Benefits of an Insurance Broker
Under their Australian Financial Services Licence (AFSL), Insurers are only required to issue a Product Disclosure Statement and/or Policy wording to you. It is then up to you to determine whether the policy is suitable for your needs or not. The Insurer does not provide advice regarding the appropriateness of a policy or adequacy of cover.
One thing to consider - under the saying, “You get what you pay for”, EBM, as opposed to a direct Insurer, will:
- Source alternative quotes from the insurance market at renewal to ensure competitive terms are maintained/obtained (insurers do not do this as it is not in their interests to assist the Insured with alternative pricing/coverage at renewal)
- Provide advice on third party contractual obligations (from an insurance perspective) along with advice on technical or policy coverage enquiries
- Recommend pro-active risk management/loss prevention measures
- Continually review coverage to ensure it remains appropriate at all times (based on any changes in the Insured’s personal/business circumstances and insurance industry advancements)
- Identify and highlight any uninsured exposures
- Provide dedicated service personnel who are contactable to deal immediately with your queries, claims etc. (as opposed to insurers’ automated response systems or call centres)
- Deal only with and monitor the performance of insurers with a strong financial rating
- Negotiate discounts, variations and enhancements to standard “off the shelf” covers (via Broker’s close relationships and subsequent leverage with the underwriters)
- Assist with the claims lodgement and settlement process, providing advocacy, technical expertise and support to you
- On site visits with a focus on ‘personalised service’
Click, collect, hope for the best? Don’t risk your business by buying an off-the-shelf insurance policy – tap into the expertise of an EBM insurance broker and know you’re properly covered.