Are insurance brokers worth it?

A mortgage broker using a laptop at a cafe

There are many good reasons for choosing to use an insurance broker rather than going direct through an insurance company.

The complexities around understanding what you need to be insured for are often daunting and most small businesses in particular find it challenging to accurately access their financial risk and security policy requirements.

There are many good reasons for choosing to use an insurance broker rather than going direct through an insurance company.

The complexities around understanding what you need to be insured for are often daunting and most small businesses in particular find it challenging to accurately access their financial risk and security policy requirements.

A good broker will have a full understanding of what insurance products are available and how they can be tailored to ensure your business or household is fully covered.

As experts in their field, they know the risks associated with different industries and how important it is to find the right insurance policies that will provide full cover should a claim need to be made. They will also ensure that you are with the most suitable insurer with the widest coverage options.

They also work on your behalf from end-to-end, so should the unexpected happen, they handle your claim for you saving you time and associated costs in the event the process is prolonged or disputed.

An insurance broker will make sure you have the right level of cover

Most people know that they need to get their household contents, vehicles and business assets insured against theft, damage or a natural disaster. However, there are other events and circumstances that require consideration. For example, you may be insured against a fire damaging your business premises but may not be insured against the loss of earnings you could endure whilst dealing with the disaster.

This is where an insurance broker can really help in determining what actual risks you may face and what policy you need to take out to cover all eventualities.

Unlike purchasing a standard insurance package directly through an insurance company, an insurance broker takes into account all the risks you may not have thought about and tailors a policy that ensures there are no surprises if and when you need to make a claim.

A broker will handle the claims process on your behalf

A broker can prove invaluable in the event you need to lodge a claim. As your policy advocate throughout the process, they stay in regular contact with you to provide updates so you are kept informed every step of the way.

They also act as your representative taking care of all the legalities and paperwork so you can continue getting on with running your business or taking care of your household.

With expert knowledge of how the claims process works with different insurance providers, and what duty of disclosure is required when taking out your policy, a good insurance broker will ensure your policy takes into account all your risks so there are no surprises should there come a time that a claim needs to be lodged.

An insurance broker knows what questions to ask to ensure you are fully covered

Most people know the general questions to ask insurance companies regarding their premiums, what liability insurance they need and what they’re covered for. However, often it’s the questions they don’t think of that can have severe consequences when it comes times to make a claim.

For example, what are the risks that you are not covered for in your policy or how do different insurance companies settle a claim? Are there any policy exclusions that may expose your most important assets like your machinery, livestock or farm vehicle? How can you manage costs and where can you make cost savings without jeopardising your protection?

As experts in their field, an insurance broker will know the right questions to ask when they work with you to assess your risk and tailor your policy. It’s their knowledge and expertise that can be the difference between lodging a successful claim and being told you’re not covered for part of your business or household losses when you may have thought you were.

To find out more how an insurance broker can assist you or your business, contact your local broker today.