It’s hard to know where to start when considering insurance. Some common questions people ask themselves are: What type of insurance do I need? How much insurance do I need? and, How do I know I’m getting a good deal on my insurance? If you’ve asked yourself these questions and struggled to come up with the answers, you should consider consulting an insurance broker.
Insurance brokers can make choosing insurance a lot easier. They can give you the confidence that you have all the right insurance policies and have made no wrong decisions.
Insurance brokers are experts in insurance policies, terms and conditions, different types of insurance, benefits and exclusions of competing policy providers, and they can also assist you when you need to make a claim. With all these great benefits, it’s certainly worth considering using an insurance broker.
What Makes a Good Insurance Broker?
When you’re choosing an insurance broker, take your time and consider some of these pertinent traits.
- Qualifications and Licenses. An insurance broker is a qualified professional and should have either Practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP) status. The last thing you want is to get poor advice, so don’t be afraid to ask about your broker’s educational background and qualifications. They should also have an Australian Financial Services License (AFS).
- Broker or agent/advisor. Beware the difference between a broker and an agent/advisor. An agent/advisor represents a particular company, whereas a broker will have access to a wide variety of policies and choose the best one for you without bias. Always double-check that they are giving independent advice by asking about their affiliations and possible commissions they might be receiving.
- Customised Policy. Know what you want before you meet with your broker so that you get a policy that covers exactly what you need and nothing that you don’t need. A broker has the experience and knowledge to come up with a policy that is unique to your needs.
- Specialist Knowledge. It’s important that the broker you choose is experienced in the type of insurance that you are looking for. One broker may specialise in business insurance or life insurance while another is able to offer more general advice across a number of different types of insurance.
- Honest and Trustworthy. Insurance is not cheap and it’s an ongoing expense over many years, so you need to make sure that you have the right insurance at the right price. Do your homework about the broker you are considering. Have they been in business for a long time? Are they local? Are there any complaints registered about them?
- Written Proposal. After your initial meeting with your broker, you should receive what is called a Statement of Advice (SoA). This is a written proposal of the advice they have given you.
The Top Three Insurance Brokers in Canberra
With all this in mind, we have come up with 3 top Insurance Brokers in Canberra.
1. Austbrokers Canberra
Austbrokers Canberra has been operating since 1983 and has grown from one to four offices employing over 40 staff. The growth and longevity of the company is a great testament to their skill and knowledge in the insurance industry. Austbroker’s top priority is, and always has been, the client.
With access to a national network of insurance products, they are able to offer very competitive premiums and terms. Get all your insurance needs in one simple, cost-effective program with a proven company whose objective it is “to deliver total risk and insurance solutions that bring peace of mind for our clients.”
2. Capital Insurance Canberra
Capital Insurance is locally owned and operated. The dedicated and qualified staff at Capital can help you with a wide variety of insurance options including business and domestic policies. At Capital, you get the service of a dedicated account manager who provides you with a customised product. If you can’t make it into their office in Deakin they can even come to you.
Gallagher is one of Australia’s largest insurance brokerages with an office in Deakin Canberra. They are recognised as one of the World’s Most Ethical Companies for the past seven years, from 2012-18. Offering all kinds of insurance from business to personal, they are a large broker with a global reach and a local focus.
Your Experience with Insurance Brokers in Canberra
Do you have experience with an insurance broker in Canberra? If so, why not tell us what you think in the comments below. We love feedback.