Insurance brokers in the Australia offer their clients a range of benefits that are not available when you buy insurance directly from an insurance company.
Here are 7 good reasons to use an insurance broker:
1. If you have a complex life situation such as mortgages or investment properties, then it will be important that you get proper advice when choosing your home contents insurance policy. If you buy your home contents insurance through a bank, they generally will not offer sufficient cover if something was to happen like theft of damage caused by fire or flood. You could be left without adequate coverage in these situations.
2. Insurance brokers do not just sell one product, they assess your needs and then look for the best solution for you and your family. Finding the most appropriate product is as important as finding the best deal. Insurance brokers are fully trained with the knowledge and expertise needed to find you a product that is right for your personal insurance needs.
3. Insurance brokers know the difference between what different types of policies provide as this information can vary depending on who exactly the insured is. For example, some policies offer storm damage cover in the event of a cyclone or tornado whereas others do not.
4. Insurance brokers work with an array of different insurers which allows them to get first hand knowledge on what they have to offer and depending on what type of policy you’re looking for, this can be a real benefit. They will know who has something suitable especially if it’s not normal or a bit different.
5. Insurance brokers can advise you on the best time to change your home contents insurance policy so that it suits what is important for your circumstances. If you are buying a house, upgrading or renovating your existing property, going overseas temporarily or permanently, changing jobs or getting married etc., then your risk will have changed and therefore so could your home contents insurance policy.
6. Comparing policies from different insurance companies takes time and effort plus sometimes involves dealing with the insurers directly when it comes to questions about their products. There are many other important things in life than just finding an appropriate home contents insurance policy; most people would rather spend their free time doing more enjoyable activities. Since an insurance broker works with multiple insurers there is no need for you to waste valuable time and energy comparing products. You can leave it all to your insurance broker and they will find the best solution for you.
7. Insurance brokers provide lots of useful information on home contents as well as any related areas such as tenant’s insurance, landlord’s insurance etc. They’ll be able to call upon their connections with other companies like legal advisors, accountants and solicitors should there be anything specific you need to know about home ownership and renting out property.
10 Reasons To Use An Insurance Broker For Commercial Property Insurance
1. You will have someone to help you find the right policy.
2. They can explain the policy’s details to you in terms that are easier to understand.
3. They can explain important clauses of your policy and how they apply to your business specifically. Maybe there is something about your location, type of business or more information about any risk factors for theft, damage or lawsuits on which you need clarification?
4. If you do not have experience dealing with insurance companies already then a broker will know what company policies and procedures you should follow when submitting claims. A good broker will also have built up relationships with insurance companies so if one company refuses to cover an expense that another provides at no extra cost chances are the negotiator on case at the insurance brokerage firm will be able to find a solution for you – at no extra cost.
5. They are there when you have questions or concerns about your policy, whether it be midyear before renewal time or even in the aftermath of a claim. It is always reassuring to know that someone else is working on your behalf whenever you have issues with an insurance policy.
6. If you were to lose all control over your own company due to some unforeseen event such as death, disability or bankruptcy then an insurance broker will know who to get hold of and what paperwork will need to be done from the company’s end so that everything keeps running smoothly without any hiccups for clients and customers alike – again at no extra cost!
7. A broker will negotiate prices with the different insurance companies for you so that you can get some of the best possible rates available on the market!
8. If you are new to owning or operating a business, especially one that handles valuable goods or property such as commercial real estate, a good insurance broker may be able to steer you away from excessive policies that could cost your company more than it needs to spend on coverage and savings that can be used instead to further improve your business products or services. Similarly when starting up a new company an experienced broker will know immediately what type of policy would suit your specific needs and look into how much they are likely to cost you.
9. It will keep paperwork flowing properly and efficiently.
10. Being protected against problems that can eat away at your business profits is a good idea no matter what industry you are in; an insurance broker who knows their stuff will know exactly how to protect your company and provide policies that fit your specific needs so if the worst case scenario does occur then they will also be able to guide you through all the necessary paperwork involved with filing claims or processing payments from other companies for any covered losses.
The 10 reasons listed above are a few of just some examples why it makes sense to use an insurance broker when purchasing commercial property insurance, however these 10 in particular stand out as being especially important.
9 Ways Using A Business Insurance Broker Could Save You Money
Business insurance is a necessity for every business.
Business owners need to make sure that they have the proper coverage in place to be protected from any unforeseen circumstances or events.
Insurance is not just about protecting assets, but mainly focuses on protecting you and your finances. If anything were to happen having a good policy can provide security for the rest of your employees and your family members who rely on your business income.
Since most people don’t know what their options are when it comes to insurance policies, we decided to provide 9 ways on how using a business insurance broker could potentially save you some money without diminishing insurance cover in any way.
Doing research can save you hundreds of dollars on insurance costs. Instead of going from insurer to insurer trying to get the cheapest rate, a good broker can help find out if multiple policies could provide coverage for everything you need at one low price. Most business owners don’t realise that by having multiple policies they are actually paying more than necessary.
Consolidating policies not only helps the customer in terms of cost savings but also reduces administrative work for the client, so it’s a win-win situation all around! Reducing your paperwork should be an appealing option for any business owner.
An insurance broker can help you analyse your insurance needs and match them with the appropriate coverages to provide coverage for all eventualities. If a policy ends up being more expensive than it needed, they’ll work hard to find a suitable alternative that will provide similar coverage at a better price.
A 10 percent savings may not sound like much but when you consider that most companies work on tight margins, 10% represents thousands of dollars in profits every year! By working with an experienced business insurance broker you could save 10-15%, depending on your industry.
Knowledge is power when it comes to insurance. A good broker will know about all the different types of policies and have access to multiple companies that can provide coverage for your business.
They also have access to many more insurance companies than individual owners, no matter how well connected or knowledgeable they may be.
A good business insurance broker will not only sell you products but will help with claims, policy payouts, and any loss mitigation issues that may arise.
Trying to figure out each single detail when it comes to policies can be overwhelming and confusing at best. A lot of small businesses end up spending unnecessary time trying to understand their options, and this time could be better spent in other areas of your business.
Having the expertise and know-how about various coverage types can make it easier for them to find solutions that are best suited for their clients’ needs.
A female carpenter was contracted to a building company to provide a service. Part of her duties involved being on site with a team of other workers, most of whom were male. A complaint was made to the Australian Human Rights Commission where she alleged that her supervisor sexually harassed her over the duration of her employment by touching her inappropriately and making inappropriate comments. She refused to return to work after reporting the incident to the building company on the grounds that she is suffering major depression as a result of the alleged sexual harassment. She made a workers’ compensation claim due to her alleged inability to return to work. She also lodged a complaint against both the company and her supervisor with the Australian Human Rights Commission seeking approximately $160,000 in compensation plus future damages.
Outcome
It was deemed that the insuring clause was triggered. The matter proceeded to a conciliation at the Australian Human Rights Commission. The Claimant and the Insured agreed at conciliation to resolve the complaint by updating the anti-discrimination policy in the workplace, and providing a settlement.
Payment: $120,000 fine plus, $130,000 in defence costs.
Background
A electrical engineer who was inspecting and installing wiring on an industrial building site. The employee was severely injured when a pile of debris fell on him. He was airlifted to hospital but unfortunately died two days later. A formal Occupational Health and Safety investigation began which eventually led to the company being prosecuted. During the investigation, it was deemed that the company had failed in its duty of care to provide a safe work place for its employees.
Outcome
It was determined that the Insuring clause of the Policy was triggered and indemnity was extended to the Insured. Following a one day hearing, the company was found liable and was fined.
Payment: $120,000 fine plus, $130,000 in defence costs.
