Are you better off with an insurance broker?

We’re often asked, why do we need an insurance broker? Are we better off using an insurance broker? Or should we go it alone?

And our answer is, we’ll save you time and money, so you only pay for the insurance you need.

Recently, National Insurance Broker Association (NIBA) worked with Deloitte to research the value of an insurance broker.

The report found the benefits to clients are many, with brokers helping access a broad range of offerings, understanding risk, and dealing with claims.
With more than half of clients confirming they have a good deal on insurance or save money on premiums by using a broker.

“The prevalence of broker use throughout the economy and across all types and sizes of businesses speaks to the value that organisations place in them,” NIBA CEO Dallas Booth said. 

Deloitte Access Economics Partner and report author John O’Mahony, says insurance broking is a complex business. 

“Insurance broking is not as simple or transactional as walking into a store and buying a good,” he said. “It is a relationship-based business that involves up to 10 pre-sales and post-sales services and creates many sources of value.”

Risk Manager Is part of your team

According to the report, the four biggest benefits of using an insurance broker are:

Insurance Brokers can save you time and money

According to the report, it would take a regular person up to 11 hours to do the risk analysis on their own business to get appropriate cover.
Say your average hourly rate was $100 – that’s $1100 right there.

Plus, there's the opportunity cost of not using your time
doing the things you do best.

Insurance Brokers
help you understand

We do this for a living, so it makes sense we know the ins/outs of insurance lingo, how policies work and what’s covered.
Insurance Brokers also give you a greater choice in policy options as we have access to hard-to-get cover and don’t do ‘off-the-shelf’ policies.
You could say insurance brokers
play the role of interpreter. Helping you understand how things work, so you can make informed decisions about what you need.

Insurance Brokers spot the risks

Our job is to spot potential risks you may not have thought about.

Working out how to manage or minimise the risks and then placing the cover that’s most appropriate for you and your situation.
The report showed that before seeing an insurance brokers 62% of clients h
ad no idea of the risks they faced.

Underinsurance is a big issue in Australia.

But insurance broker clients, can feel confident they are making informed decisions around how to manage, avoid or insure their risks.  

40% of clients are under insured or not insured at all, before engaging
a broker (on average)

Insurance Brokers are there when it counts

If you’ve ever needed to make a claim with us, you know we’re there when it counts.

We get you the help you need immediately, chipping in to help you minimise risks, and always will go into bat for you with insurers.

The report showed, each client saved an average of
2.5 hours in the claims process, and where 41% of SME clients agree that it would otherwise have been ‘much harder’ to process.

There are many reasons why you should use an insurance broker

As you can see, there are many great benefits to working with an insurance broker rather than going it alone.

Need help from a Sydney based Insurance Broker?
Talk to our team, we’re here to help manage the what-ifs in life and business

So why do you need an insurance broker?

The report showed getting help from an insurance broker can be valuable. 

1. Saves you time and money.

2. We help you understand how it works so you get the cover you need.

3. You’ll understand the big picture – the risks you face, how to minimise, or how to manage them.

4. If you need to claim, insurance brokers take care of it for you.