Why you need your insurance broker

Why do you need a broker

People often question the need to get advice and engage an insurance broker to help look after and manage their insurances. Paying a broker to arrange an insurance policy you can easily purchase online yourself seems like a waste of money. But is it really?

Is your business the same as your competitors?

Are your home & contents identical to that of your neighbour?

The answer to the above is a resounding no. No two businesses are exactly alike and no two homes are identical.

To get the best value out of your insurance premium you should be doing all that you can to ensure that the insurance product you are paying for is right for your needs. Your insurance broker is an industry professional who can work with you to find insurance covers suited to your unique needs and risks.

 

What your broker is doing for you

Your broker is working for you even when you don’t know it. Part of our job is to stay on top of industry and legislative updates that may affect you and let you know of these changes. We also stay abreast of changes in the market and communicate such changes back if they may affect you. Such changes could be an insurer changing their risk appetite and/or underwriting guidelines or letting you know when new insurers enter the market. In addition to being available when you need us, it is also our job to manage the administration and provide you with timely reminders when your renewal is due.

The renewal process is important, it’s when we need to review your needs and whether the risks in your business, home or other insurable assets have changed. It’s important to identify any changes as this helps us to ensure that the cover you have is still adequate for your needs. It is our job to seek alternative policy options and provide advice on your insurance and risk management needs if your circumstances have changed. We also work to check that the premiums you pay remain competitive year in and year out.

 

Broker

 

However, it’s not just at renewal time that you should be speaking to your broker. Changes in your circumstances can happen at any time during the year; buying and selling properties, motor vehicles or changes to core business activities are all important updates that need to be communicated to your broker when they happen or as soon as reasonably possible. Your broker is tasked with the responsibility of handling these changes on your behalf with your insurer, no matter how last minute some of these changes may be. It is our job to action these for you and see to it that you are appropriately covered.

 

It’s about trusting a professional you know

Having a network or panel of advisers you can trust to provide you with advice makes for smart business. The key word, however, is trust. To be able to build trust you need to be willing to connect with people. Connecting with people helps build rapport and makes for a more meaningful relationship. Insurance broking is built on a foundation of connecting and creating quality relationships between brokers and their clients. We encourage our brokers to know their clients and build trusting relationships so that in your insurance broker you also have an advisor you can trust.

 

insurance broker

 

Cover suited to your needs

Your broker understands that your needs are different from their next clients. Helping you to understand and identify your unique needs and risks is our job, as is making sure you receive the right level of advice when comparing and purchasing insurance products.

There are dangers with choosing to buy online direct from an insurer instead of speaking to your insurance broker. Purchasing a policy that doesn’t cover you correctly is the main danger. An industry report published by VERO earlier this year showed that small businesses are twice as likely to be fully covered for losses if they buy their insurance from their broker instead of buying it from an insurer direct. *

 

Industry-leading claims team available to you 24/7

Your insurance broker is only one member of the professional network you have access to with Insurance House. In addition to the relationship with your broker, you also have an industry-leading claims team that is ready and on hand 365 days a year, 24 hours a day to help you when things go wrong. Managing over 5000 claims every year, our claims team includes full-time legal experts and a 24/7 emergency claims hotline that is manned by our own team. We never use call centres, even after-hours emergency claims calls will always be with an Insurance House team member.

The number for the 24/7 emergency claims hotline is 1300 305 834. Save this number in your phone or call us to request a free fridge magnet to help you keep this number handy in case of an emergency.

If you have any changes or a question you would like to discuss with your insurance broker, we encourage you to give them a call today on 1300 305 834 or email ih@ihgroup.com.au.

 

*2018 VERO SME Industry report

 

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