Why should I use an insurance broker?

Checked the fine print? Whether its a result of a time-poor lifestyle or just falls into the too hard basket, not reading the fine print or as it’s called the ‘product disclosure statement’ could see you in hot water further down the track.

Insurance can be a confusing business and is better left up to the people who understand it for the best advice. Research shows that many people don’t have the right insurance cover and usually don’t find it out until it comes time to make a claim. Often people will make a decision on insurance based on price and will only find out that they are not adequately covered when it comes time to claim.

“We’ve seen a rise of the ‘one size fits all’ insurance policy, and off the shelf, a ready-made product that looks good and at first, glance, seems to do the job, but unless you have scoured the fine print and understand the legal jargon, you may not have the cover you want or need. Insurance premiums purchased on price alone 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 occurred.”

  • Is your home and contents covered if flooding occurs from an increase in groundwater?
  • If you’re a tradesperson and someone steals your tools from the back of your work vehicle when it’s parked at home, are you covered?
  • If you’re traveling to a job and have an accident, are your work tools covered by your insurance if they are damaged?
  • If you are unable to work or run your business due to an accident or sickness, do you have the right protection to help your business to continue to operate?
  • What happens if you accidentally give someone the wrong advice and something does go wrong? Are you covered?

Insurance brokers are specialists in understanding the different types of insurance and provide a valuable service to their clients.

Why should you consider using an insurance broker?

 

  1. You’ll get the right cover
  2. One of the most important reasons to use an insurance broker is that as specialists in their field and can assist you to navigate what can be a complicated process, work out what level of cover you need to make sure that you are properly protected. If need be, they can provide you with a customised insurance and risk management plan.

  3. They can negotiate a better price for their clients
  4. Insurance brokers have extensive knowledge and understanding of the range of policies available in the market and because of their network of contacts, have access to insurance companies that are not generally available to the public, so can often get you a better price on your premium.

  5. They can handle the claims on your behalf
  6. If you’ve ever had to make an insurance claim, you’ll understand that the process can be quite confronting, particularly at a time when your life has been turned upside down or, in the case of business insurance, have put your livelihood at risk. If you do have to make a claim, your insurance broker works with you through the claim process and will liaise with your insurance company on your behalf.

  7. Save time and worry
  8. Insurance brokers use their knowledge of the industry and policies available to the market, their network of contacts and understanding of risk reduction to work with their clients to discuss how to use insurance to protect their personal assets and their business. Once you have decided on your policy, your broker is your voice in dealing with your insurance company from payment of your premium, to making a claim and negotiating the best price when it comes time to renew your policy.

    Whether you’re in the market for business, home, contents or motor insurance, brokers have an in-depth knowledge of the industry and can provide advice and assistance to make sure you are properly protected. The advice you get is designed to meet your specific requirements.

    Paul Burstow from Burstow’s, part of the CIA Insurance Group is now recognised as one of the leading advisors in Australia after 30 years of experience. He and his son Callum Burstow developed the Callum Report. The report includes free building replacement estimates, a section showing you where you are underinsured, flood mapping, access to the best policies, competitive premiums, and more. Through access to leading insurance software, these reports are now available at no cost to ensure our clients receive appropriate cover and value for every premium dollar spent. Get your free report here.