Tag: broker (page 1 of 2)

What Your Broker Needs to Save You Time At Claim Time

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With any luck, you haven’t been put in a position where you’ve had to lodge too many insurance claims. But in the event things do go wrong, rest assured knowing your insurance broker is there to make the claims process as painless as possible.

One thing you might be wondering is what you’ll need to have on hand when you do need to make that call to your broker. We’ve put together this handy guide to help you be prepared for a few standard questions they’ll have.

-The 4 W’s

Who, What, When & Where. You’ll want to have details of who was involved, what you’re claiming on, what happened, when it happened and where it happened.

-Photos

If you have them, photos can be crucial to your claim. In the case of property damage, you’ll need to provide as much visual proof as possible.

-Evidence

Hold onto receipts for expensive items (scanned copies are sufficient). These can be critical to the smooth running of your claim and sometimes your policy will require proof of purchase in the case of theft or damage.

 

Your broker will do the legwork for you in terms of processing the claim, but having these things on hand will speed up the process (making it less likely that they’ll have to ask for them later!) Of course, each claim is different, that’s why having a dedicated broker is so important. They know your policies and your needs and can tell you what you may need that’s unique to your case.

 

What does an insurance broker do?

photo-1425421669292-0c3da3b8f529You know you need insurance, whether it’s for personal or business purposes. It’s a fact of life – you simply cannot predict what’s going to happen or eliminate all risk. But going to an insurance provider on your own and wading through all of the available products can be daunting.

“Insurance policies are generally written by lawyers, who are trying to cover all bases and all situations which can become very long winded and confusing for the average person to read. I’ve worked in the industry for 30 years and still know people who don’t completely understand policies, so no average consumer would stand a chance,” says Albury/Wodonga Branch Manager Michael Myers.  An insurance broker takes on this challenge for you, by finding tailored policies and packages for your needs.

An insurance broker can help in many ways. Aside from ensuring your policy is specifically designed for your needs, a broker can help you assess what those needs and risks are, assist you with insurance documentation and act as an agent on your behalf through any claim settlements made under your insurance – just to name a few benefits.

Why should I use an insurance broker?

As insurance brokers have access to a broad spectrum of policies and packages and deal with a range of insurance providers directly, sometimes brokers can access policies you may not otherwise be able to find. Even without that access there are a huge number of policies out there to choose from, which can be difficult to sort through on your own.

Using a broker means having someone on your side to do the hard work for you, saving yourself valuable time. They will assess your needs and risks, then find the appropriate packages for those needs and present them to you. They will walk you through the finer details, making sure you understand everything you will be covered for. While your insurance policy certainly isn’t something you want to cut corners on, a broker can help make sure you have the best possible rates without compromising any coverage.

How is using a broker different than going to different providers myself?

Sure, you could visit different providers on your own and evaluate the different packages presented to you. However, that’s going to take a lot of time and effort on your part. A broker knows these products already, and will be able to go through them quickly while ensuring you aren’t missing out on any crucial coverage.

Alongside that, the biggest advantage to having a broker on your side is the ongoing relationship you’ll develop. Periodically, you and your broker will be able to hold policy ‘health checks’ to make sure your policies are still meeting the needs you had initially.

Damon Edwards, the general manager of our Ballarat location puts it like this, “Risks evolve around changing society and changing workplaces, and so too should the insurance packages. It’s a common misconception that insurance policies are something you just set and forget – this is something you should constantly be reviewing in conjunction with your broker.”

In short, using a broker means having someone in your corner who knows your risks and coverage when you need them to.

 

An insurance broker works for you

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Disaster-proof your business

Floods, fires and cyclones can cause huge devastation and disruption. Year on year, businesses are impacted by these events and unfortunately never recover. In fact, the United Nations Office for Disaster Risk Reduction estimates that natural hazards affect an average of 232 million people worldwide every year.

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Insurance an afterthought?

This blog post comes courtesy of Damon Edwards, manager of our Ballarat branch. Here, he provides a great analogy for why doing your due diligence is so important when choosing your insurance policy.

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