When it comes to buying business or personal insurance, it’s normal to have questions. What type of insurance do you need? Do you have the right level of cover to protect you if you suffer a loss? How do you know if you’re getting a good deal?
Insurance can be complicated, and engaging an insurance broker can save you time, money and worry. A qualified and experienced insurance broker provides you with professional advice, just like an accountant or lawyer.
Unlike an insurance agent who works on behalf of a particular insurer, an insurance broker, adviser or intermediary works in the best interests of the client.
Insurance brokers are experts in reading the fine print like terms and conditions. They have a deep understanding of risk, different types of insurance, and the benefits and exclusions of competing policy providers.
They also know the market and are aware of new and emerging risks that may have an impact on you and your business in the future.
What makes a great insurance broker?
Using an insurance broker or adviser doesn’t necessarily mean that your premium will be more expensive! Often it can save you money as brokers have an intricate knowledge of the market and the ability to negotiate coverage and competitive premiums on your behalf.
Here are a few points to consider when choosing a broker to help protect your assets:
- Qualifications and experience. Don’t be afraid to ask about your broker’s educational background and qualifications. They must have an Australian Financial Services Licence and be either a Qualified Practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP), and ideally your broker should be diploma qualified.
- A tailored approach. Each risk and business is different, so a one-size-fits-all approach doesn’t work when it comes to insurance. It’s okay to not know exactly what you need in an insurance policy. A good broker will work with you to understand you, your business and its requirements, provide advice on which risks to insure, and help you determine an appropriate level of cover to ensure you are protected.
- Access to a range of products and insurers. Not all policies are equal. It is important to be aware of coverage, exclusions and additional benefits that can vary from product to product. A particular insurer could have up to 20 versions of a business insurance package, depending on the distribution channel that you purchase at from. Some insurers also only deal with brokers or have products that are exclusive to the broking market. A good broker has buying power that gives them access to a vast range of products and reputable insurers, to ensure they are presenting you with the best options for your business.
- Advice and choice. When you engage an insurance broker, you are asking them to provide you with financial advice. At the end of the day, the decision-making process rests with you. A good broker should take the hassle out of insurance, present you with the options available and provide you with the tools to make an educated decision for you or your business.
- Someone who will be your advocate at the time of a claim. You purchase an insurance policy to protect you when you need it most. Claims can be complicated, so having an experienced business partner who understands you and your business is crucial to making the process as pain free as possible. A good broker will be there with you every step of the way and work with you and the insurer to achieve the best outcome possible, while some brokers choose to outsource their claims management to others.
- Service: When you engage a broker, you are paying for a service. A dedicated broker will take the time to understand you, your business and your service expectations as well as be responsive and contactable when you need them for help or advice.
- Honesty and integrity. Do your homework about the broker you’re considering. Have they been in business for a long time? What do other businesses say about their services? Are they committed to being honest and transparent with their clients?
The best insurance brokers in Canberra
Riotact’s editorial team has combed through 20 years of on-site comments to compile a list of the most recommended insurance brokers according to you.
To be listed in our Best of Canberra series, each business needs to have consistently received positive feedback on Riotact and Facebook as well as maintaining a minimum average of 4/5 stars on Google.
If you're searching for comprehensive insurance options to mitigate risk then look no further than allinsure. Since first opening their doors in 2007, they have focussed on delivering superior client service and fostering strong, long-term relationships. Their unique client-first culture has seen them move to the forefront of the industry, gaining recognition on a national scale.
In the 2021 Insurance Business Awards, allinsure were the proud recipients of four category awards and three excellence awards; including Australian Brokerage of the Year and Broker of the Year awards.
Director Peter Chamberlain, was also featured in Insurance Business Magazines 2021 Hot List, denoting the top 50 individuals within the industry. What's more, Peter's position on giving back to the community through his suicide prevention and mental health charity, The Chamberlain Foundation, has been commended by his peers.
As a corporate authorised representative of Insurance Advisernet; one of Australia’s largest networks of independent insurance advisers; allinsure maintain their local ownership and presence, whilst leveraging buying power and product access. These products feature some of the most demanded types of insurance such as public liability and professional indemnity, through to more specialised policies like cyber liability and trade credit.
allinsure pride themselves on their ability to create tailored insurance programs, unique to the needs and strategies of each client. Most importantly, their team are there when needed most, providing hands-on claim servicing for all clients. For highly personalised service and the right insurance products to match consider allinsure.
artisticconcrete shared their experience with allinsure on Riotact saying, "We have been a customer of allinsure for a number of years due to their knowledge and expertise in any area of insurance we have required as a business. allinsure’s team provide a personable service and advice, which is timely and which we know we can count on. We will stick with them for years to come."
With 20 years of experience in the insurance industry and a passion for providing high quality service, Jamie Fluke and the team at Strive Insurance Services provide business and personal insurance services.
Strive Insurance Services is an authorised representative of NAS Insurance Brokers, so it has access to wide range of competitive insurance products. By getting to know you personally, Jamie makes sure you get the insurance cover you really need.
Based in Fyshwick, Capital Insurance Brokers can help you with a wide variety of insurance options, including business and domestic policies.
Its dedicated and qualified team are experts in seeking the best terms that suit your needs, ensuring that your general insurance portfolio is cost effective, and presenting the terms to you so you know exactly what you are and aren't covered for.
In addition to general insurance products, Capital Insurance Brokers can assist with professional indemnity insurance, directors and officers liability cover, tax audit insurance and corporate and domestic travel insurance.
Should you need other insurance services perhaps our articles on the best strata insurance brokers, best workers compensation insurance brokers, best commercial mortgage brokers, or best business insurance brokers may be of interest.
Your experience with insurance brokers in Canberra
Thanks to our commenters who have provided insightful feedback. If you believe we have got it wrong, please let us know.
Have you had experience with any of the insurance brokers listed above? If so, share your feedback in the comments below.
Frequently Asked Questions
What do insurance brokers do?
An experienced and qualified insurance broker can help you with a range of services. They can assess your business, provide advice on policy options and negotiate competitive rates on your behalf. They can also manage any claims you may make, on your behalf.
Do insurance brokers need to be qualified?
Yes they do. They should have an Australian Financial Services Licence and be either a Practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP). Ideally your broker should be diploma qualified.
How do I know if I’m getting value-for-money from my policy?
An insurance broker is across a wide range of insurers and policy types. They can share this knowledge with you and discuss various options with you.
How do I choose the best insurance broker?
Do your homework and conduct some research. You’ll want to look online to see how long they’ve been in business. You can also check their credentials. In addition, you can check online for reviews of their business.
Will my insurance broker decide which is the best policy for me?
Workers compensation insurance brokers can give you well-informed advice and they can explain the pros and cons of various options. They can’t decide what you should do, however. The final decision on what policy to take out rests with the business owner.