Frequently Asked Questions
So that you get the best value for your money and you get covered for what you need. A broker works for you, they act on your behalf in claims as well as placing the policy. If a broker is charging you a fee to handle your claims the choice is clear …. get another broker! This service is part of what we do and factored into our fees and commissions.
- Find places to insure various things that an ordinary person can’t. They can read and understand an insurance policy and what it covers and what it doesn’t. There are lots of insurers who do not deal with members of the public direct.
- Argue with insurers with the same and sometime more knowledge about cover than the insurers claim department.
- A broker may use the internet to transact business to minimise the time taken on your business, these internet options are not available to the general public. They are specific platforms designed for complex insurances and experts in their field.
Brokers are paid in two ways, Fees or Commission (percentage of the premium). Sometimes yes, you may pay more, but you will get what you paid for. Our primary function is to place cover cost effectively, which is appropriate to the needs of the client and works if a claim needs to be made.
If you have a claim and the insurers are looking to deny but your broker can argue with insurers about the small print the extra money you think you may have paid will seem unimportant.
A licensed General Insurance broker can provide terms for you on pretty much all insurances except for Life insurance and related covers. Cars, Houses, Businesses anything that has a value or that may result in a liability to you. Ask your broker if you’re not sure.
They don’t, but a good broker will have knowledge about a broad range of insurances and will be able to read and interpret the insurance policy wording. An experienced broker will know the market and will know that some policies are very specialised and that there are limited places to cover certain risks. In the same way as doctors, lawyers and accountants we are obligated to maintain professional development and our firms are required to be licensed by ASIC and the federal government. These measures mean that we are obliged to look after our clients and have both education and protections such as, insurance in place to ensure your interests are looked after.
In simple terms a good broker manages the renewal process and makes it as simple and easy as possible. You will be notified well prior to the due date of the renewal. The broker will continually monitor the market so that you have a good understanding of how your cover compares and whether there are any new policies or developments in the market which need to be considered. All this as well as, managing payment to insurers and representing you in negotiations with insurers and their claims departments should the worst occur.