Why use a broker?
An insurance broker can save you time, money and worry. A broker can help you understand the cover you need, and can purchase that cover for you from the insurance market.
Often consumers and businesses will make a decision based purely on the lowest price – and that can backfire in the event of a claim if you find out you’re not adequately covered, or even not covered at all for the loss that occurred.
Whether it’s business, home or motor insurance, brokers provide advice and assistance to make sure you are properly protected. The advice is tailored to your needs.
How do you find a broker?
The National Insurance Brokers Association (NIBA) represents more than 90 per cent of brokers in Australia, and has nearly 400 member companies.
The NIBA’s Need a Broker website lists hundreds of national and regional brokerages, searchable by postcode and highlights their areas of specialism.
What types of insurance do brokers offer?
According to the National Insurance Brokers Association (NIBA), brokers place almost half of all general insurance premiums in Australia – about $17 billion a year* – and are typically involved in helping arrange commercial insurance.
The most common types of insurance brokers arrange are business packages, commercial motor and professional indemnity.
However, nearly all brokerages also provide assistance for everyday types of insurance, such as home insurance and private motor insurance, for clients.
* APRA Intermediated General Insurance Statistics, June 2012
Do you have to pay for the services of a broker?
Many insurance brokers get paid a commission by the insurance companies when the policies are purchased. Other insurance brokers act on a fee-for-service basis, and negotiate the fees they charge with their clients. Ask your broker to explain the situation to you.
Does it cost more to use a broker?
Not necessarily. It can cost less because brokers have knowledge of the insurance market and can negotiate competitive premiums on your behalf.
A broker is obliged to advise you of the fees charged for the services provided to you, so there are no hidden costs. Fees should be set out in the Financial Services Guide, Product Disclosure Statement (PDS) or where a broker has provided you with personal financial advice, the fees and costs associated with their advice will be set out in your Statement of Advice.
Remember, not all insurance policies are the same. You might be able to get a cheaper policy elsewhere, but it may not provide the cover you need if something goes wrong.
An insurance broker can save you time, money and worry. A broker can help you understand the cover you need, and can purchase that cover for you from the insurance market.
Often consumers and businesses will make a decision based purely on the lowest price – and that can backfire in the event of a claim if you find out you’re not adequately covered, or even not covered at all for the loss that occurred.
Whether it’s business, home or motor insurance, brokers provide advice and assistance to make sure you are properly protected. The advice is tailored to your needs.
How do you find a broker?
The National Insurance Brokers Association (NIBA) represents more than 90 per cent of brokers in Australia, and has nearly 400 member companies.
The NIBA’s Need a Broker website lists hundreds of national and regional brokerages, searchable by postcode and highlights their areas of specialism.
What types of insurance do brokers offer?
According to the National Insurance Brokers Association (NIBA), brokers place almost half of all general insurance premiums in Australia – about $17 billion a year* – and are typically involved in helping arrange commercial insurance.
The most common types of insurance brokers arrange are business packages, commercial motor and professional indemnity.
However, nearly all brokerages also provide assistance for everyday types of insurance, such as home insurance and private motor insurance, for clients.
* APRA Intermediated General Insurance Statistics, June 2012
Do you have to pay for the services of a broker?
Many insurance brokers get paid a commission by the insurance companies when the policies are purchased. Other insurance brokers act on a fee-for-service basis, and negotiate the fees they charge with their clients. Ask your broker to explain the situation to you.
Does it cost more to use a broker?
Not necessarily. It can cost less because brokers have knowledge of the insurance market and can negotiate competitive premiums on your behalf.
A broker is obliged to advise you of the fees charged for the services provided to you, so there are no hidden costs. Fees should be set out in the Financial Services Guide, Product Disclosure Statement (PDS) or where a broker has provided you with personal financial advice, the fees and costs associated with their advice will be set out in your Statement of Advice.
Remember, not all insurance policies are the same. You might be able to get a cheaper policy elsewhere, but it may not provide the cover you need if something goes wrong.
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