Meet a Broker: Byron McPherson
Byron McPherson, CPRS Insurance
Byron McPherson is a successful Melbourne-based Insurance Broker with CPRS Insurance. Advisr spoke to Byron about his experience being a Professional Indemnity insurance specialist and his insights into being a customer-focussed insurance broker who goes that extra mile.
What do you love about being an insurance broker?
I really love working with my clients and prospects to come up with practical insurance solutions to address their concerns, that help them to run their businesses effectively without having to worry about risks.
What insurance lines are your core areas of expertise? Core areas you service?
I specialise in Professional Indemnity insurance products for anyone who gives independent advice for a fee. Currently, a number of professions are struggling to find cost effective Professional Indemnity insurance. Over many years I have built up strong insurer relationships around the world, these relationships enable me to provide various solutions many other brokers are unable to. I also offer a range of general insurance product options to ensure the clients are fully covered.
What is the most unusual request you’ve had?
Only the other day I had a prospect approach me for Professional Indemnity insurance for a digital diagnostics consultant! I did have to look up what this entailed, as I did think I had heard of just about every profession, but this was new….
Who knew there’s so much we can learn from machines! For those who want to know, simply put, digital diagnostics is the technology that will make it possible to deliver a remote diagnosis, particularly in the medical sector.
What makes an ideal client and why?
Right now, I’m seeing two types of client in particular asking for my help. Firstly, people who are jumping out of paid employment and contracting back to large corporations. These contractors, no matter what field, often need to have Professional Indemnity and Public Liability Insurance in place as part of the contract. Secondly, professional services organisations that have just found out their insurance renewal terms have changed dramatically.
When have you gone above and beyond for a client?
One of my clients was applying for a specific AFSL (Australian Financial Services License) and needed quite a number of wording customisations to cover the unusual financial services they were offering. This involved numerous meetings and emails with their compliance lawyers to get the cover exactly right first time for the application with ASIC. If their initial application had been rejected, it would have likely led to a 6 month delay in being able to kick their business off.
Why should someone consider using an Insurance Broker?
These insurances are complex products and clients have complex evolving needs which are best managed by a professional insurance broker. It really is the best way to get the best possible result.
What areas of insurance should people be aware of over the next 12 mths?
The insurance cycle is most certainly changing and insurers are looking to pass on the increased costs of claims in virtually all insurance classes, especially Professional Indemnity. A professional and competent insurance broker will work closely with you to mitigate these increases, by presenting your risk profile in the most positive light to the insurance market.
If you have any questions about Professional Indemnity insurance then feel free to reach out to Byron McPherson.