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Should You Use An Insurance Broker Or Buy Direct?

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These days, we very much live in a DIY culture. With the Internet at our fingertips, more and more consumers are taking matters into their own hands when it comes to making purchases or decisions. In many cases, this is excellent news. Buying direct can save you time, money, and hassle. But does this DIY trend extend to purchasing insurance? When it comes to selecting insurance for you, your business and your family, should assistance be sought for such a big decision?

More than a ‘Middle Man’

In a variety of situations, customers view a middle man as an unnecessary addition, perhaps generating extra costs or causing needless errors. It might seem like buying insurance direct would be cheaper, simpler, and faster, but this is very rarely the case. In addition, purchasing insurance yourself may not provide you with the peace of mind that you’ve selected the best plan or coverage for your needs. An insurance broker is more than just a middle man. A broker helps you get the most affordable insurance in a timely and stress-free manner, but most importantly, ensures you are matched with the ideal policy to meet your unique needs. Knowing you’re fully covered is true peace of mind.

Saving You Money

You might be surprised to find out that working with a broker can actually save you money. Brokers have connections with dozens of insurance providers. Not only does this mean access to the best prices and coverage options, it typically means reduced rates. Insurance companies often offer lower pricing to brokers, because it represents less risk to their company, as the broker is trained to select the right coverage for their client. This means underinsurance will not pose a problem to the insurer. So save time “shopping around” yourself, and let a broker guide you to the best deal for you.

Simple and Straightforward

Insurance is quite complex. Even if you feel quite comfortable with the jargon, there’s no substitute for genuine expertise and years of experience in the field. Working with a broker to choose your insurance policies ensures there are no surprises. Your broker will work closely with you to explain the terms of each policy, meaning you understand your coverage better. In the event of an issue, the broker contacts the insurer on your behalf, saving you the hassle of negotiating confusing claims or concerns. Lastly, an insurance broker handles multiple types of coverage, so you can take care of all your policies in one place. How’s that for simple and straightforward?

No Worries, You’re Covered

The single most important reason to choose an insurance broker over buying direct is the peace of mind you’ll have that your policies are truly protecting you, your family, and your property. In the event that something unfortunate occurs, it’s too late to find out you were underinsured or had the wrong coverage. Such a catastrophe could result in financial ruin. Working with a broker, you can feel confident that you have the axppropriate policy to cover problems that might affect your business, home, or vehicle. Brokers know what to look out for, and will assess your situation in great detail, making sure you’ve got the policy that will protect you.

Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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Business Insurance

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Business Package

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It’s clear that purchasing insurance through an experienced, helpful broker is the way to go. Looking to discuss your policies? For insurance with “no worries”, contact our team at Macey Insurance Brokers today.

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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.

Brendan Goddard, Macey Insurance Brokers, ABN 92 003 364 065, AFSL 240 922

This article originally appeared on Macey Insurance Brokers Blog and has been published here with permission.