Frequently Asked Questions
Looking for answers? This might be the place to find them
Have a look below and if you don’t see your question answered already, you can contact us directly.
What is an Insurance Broker?
An Insurance Broker is a qualified and knowledgeable professional who specialises in Insurance products. As a rule they deal with the Insurance companies on your behalf and represent your information to the Insurers to obtain Insurance program terms and conditions. If they act as an Agent of the Insurer rather than on your behalf this will be explained to you in their initial introduction and Financial Services Guide (FSG)
What training do Insurance Brokers have?
Each Broker has their own unique set of skills, knowledge and different world and business experiences. In keeping with the Broker being authorised to provide you with services, they are required to undergo a minimum of 20 Continuing Professional Development (CPD) hours per year in upgrading their skills. Most of the industry associations in Australia require above this CPD amount to remain a member of their group. ASIC sets out a national minimum standard for Brokers which applies to all Brokers offering advice.
How are Brokers remumerated for their services?
Each Brokerage has different but inherently similar processes to remuneration. Most earn revenue from a mixture of commissions earned from Insurance companies on the products they arrange on your behalf as well as Brokerage fees, Consulting fees and other benefits. These are outlined in the Brokers Financial Services Guide (FSG) which is provided to you at the point of first contact with an Insurance Broker.
What range of Fees can I expect?
Depending on your circumstances and the amount of time required to source quotations for your Insurance Program these range from $30 up to several hundred dollars.
Most SME business risks attract a minimum policy fee of $100 upwards depending on the size and complexity arranged. All fees are stated on the quotations provided.
Simple transactions may incur a small fee or no fee at all. More complex fees may include time to arrange surveying, risk management consultants, WHS audits etc. The contractors will charge their own separate fee for their services. These fees and services are discussed and mutually agreed upon prior to implementation so that no hidden charges arise.
What does the initial on-site visit include?
The aim of our Insurance Brokers on the first visit it to:
- Develop a relationship of Trust with yourself and staff – Meet & Greet
- Investigate and understand your business and how it works
- Get details of existing Insurance programs and policies already in place
- Understand your risk management program including BCP and other relevant information
- Take pictures of your premises, stock, contents and inventory
- Note current fire protection, security and WHS procedures in place
- Set out a mutually agreed timetable on designing and quoting your Insurance Program
This process usually takes 90-120 minutes and is conducted on-site for SME business and Farm risks.
How does the Broker inform me of my Choices?
Our Brokers are working with you on your Risk Management Insurance Program.
In doing this we discuss with you all responses from Insurers irrespective of their outcomes:
- Decline to quote and why?
- Additional terms required?
- Inspections, surveys or other information required to quote or before going on risk?
- The Insurers offered policies, premiums, endorsements and excesses applicable.
- An overview of the competitive insurers policy wording and why we recommend the product we do.
- Any additional steps to be taken to clarify the risk – modifying sums insured to suit the insurers wording etc.
This is done in a mutual progression to ensure that you are educated in your Risk Management Insurance Program and have suitable information required to make business decisions.
Do you have Payment Options?
We have options of how you can pay your Insurance Program and secondly access to Premium Funding companies that provide payment of your Insurance premiums in installments over 3-12 month period. We will provide quotations for this service with our Insurance Program to suit your individual business cash-flow requirements.
What is the next step?
The short answer is to either ring us on 07 5313 7871 or use one of our Contact forms to reach us.
From there we will arrange a phone call meeting and then an on-site visit.
Workplace Health & Safety Consultant – Sunshine Coast
Workplace Health & Safety Consultant – Darling Downs
Qld Workplace Health & Safety Office
Insuring theProduct has access to a range of Risk Management information which can assist you in your Risk and Insurance Program.
We are happy to offer referrals to Professionals to assist you in Risk Management.
Contact us via our form or Contact Page.
Insuring theProduct is focused on ensuring that you are Educated on your Risk Management options so that you can make an informed decision with regards to your Insurance program.
Insurance compliments Risk Management throughout your business. In an effort to mitigate, avoid or reduce risk there are often insurance solutions available to achieve this.
Contact us today on 07 5313 7871 and arrange for an introduction session to discuss your Risk Management and Insurance needs.
Insuring theProduct has aligned itself with many Sunshine Coast, National and International Risk management experts. These specialists cover the various business areas including:
- Accounting and Bookkeeping
- Business Coaching
- Employment Relations
- Fire Protection
- Information Technology
- Security – Physical & Digital
- Workplace Health & Safety
Check out the Helpful links on the left to connect to these businesses
Insuring theProduct is always in the need of quality professional business associates to refer business to. If you would like to discuss this further, please contact our office on 07 5313 7871.