advantages of using a small business insurance broker

1

Advantages of Using a Small

Business Insurance Broker

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Two options for getting business insurance exist


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1. Go straight to an insurance

company (otherwise known simply

as an insurer)

YOU INSURER


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2. Consult a business insurance

broker.


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Using an insurance broker has

many advantages over getting

insurance directly from an

insurance company.


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A business insurance broker,

unlike an insurer's agent, does not

work for an insurance company


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Business insurance brokers are able

to deal with many insurance

companies to arrange a package or

program to meet your specific (or

unique) requirements


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Insurance Brokers who are registered with the

National Insurance Brokers Association (or NIBA)

are duty bound by its Code of Conduct to place

their clients' interests first and to provide them

with superior service and advice.


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Insurance brokers are able to deal with a

variety of insurance companies and are

therefore more aware of the range of costs

and benefits available.


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Business Insurance Brokers will make sure you

take the right insurance policy for your specific

needs and explain matters that can baffle and

dismay many people who are unaware of how

insurance policies are worded.


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Australian Business Insurance Brokerages are

licensed through Australian Financial Services

(AFS) licence and must meet the conduct standards

within the Financial Services Reform Act (part of

the Corporations Act).


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Insurance brokers also are required to maintain

their qualifications through certification programs.


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As part of their code of ethics, Insurance Brokers

are subject to provisions of the Privacy Act and are

not allowed to disclose client details without client

consent, which includes their policies and

coverage.


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An Insurance Broker is bound to disclose all fees

charged and (on request) the amount of any

commission received and what effect it will have on

the premium.


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Your Insurance Broker should also inform you of any

additional charges for consulting services such as risk

management, inspection, valuation or other services

associated with the policy you are about to buy through the

broker.


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