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Why do I need a broker?


We work with our clients to understand their insurable risks and exposures, focusing on how to use insurance to appropriately protect their assets and liabilities. Insurance Brokers offer qualified advice on the management and reduction of insurable risk, which incorporates the vast array of insurance products that are available.

As Brokers, we use our in-depth knowledge of risk and the insurance market to identify and arrange suitable insurance cover – both for businesses and individuals.

Our extensive knowledge, access to an extensive range of insurance policies available in the market, and a network of industry contacts, allow us to negotiate the most competitive deals for our client’s individual needs. The same skills and networks are also used to help our clients resolve claims when they arise.

Why use a Broker?
As Insurance Brokers, we can save you time, money and worry. We can help you understand the cover you need, and can source that cover for you from the extensive insurance market we have access to,.

Often consumers and businesses will make a decision based purely on the lowest price – and that can backfire in the event of a claim if you find out you’re not adequately covered, or not even covered at all for the loss that occurred.

Whether it’s business, home or motor insurance, we provide advice and assistance to make sure you are adequately protected. The advice is tailored to your needs and individual situation, which can be vastly different to others when on the surface appearing to be similar.

Regulations

Brokers must also meet the conduct standards set out in the Corporations Act 2001 (Cth) (Corporations Act). There are general conduct obligations that apply to all financial services licensees and authorised representatives and specific conduct obligations that apply to an adviser who provides personal financial product advice.

When we provide you with personal financial advice then in accordance with the Corporations Act we must:

  • Act in your best interests
  • Provide you with appropriate advice
  • Warn you if their advice is based on incomplete or inaccurate information
  • Prioritise your interests where there is a conflict with their own interests (or an interests of a related party)
  • Prepare and provide you with a Statement of Advice (SoA) that documents their advice in relation to the insurance policy.

Information Source

http://understandinsurance.com.au/using-an-insurance-broker

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