As a tradie, you've probably heard people talking about having an insurance broker. But what is an insurance broker and why should you consider having one? Insurance brokers help make the process of finding insurance simple and means you have to help find the best price and best insurance package for your specific needs.
Role of an Insurance Broker
An insurance broker uses their professional knowledge to work on your behalf to asses your insurance needs and find an appropriate insurance package based on those needs.
The roles and responsibilities of an insurance broker can include:
- Assessing your risks and associated insurance needs
- Assisting the client to ensure that all risk related issues have appropriate cover
- Providing assistance with paperwork
- Providing professional advice to the client whenever required
- Providing a new quote to the client each renewal to ensure best value for money
- Providing quotes and recommendations on appropriate insurance packages
- Ensuring the appropriate insurance package is in place
- Managing insurance claims on the behalf of the client
- Regularly reviewing the insurance needs for the business
- Offering general information on claims
It's important to know that not just anyone can become an insurance broker in Australia and you have to have the right qualifications in place. This usually means having Tier 1 or Tier 2 in general insurance compliance, but many brokers also have additional diplomas or degrees. Additionally, insurance brokers are also required to complete professional development and must complete a certain amount of industry specific training each year.
Benefits of Having an Insurance Broker
For tradies, having an insurance broker can be invaluable as it means you have an insurance professional working on your behalf to find the best deal for you. Due to their knowledge of the insurance industry and their relationship with numerous insurers, they can use their connections to find an insurance package that is suited to your specific needs. They also work hard to find you competitive premiums so insurance brokers can also save you a lot of money.
Your insurance broker can also advise you on the right level of insurance for your needs. If you look for insurance on your own, you may be able to find a good price but may find yourself under-insured when it comes to claim time. Insurance brokers will work hard to make sure all your areas of risk are covered so there are no nasty surprises down the track.
When it comes to claim time, the assistance of your insurance broker can be invaluable. They will handle the negotiations with the insurer and will help you through the process to make it as simple as possible. They will also assist with any insurance related questions you may have at any time.
The insurance brokers at All Trades Cover specialise in finding the best insurance package for tradies. To discuss your insurance needs, contact All Trades Cover on 1300 826 850 today or by filling in our easy online form.