A Guide to Choosing an Australian Insurance Broker

Insurance can be an extremely complex subject, especially if it’s your first time buying insurance of any type. Fortunately, insurance brokers can help you navigate the processes and paperwork typically involved with applying for and taking out an insurance product. In fact, insurance brokers in Australia are so knowledgeable about the field that they can save you money, design the perfect customized insurance portfolio for your needs, and teach you how to lower your premiums by managing your risks. Here are tips on choosing the right insurance broker for you.

Find a Specialist

Not every insurance broker is experienced with all types of insurance, so if you or your business are facing specialized risks, you’ll want to make sure any insurance broker you consider is experienced in finding insurance policies for that specific risk. For instance, if your business caters to providing extreme adventures for tourists, you will need insurance that covers every risk that a regular business faces, but also additional risks associated with potential customer injuries.

Assess Their Responsiveness

When you need to use your insurance, you want an insurance broker who answers calls or emails promptly so that you can get the process underway. While most of the time, your insurance is just sitting there waiting to be used, if something happens and you need to file a claim, you don’t want your insurance broker missing in action. You can get an idea of how responsive a broker is by asking them questions about their services both by email and phone before you choose one to work with.

Persistence in Finding Solutions

Your insurance broker works for you, so they need to put in the effort to find insurance products that work for your needs. Sometimes, your needs might be more complicated than the typical client, but the right insurance broker for you will keep looking for solutions to your unique situation. They won’t stop at the solutions that usually work for other clients, but don’t work for you. Problem solving is a key skill that your insurance broker should have, and if they aren’t willing to go the extra mile for you now, they certainly won’t do it when you need to use your insurance.

Honesty Above Profits

Some insurance brokers are all about getting their clients signed up for any insurance product just to get their commissions from the insurance companies, even if the product isn’t necessarily what their client needs. Your insurance broker should be more concerned with getting you the right insurance products than what their commissions are. These brokers will be honest about your needs and risks so that you don’t end up uninsured or underinsured if you experience an event that requires you to use it. 

Claims Assistance

While insurance brokers primarily assist people with finding the right insurance products to mitigate their risks, they also can and should help their clients with the claims process if and when they need to file a claim. Insurance brokers know the industry much better than their clients do and can often get through the red tape more quickly. Be sure to ask any broker you’re considering working with about their claims assistance services before you make your choice.

Conclusion

Don’t try to manage the world of insurance on your own. Work with an insurance broker to handle the complexities of your policies and you’ll have more time to focus on other parts of your life.