Getting insurance through a broker

By Jessica Dametto    August 27, 2019

Is it better to use an insurance broker than to get insurance direct through a website?

This is a question we hear a lot. A common misconception is that it is easier and cheaper to purchase an insurance product for your business online. This is most often not the case, and business owners can be left with a substandard policy that is not tailored to their individual requirements and exposures – which would leave them significantly out of pocket in the event of a claim.  

Businesses small and large can benefit from engaging the services of a qualified and experienced insurance broker. And the benefits are not just about the upfront cost of insurance – there is a lot more involved.

Benefits of using an insurance broker 

1. Ensuring Appropriate Cover 

Insurance brokers have access to numerous markets that in some cases are exclusive to the broking market. This gives us the opportunity to source the most appropriate policy for a business, after discussing and determining their primary exposures and concerns. Having relationships with Insurers and Underwriters also gives us the leverage to tailor an insurance policy and negotiate on pricing, to ultimately create the most suitable solution for a business. 

2. Claims Assistance

Understandably, the most stressful time for a business owner is following an unforeseen incident that has affected their business and disrupted their life. An insurance broker is there to make this period as uncomplicated as possible and will use their experience and knowledge to speak with the Insurers and negotiate the most desirable outcome. 

3. Protecting Your Business & Assets

The role of an insurance broker is not merely to sell a product, but rather to ensure that a business and its assets are properly protected. This can often extend further than placing insurance policies and can delve into other risk management advice and solutions. 

Ultimately, insurance brokers are here to help clients help themselves. Insurance is not a straightforward one-size-fits-all product. Brokers know the market and risks involved and will listen to all the details of a client’s business and particular circumstances to advise on insurance they need and make sure they have adequate cover.  

For an informal chat on your insurance needs contact Jess Dametto

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 suitable 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.

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