Why you need a broker
- Oct 04, 2016
- 6 min read
Insurance has become a necessity – whether it’s for a business, a house, a boat, or our family’s health – everyone buys it. There are many different ways to buy insurance. But how do you know you’re making the best-informed decision?
You might want to consider engaging the services of an insurance broker.
For starters, they are legally required to act in your best interests.
An insurance broker works for you.
Once they’ve assessed your specific insurance needs, they’ll do all the shopping around for you. They compare the coverage of numerous insurers in an effort to get you the best rates and conditions. A good broker will find a good deal for your insurance because they have a thorough understanding of the insurance market and can negotiate premiums on your behalf.
A good broker will find a good deal for your insurance because they have a thorough understanding of the insurance market and can negotiate premiums on your behalf..
You benefit from the variety of choice
Engaging an insurance broker means that you will have access to a broad market when it comes to deciding on which insurance portfolio is right for you. With more choice and a professional understanding, a good broker can often find you a policy that is not just ideal for what you need, but also potentially cheaper than what you would find if you searched and compared policies yourself.
The focus is YOU
A broker’s advice is offered with your best interests as the primary focus. Unlike direct insurance providers who are focused on selling you something, with a broker your interests come first – both up front and with ongoing review.
A good broker provides a full service
An established general insurance broker offers the benefit of dealing with one broker for all policies from car insurance to professional indemnity insurance rather than dealing directly with several insurers.
One source for your enquiries and services
Insurance matters can be complex and a broker can help explain premiums, terms, conditions and walk you through the tricky bits like exclusions, excesses, coverage limits (flooding is a big one here). When a broker is already experienced and highly trained in these matters they give you time to focus on what you do well.
Comparison websites simply don’t effectively inform you of the full implications of your choices. The policies you’ll be offered are fairly generic. So if you want a policy that meets your individual needs it’s a wiser choice to use a broker.
A helping hand
Brokers act as your advocate in your insurance matters – especially at claim time. This can take a lot of the stress out of a crisis. If you experience a loss, your broker will guide you through the claims process and drive the processing of the claim through the insurers, coordinate the input of third parties – such as assessors – helping to ensure a swift and fair settlement by your insurance company.
Brokers are licensed professionals. In Australia, all insurance brokers are required to be licensed by the federal government’s Australian Securities and Investments Commission (ASIC). Reputable and experienced insurance brokers in Australia will generally also hold additional qualifications such as a diploma in financial services. They are also required to undertake rigorous ongoing professional development every year.
Just like an accountant or lawyer who provides you with professional advice based on years of training and experience, we do the same with your insurance. We are experts at risk assessment and how to properly protect you and your family’s interests with respect to your car, home, property and business insurances just to name a few.
If you would like to have your important assets protected by experienced qualified individuals – and have someone on your side straight away when things go badly, email us on email@example.com or call us on 07 3252 5254 and talk to one of our brokers.