be found.”