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Business Insurance Broker FAQ’s

1. What do insurance brokers do?
2. Why use an insurance broker?
3. Is an insurance broker the same as an insurance agent?
4. What services do brokers offer?
5. What’s involved with New Covers?
6. What’s involved with Renewals? 
7. How do brokers handle Claims?
8. What about Premium Payment Options?

1. What do insurance brokers do?
A broker’s job is to help you to identify the risks that you or your business may be exposed to. The broker will advise you on what insurance’s are available for these risks and will canvas the wholesale business insurance market to obtain the most advantageous terms for these covers providing you with the insurance quotes. The broker will then discuss this with you and when agreed place the cover with the chosen insurer/s and arrange the documentation at the specified insurance rates. The broker will also help you with general insurance advice and information as required and look after any amendments to the policies that may be required. With any claims, the broker will assist you in formulating the claim and will liaise between you and the insurer to bring the claim to a successful resolution.
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2. Why use an insurance broker?
In both business and personal matters, correct insurance is vital. Wrong or inadequate insurance for business and it’s protection can lead to disastrous consequences. The right advice makes all the difference and prevents costly mistakes. Insurance brokers are specialists in insurance protection, are independent and have an in depth knowledge of the insurance market and are able to provide professional, objective advice on identifying risks and exposures and recommend the most cost effective solutions.
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3. Is an insurance broker the same as an insurance agent?
There is a big difference between the two: An insurance agent acts on behalf of one or more insurance companies and can only access those insurers’ products where as a broker acts on your behalf, the policy-holding client. The broker is obliged to act in your best interests, is not tied to any insurer and can arrange the best protection for you at a competitive price.
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4. What services do brokers offer?
Brokers generally offer a range of services from arranging; new covers, insurance quotes, renewals and claims. Brokers form an ongoing business relationship with you, the client, which gives us the ability and knowledge to provide a better service to you.
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5. What’s involved with New Covers?
The first step is to analyse your needs and provide advice on the types of cover appropriate to you. This generally necessitates a complete review of any existing covers making recommendations on alternative options where needed and possible additional covers. Surveys and photographs are often taken at your business site, and any previous claim records and loss details are obtained and reviewed from your existing Insurance Company.

A detailed submission is then prepared on your insurance requirements specific to your business operation and needs for requesting quotations from insurance companies. This facilitates a comparison of premium and terms between the various insurers and ensures you receive the best terms available.

On receiving insurers’ terms, a written quotation and recommendations for your consideration are compiled taking into account all aspects from; scope of cover, to premium cost, and the insurer’s claims paying ability, all allowing you to make an informed choice.

The types of cover can include:
Material Damage, Business Interruption, Public Liability Insurance, Motor Vehicle Insurance, Statutory & Employers Liability, Income Protection, Directors & Officers Liability, Professional Indemnity Insurance, Travel, Marine Transit, Fidelity Guarantee, Trade Credit, Performance Bonds to name a few…

When the terms of the cover and the premium have been agreed, the broker places the covers with the selected insurer.
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6. What’s involved with Renewals?
Most brokers will personally contact you to check that your covers are still appropriate, and to check and make any updates and general policy changes that may be required. They will also check current market conditions and where appropriate, remarket your policies and arrange any adjustments required.
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7. How do brokers handle Claims?
Brokers give advice and assistance in formulating and submitting your claim to the insurer. They arrange for a claim form to be completed by you, and keep a watching brief on the claim and liaise between you and the insurer to bring it to a successful resolution.
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8. What about Premium Payment Options?
Most brokers offer a number of payment options: Eftpos or Credit Cards; Direct Bank Account Credit; Premium instalments etc.
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Find out more…
About Rothbury Insurance Brokers
Contact Rothbury to discuss your business insurance requirements

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