Unsure what insurance brokers do and whether you need one? This guide should help.
When you’re choosing insurance, your top priority should be finding cover that meets your needs. Price matters, but there’s little point in spending money on a policy if it falls short when it comes to the crunch.
If you’re confident picking out a policy that works for you, which many people are, you’re probably fine to arrange your insurance yourself. If you’d like a more personalised service or your needs are more complex – maybe you drive a supercar, collect art, or are planning to climb Everest – a broker can help.
Just like an accountant can help you manage your finances, a broker can design an insurance package that covers the things that matter most to you. They consider your specific circumstances and pick out policies that deliver the protection you want.
How does it work?
Your broker will assess your needs and walk you through a range of options. For instance, if you’re looking to protect your home and contents they’ll ask you questions about your home and belongings and determine which coverage is right for your circumstances.
Once they’ve got a handle on your situation they’ll present you with policy matches, and explain their relative benefits, conditions, exclusions and costs. They’re also required to give you a copy of the relevant product disclosure statements (PDSs) so you’ve got all the facts. Once you've chosen a policy, they’ll arrange it for you, and if you need to make a claim many will guide you through the process.
What will it cost?
Brokers charge for their services, but they’re required to be transparent about their fees, so you can make an informed decision about whether you want to proceed. Since they can negotiate with insurance providers they may be able to save you money on your policies.
Where can I find a broker?
The National Insurance Brokers Association (NIBA) website* is a good place to start. There you can find details of local brokers and advice on the questions you should ask to make sure they’re right for you.
*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.