If you are planning on using a broker, one of the most important parts of the process will be choosing a suitable insurance professional.
All brokers are different. They have different levels of experience and qualifications, and different areas that they can specialise in.
In this guide we will take a look at some of those differences and the impact they can have on your choice.
Knowledge & Experience
As with all professions, insurance brokers in Queensland will have different levels of knowledge and expertise.
Generally speaking it will be better to deal with an insurance broker who has a higher level of experience and qualifications, but this isn’t always a guarantee of better service and advice.
It is also important to check the broker’s qualifications and their authority to provide insurance advice. This information will generally be available in their Financial Services Guide (FSG) that all brokers are obliged to provide to you by law.
Areas of Specialty
Some brokers deal in all types of insurance, whilst other specialise in certain areas.
If you are just looking to insure your home or car virtually any broker should be able to assist, but if you are insuring your business it is more important to use a specialist.
Specialist insurance brokers exist in a variety of different sectors. Common specialty areas include insurance for tradesmen as well as medical insurance.
Some brokers also specialist in specific types of insurance. For example some may specialise in public liability insurance whilst others specialise in professional indemnity cover.
Although very few brokers specialise in a certain geographical areas, it is still important to ensure you broker has an understanding of where you business operated.
For example here in Qld there are some unique rules in place for public liability insurance. Electricians in Qld must have special type of insurance which interstate brokers are often unaware of.
How Can A Broker Help?
A good insurance broker or adviser can help in many ways when it comes to sorting out your insurance needs.
Your broker will be able to assist you with assessing your business and its insurance needs. They will also be able to assist with choosing the insurance broker who will be able to provide you with the best value.
Any insurance broker should be able to assist you with an appropriate insurance policy, however by choosing the right broker you can help to ensure you are getting the most appropriate cover at the best price.
For more information or to be put in contact with a Qld insurance broker please complete our online enquiry form.