Why use an insurance broker when insurance is easily available online?
When insurance (along with nearly everything else these days) is available online, why do people still use an insurance broker? Should you use an insurance broker or are you better off buying your insurance online through the direct market? To help you determine the answer, it’s worth learning more about what an insurance broker does and the value they offer.
An insurance broker is a qualified professional, able to give you advice on your insurance solution. As our client, we work with your best interest in mind, not the insurers. You benefit from our knowledge and experience to help you identify and understand your specific risks and we can recommend an appropriate risk management and insurance programme.
About insurance brokers
To be an insurance brokers we spend years studying and maintaining our insurance credentials through professional development to make sure we are across emerging risks and the latest policies. This undertaking means that while you’re the expert at running your business, we’re the experts at insuring it!
One of the key areas where we can add value is when it comes to understanding the differences in insurance policies and articulating the ‘fine print’ of what’s included and excluded. Policies might have the same name across different insurers or underwriting agencies, but the policies themselves can vary significantly. Sometimes people find out about these policy wording differences the hard way, after finding a cheaper price for insurance online, but when it came to making a claim found out it doesn’t cover what they assumed it would. People often assume that using an insurance broker is more expensive, but many times this is not the case! We also have access to a wide range of policies that are ONLY available via an insurance broker, they are not available directly online at all.
You would probably go to a lawyer or accountant for important changes and transactions, and protecting the future of your business and your family should be no different. A professional insurance broker can explain the fine print and provide you with guidance and advice so you can have peace of mind that you’ve made an informed decision about your insurance solution.
And don’t forget about claims! As those who’ve made a claim on their online insurance may have found out the hard way, the amount of time you save talking to a real person and not waiting on hold for an hour can be substantial! Your insurance broker will advocate for you and guide you through the claims process to work to achieve the best outcome.
Do you need an insurance broker? 3 questions to help you decide
Not sure yet if you need an insurance broker? These three questions may help you think through your situation and help you decide.
How much do you understand about insurance?
Do you understand some of the more complex insurance elements, such as underinsurance? (Hint – it doesn’t just mean you have less insurance than you thought you needed). If you’re confident reading policy wordings and product disclosure statements (PDSs) and understand what’s included and excluded then you may not need for an insurance broker.
If that doesn’t sound like you, you may prefer to use an insurance broker that knows insurance and policies inside and out.
What’s your time worth and how much spare time do you have?
On top of peace of mind and potential financial savings, an insurance broker can save you a lot of time. It can be time consuming to get 3-5 different quotes from insurers, and to be across which insurers specialise in what areas. Is it worth your time to do this, or would you rather have an insurance broker get these quotes for you and come back with options and a recommendation. Plus, an insurance broker has hundreds of underwriting agency and insurance partners – some that deal exclusively with insurance brokers or offer exclusive solutions through specific insurance broker networks – giving you access to better prices and better coverage!
There’s also a benefit to a ‘one stop shop’ – you likely need insurance for more than just one thing. Your insurance broker can look after your business, home, car, boat, travel and more. This has the additional benefit of giving your broker line of sight over your full insurance solution and this helps reduce the risk of having gaps in your cover.
Do you want someone in your corner when it comes to a claim?
If you’ve had to make an insurance claim, you probably already realise the value of an insurance broker! Claims can be stressful – where do you start, who do you call, what’s your policy details and what information do you need to provide. And is the incident even covered?
Your insurance broker is your main contact person and they’ll guide you through the claims process (plus they have your information at their fingertips). Financial ombudsman statistics show less complaints from clients who use brokers for claims rather than going direct to insurers. An insurance broker will save you hours and hours of time and hassle throughout the lifecycle of the claim by following it through step by step and helping you achieve the best possible outcome.
Why choose McLardy McShane Bendigo Insurance Brokers?
Are you aware of some of the benefits insurance brokers can bring you and your business? Here are the top 8 reasons you should give us a call.
- We live and work across Bendigo and greater central Victoria. Being part of the same community as our clients means we understand how you do business and your unique risks – we face the same ones. We’re real people, and clients are more than a number for us, they’re our friends, neighbours, and important members of our community.
- We’re business owners helping other business owners. We want to see your business succeed and we’ll help you by making sure you have good risk management practices and you get a good insurance programme at a competitive price.
- We can access exclusive insurance solutions that aren’t available online and in some cases are only available for insurance brokers.
- We’ve put in the time, money and effort to maintain our qualifications and knowledge that can’t be matched through searching online for insurance for a couple hours.
- We’re part of the Steadfast, the largest insurance brokerage network in Australasia with over 470 insurance brokerages. Through our Steadfast membership you’ll have access to over 160 exclusive products and services. Plus, with $7.1 billion in gross written premium, we’re able to leverage the size and sale of the network for the benefit of clients.
- If you need to make a claim we’ll be there for you, advocating on your behalf and staying on top of your claim to help make sure it progresses to save you time, heartache and hassle.
- If you’ve got a challenging risk that you’re struggling to find insurance for, we’ve got access to a huge range of insurers and underwriting agencies, giving you a much better chance of getting cover.
- We attend ongoing professional development to ensure your insurance broker is on top of emerging risks and the implication on insurance, such as climate change, pandemics, cyber/ransomware, terrorism, drones and autonomous vehicles.
Get a quote from an insurance broker
Why not get a free insurance review and a quote? Contact us on (03) 5442 5000 or firstname.lastname@example.org today.