What does an Insurance broker do?
Insurance brokers work with their clients to understand their risks, and to discuss how to use insurance to protect their assets and businesses. Brokers offer expert advice on the management and transfer of risk, including the range of insurance products that are available.
We use our in-depth knowledge of risk and the insurance market to identify and arrange suitable insurance cover – both for businesses and individuals.
As brokers, we have an extensive knowledge of the range of insurance policies available in the market as well as a network of industry contacts, allowing us to negotiate the best deals for our client’s individual needs. The same skills and networks are also used to help our clients resolve claims when they arise.
Why should I use a broker?
An insurance broker can save you time, money and worry. A broker can help you understand the cover you need, and can purchase that cover for you from the insurance market.
Some insurance policies can be complicated; we can help you understand important details in those policies so you can make better informed buying decisions. We understand your current situation, then work out what level of cover you need, before making sure you are properly protected.
Often consumers and businesses will make a decision based purely on the lowest price – that can backfire in the event of a claim if you find out you’re not adequately covered or, even not covered at all, for your loss that has occurred.
Whether it’s Home, Contents, Vehicle or Marine insurance, our brokers provide advice and assistance to make sure you are properly protected. The advice is tailored to YOUR needs.
Do I have to pay to use a broker?
As professional insurance brokers we are no different to any other professions like lawyers, accounts, etc and earn our income for the professional services we provide. We earn this through a combination of commissions from the insurers and broker fees which we disclose the actual amount to you for the fees. Our brokers have the knowledge and can use our leverage to negotiate appropriate cover for you at a very competitive rate. Remember, not all insurance policies are the same. You might be able to get a cheaper policy elsewhere, but it may not provide the cover you need if something goes wrong. Whether it’s Home, Contents, Vehicle or Marine insurance, our brokers provide advice and assistance to make sure you are properly protected.
Does it cost more to use a broker?
Our brokers have the knowledge and can use our leverage to negotiate appropriate cover for you at a very competitive rate. The only time you MAY end up paying more is if you had inadequate cover in the first place prior to talking to us.
A broker is obliged to advise you of any Admin fees charged for their services provided to you, so there are no hidden costs. Remember, not all insurance policies are the same. You might be able to get a cheaper policy elsewhere, but it may not provide the cover you need if something goes wrong.
What is insurance, and how does it help me?
Insurance is a way of managing risks. When you buy insurance you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. You are effectively paying this premium upfront to ensure that you are covered for your larger losses if and when they occur.
Insurance helps you:
- Own a home or a business, because mortgage lenders need to know your home or business is protected. It covers you for repairs and replacement of any damage that’s covered by your policy. This includes protection against fire and damage from perils like natural disaster and many more.
- Drive vehicles, because few people could afford the repairs and legal expenses associated with collisions without insurance coverage. If you are legally responsible for damage from your driving negligence, a vehicle policy will also cover the costs to help repair or replace damaged third party vehicles and property.
- Protect Household Items, as in most instances, accidental loss or damage to household items can be expensive to fix. Whether you drop your phone, or your laptop breaks, insurance helps you get back to into the same position faster, before the loss occurred.
- Protect your legal liabilities. For example……If you were to accidentally burn your landlords house down, you may be the one held responsible / liable. All contents insurance covers come with at least $1 million dollars of liability insurance so if the insurance company decides to come after you for the damages cause, your liability cover will pay for it!
Why is it important to have the right type of cover?
There is no ‘one size fits all’ solution for insurance, having an Insurance Broker to tailor an insurance plan specific to YOUR needs can be crucial. Not all cover is the same, this changes from insurance company to insurance company. Often, the lower the premiums, the lesser amount of cover you have. In most cases, people do not realize this until it is time to claim and the insurance company will not cover it!