Unsure about what brokers do or whether you need one? Here’s a simple guide.
Choosing insurance for your business can feel like a daunting task. A broker can help. They can take the confusion out of the process and find policies that best meet your needs.
A broker’s role is to:
- Help you understand the costs associated with risks you want to cover
- Find insurance plans that work for you
- Set up policies and ensure the required documentation is in order
- Guide you through the claims process if you need to make a claim (check this is part of the service if it’s important to you).
Where do I start?
If you don’t have a reliable personal recommendation, the National Insurance Brokers Association (NIBA)* can help you find an accredited broker. NIBA members must meet set service standards and adhere to a strict code of ethics. For example, if they’re acting as an agent for a particular insurance company, they’ll have to be upfront about it.
When you’re choosing a broker it’s wise to check their credentials and determine whether they’ll be a good fit for you. Things you may want to ask include:
- Do you have any certifications?
- Are there any types of insurance you specialise in (if relevant)?
- Will you be managing my account?
- How will you bill me for your services?
- Can you provide references?
Identifying and mitigating risks
Your broker’s mission will be to shop for the best coverage at the best price. But before they can recommend and structure a policy, they need to understand your risks. That means asking lots of questions and establishing what your concerns are. Once they’ve got to know you and your business they can start to design an insurance solution that meets your needs.
Claims and disputes
What if you have to make a claim or settle a dispute? A broker may or may not act on your behalf. If they do, they’ll:
- Help you submit the claim, and provide your insurer with additional information or documentation if required
- Inform you of your insurer’s response to your claim as soon as they can
- Negotiate with your insurer if they reject or dispute your claim.
What if I’m unhappy with my broker?
Working with a broker should make buying insurance and managing your policies easier, because they have an unrivalled knowledge of the market and can simplify the process. But if you’re not happy – as per NIBA’s Insurance Brokers Code of Practice – your broker will refer the issue to a dispute resolution manager.
*The brokers on this site are not employees or agents of QBE, but are independent entities. QBE is not responsible for any advice provided to you by any broker on this site. Any such advice is the responsibility of the broker concerned.