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Why You Need An Insurance Broker

General Insurance Management Consultant Insurance

Insurance offers financial security when things flop that is why it plays an essential role when it comes to the Risk Management Strategy.

Generally, acquiring the right insurance solution may be easier said than done. A lot of business owners have difficulty finding time to organize insurance, so if you find yourself under the complexity of the insurance world, now might be the best time to speak with an insurance broker.

ARMA Insurance Brokers are a team of professional and licensed brokers who can provide expert advice and will act on your behalf to make the process run smoothly. Here are some of the reasons why you should consider having an insurance broker.

1. Tailor-made service

One of the main advantages of using an insurance broker is maximizing the personalised approach that they provide. They are your single point of contact and have a good understanding of the specific insurance required for your business. Rest assured they will take the time to learn more about you and your business.

2. Risk exposure assessment

Many Australian businesses are underinsured which may lead to serious matters in the event of a claim only to find out that your risks are insufficiently covered and that when the insurance broker comes in equipped with the knowledge from a range of various industries, they will examine your situation and point out the risk areas that need to be covered.

3. Guides you in understanding the fine print

It is essential to take the time to review your Product Disclosure Statement (PDS) when taking out an insurance cover, for you to understand exactly what your inclusions and exclusions are. This can be time consuming and more often than not, difficult to understand. Your insurance broker will gladly take the time to go through the PDS and explain your insurance cover to you so you know what you can expect from your cover.

4. Expert advice

Insurance Brokers have the expert insight to offer professional advice around your insurance and you can be at ease knowing you have the adequate insurance cover in place.

5. Money and Time-saving

Insurance Brokers save you money by finding you practical insurance which provides you adequate ultimately. They will do the running around on your behalf to find the insurance that suits you best.

6. Leadership and Professional Development trainings

In Australia, brokers have their Tier 1 or Tier 2 in general insurance compliance and many brokers have additional qualifications as well. Insurance brokers are industry professionals who have specific training required to hold an Australian Financial Services Licence (AFSL) or be authorised by a licence holder, allowing them to carry out their duties. In addition, insurance brokers are required to undertake ongoing industry specific training each year to ensure that they are fully up to date with industry standards and are aware of the new products available on the market.

7. Regular Cover Reviews

Business Package

Purchase up to six products under one Business Insurance Package.

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AQF Diploma of Insurance Broking

The Diploma of Insurance Broking is deigned to equip individuals with the skills necessary for managing broking teams, handling new business submissions, and providing quality insurance services and advice to clients.

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Tier 2 General Insurance Compliance

This unit focuses on teaching the skills and knowledge required to assess clients’ insurance needs and accurately advise them about retail general insurance products and services.

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As a business owner, it is very important to review your policy to avoid missing out on a cost-effective or more suitable cover and to see if any changes need to be made. With their constant continuing training, your broker will also be across new products to the market which may be more applicable for you and your business.

8. Direct collaboration with the insurer

Being a business owner keeps you busy and the last thing you want to do is spend all day on the phone to insurers negotiating premiums or making follow-ups on a claim. With an insurance broker, they do all the communication on your behalf. You will have one point of contact instead of having to speak with various insurers about multiple policies.

9. Claim time support

Your broker will make your whole life easier when it comes to making a claim. They will lodge your claim on your behalf and follow-up with the insurer to guarantee the best possible outcome. With their industry knowledge, they can facilitate a swift claims process.

10. Works with you and for you

Insurance brokers have access to a range of different policies offered by various insurers and will work to find the best product for your specific situation. They will be able to inform you about the products on offer from their particular company depending on if you wish to compare their products to policies from other insurers. Your broker is there to support you during the initial stages of choosing an insurance policy to making a claim - not the insurer.

Your Trusted Advisors at ARMA Insurance Brokers have extensive knowledge with almost two decades of experience in dealing with the growing complexity of your business. Contact 02 4932 4444 today and get your business covered!

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General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Amanda Morris, Arma Insurance Brokers Hunter Valley, ABN 60096916184, AFSL 233750