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Why use an insurance broker

01st Oct 2015

Richard Welch from Advisernet Australia
We caught up with Richard Welch of Insurance Advisernet Australia to find out why it’s important for a small business owner to use a broker….

Richard, why is it advisable for people to use an insurance broker?
An insurance broker can save you time, money and worry. Just like an accountant or lawyer who provides you with professional advice, earned through years of training and experience, a qualified broker can do the same with your insurance.

Insurance can be incredibly complicated to understand fully. An insurance broker can help you understand the details of a policy. They can also help determine the right level of cover to ensure you’re properly protected.

Using a broker often costs less because brokers have on board much knowledge and experience of the insurance market. This results in the ability to negotiate competitive premiums on your behalf. Additionally, because insurance brokers deal with a range of insurance companies directly, they can sometimes access policies that aren’t available to consumers.

Should the worst happen and you do need to make a claim, a broker will act on your behalf, liaising with the insurance company to negotiate the best possible outcome for you, the client. So whether it’s home, car, life or business insurance, brokers will ensure that you’re properly protected. Brokers are the best, most trusted source of advice available.

Are insurance brokers working for the insurance companies or for the policy holders?
Insurance brokers act for their clients at all times. A good insurance broker will partner with you and provide expert advice and advocacy. They will work with you to assess your risks and then choose from a range of providers to provide the best possible cover at the best possible price. We will also manage the claims process on your behalf.

What are some of the emerging risks that small businesses are facing today and how can a business protect itself from these risks?
One of the main emerging areas of risk that will affect small business is the growth of cybercrime. The risk of financial loss is substantial and a skilled insurance broker can assist in tailoring and developing cover to protect small business owners from cybercrime.

What should a small business be looking for a in a broker?
A qualified insurance broker has undertaken specific industry training and spends hours each year on maintaining their professional knowledge through further training sessions. It’s important for your insurance broker to have QPIB qualifications too.
Thank you for your time Richard!

Richard Welch is an Authorised Rep (AR No: 262243) of Insurance Advisernet Australia Pty Ltd AFSL 240549. If you would like to contact Richard from Advisernet Australia please call 0412 276 225 or by email.