Why Use an Insurance Broker

Why Use an Insurance Broker

An insurance broker helps you protect your business and your people

 

Having an Austral insurance broker by your side makes excellent business sense. Our insurance brokers will help you to understand the risks your business faces and then provide insurance for your risk exposures.

An experienced insurance broker will make sure that you have the right business insurance in place to protect your business at all stages of its growth. Our brokers work to become an integral part of your team – read our client testimonials here to understand why our clients value our support.

But what does an insurance broker do? We've compiled a list of FAQs about insurance broking below however please feel free to contact us with any questions you may have. We'd be delighted to help.

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An experienced insurance broker will make sure that you have the right business insurance in place to protect your business at all stages of its growth. 

Insurance Broker FAQs

What does an insurance broker do?

An insurance broker provides insurance and risk management advice as well as claims advocacy services to its clients.

Which insurance do you need? The insurance market can be complex and difficult to navigate for the average business owner. You firstly need to understand the specific risks faced by your business. You then need to decide which risks to manage (read more on risk management here). Finally you need to decide which insurance policies are needed to address the risk exposures you can't manage. 

Which insurance policy is the best? Then the policies need to be reviewed. Different insurers offer different policies for different insurance products. Making comparisons between insurance products and choosing the correct cover to meet specific needs can be time consuming, confusing and costly if the wrong advice is given.

Placement and management of your insurance program - Insurance brokers are licensed professionals who will act on your behalf to source the right insurance policy that will include the most suitable coverage, terms, conditions and price for your company - all backed by a credible insurer. They will also provide ongoing advice as your business grows and changes. This service will be supported a professional claims management service which is invaluable when things go wrong. A claims manager will advocate for you and manage the entire claims process in the unfortunate event of an incident.

In summary, an insurance broker will provide the following services for you.

  • Risk profiling of your business
  • Review on your insurance program and make recommendations
  • Remarket your program to local and international insurers, to ensure you have the policies most suitable to your needs.
  • Provide recommendations and analysis of the different policies available for you to make informed decisions
  • Contract reviews
  • Claims management from lodgement to finalisation

How does an insurance broker add value to your business?

In a 2019 review of the value of insurance brokers in Australia by Deloitte, the following findings were made:

  • 62% of clients had a limited understanding or appreciation of their business risks.
  • 40% of the 421 respondents were underinsured or not insured at all before engaging a broker.
  • Clients saved, on average, 11 hours of their time by engaging an insurance broker.
  • Clients saved, on average, 2.5 hours in the claims process. For complex matters, this saving was significantly higher.

Source: https://www2.deloitte.com/ Deloitte| The economic value of insurance broking

Is an insurance broker right for my business?

Insurance brokers help manage all your business insurance requirements allowing you to focus on running your business. In the long run, they can save you time, money and save you from costly mistakes.

An insurance broker is right for you if:

  • You don’t understand all your business risks
  • You are not sure about the insurance policies your business needs
  • You don’t know if you’re adequately protected with your current insurance policies
  • You’re uncertain if you’re paying too much for your insurance
  • You’re too busy to research and compare insurance policies and limits
  • You don’t have time to follow up or manage an insurance claim

Are insurance brokers expensive?

Insurance brokers add value to your business by ensuring you have exactly the right insurance cover in place to protect you against the risks that face your business.

Being underinsured is risky and can be costly. Being over insured is also costly. Getting the right advice, the correct insurance program and claims management support is invaluable.

An experienced insurance broker will run through your risk exposures and then discuss all the fees and charges that will apply for your business insurance program. The advice and support you receive from a broker will result in savings at the time of purchase, and during claims management when they will advocate on your behalf.

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