Utilising the services of an insurance broker can save you time and money. Insurance brokers are rigorously trained, regulated and monitored by ASIC to ensure you receive the most accurate and appropriate advice for your needs.

When arranging insurance without dedicated professional advice, many people take shortcuts and fail to understand the policies they are purchasing, not knowing whether they are getting value for money. Often they are disappointed when their insurance doesn't respond in the way they believed it should. Insurance should not be treated like a commodity, such as purchasing a fridge or dryer - you should never buy insurance on price. Despite what some "direct insurers" marketing campaigns suggest, insurance requires professional expertise to arrange.

Because insurance brokers deal with a range of insurance companies, they have access to a range of different policies. Brokers will be aware of the benefits, exclusions and costs of competing policies on the market. They will also help arrange and place the cover and can often provide advice on how to make the most of your insurance budget. In many cases, losses can be traumatic, and brokers are able to draw on their professional relationships with insurers in order to expedite claim settlements.

Sometimes, there is a disconnect between a client’s claim of seeking excellent advice, quality insurance contracts and first-rate service and their behaviour of buying based on price alone. Whilst price is an important factor, receiving quality advice and value for money is much more important.

Going direct to an insurance company may sometimes appear cheaper, but without the specialist interpretation and tailoring to your specific needs, going direct may well turn out to be an extremely expensive exercise. Using an insurance broker can even cost you less because brokers have knowledge of the insurance market and the ability to negotiate competitive premiums on your behalf. A broker will also explain your policy and any special situations you need to watch out for. The review process is an important factor. Generally, insurers do not undertake reviews with their clients. A Broker will conduct reviews periodically (usually annually) to ensure that changes in business activities and details, plus levels of coverage are updated. Failure to regularly review insurance programmes may lead to lengthy disputes with insurers should a claim arise.

In short, your insurance policy is the most important contract your will ever enter into: It is vitally important that you get it right!

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