Welcome to the World of Insurance Broking !
As a key component of the Financial Services industry General Insurance Broking has been established over centuries.
Insurance Broking is constantly evolving with the onset of technology and escalation of political and social advances which lead to new exposures and as such new solutions to risks not even considered 20 years ago.
The basis of Insurance is to have a corporation identify risk management strategies and in some instances transfer the risks to insurers through insurance. This does not negate the need for efficient and effective business policies, procedures and systems as well as well thought out risk management implementation.
Insurance Broking is the use of qualified and knowledgeable Insurance Professionals to transact the placement of your Insurance program on your behalf whilst ensuring that the cover, terms and conditions are thoroughly explained and adapted for your own business situation.
Insurance Brokers have diverse backgrounds and will often specialise in areas and industries that they understand and know how to mitigate the risks involved.
What types of Insurance can Insurance Brokers arrange?
With the support of Community Broker Network we are able to insure nearly any risk and have access to International Insurance markets if required.
Broadly the risks fall into business protection for:
There are numerous covers available and each insurer has their own specific wording, terms and exclusions for each cover.
Your small business insurance broker is trained to examine these wordings and work with the most suitable insurer and policy wording to ensure that your policy responds to legitimate claims.
If you are in a specific occupation, Brokers have access to risk management and control data across that occupation to ensure that there are no surprises when arranging adequate cover on your behalf.
How much do Insurance Brokers charge?
Most Brokers are paid on a combination of commissions and fees which are outlined in the Financial Services Guide (FSG) provided to you at the beginning of our relationship. The FSG outlines the commission ranges and they differ from insurer to insurer and from policy to policy.
Fees are charged to cover other business expenses and also to compensate the broker for their knowledge, training and time spent on your file.
In nearly all cases most Brokers charge significantly less per hour than other specialist professionals such as accountants, lawyers etc.
How does Broking work?
- Introduction – Risk evaluation, mini-survey and evaluation of existing Insurance program. 90 Minutes +
- Quotation – We undertake the negotiation with the Insurance companies on your behalf to obtain insurance terms on the insurance program to be discussed. Up to 5 days
- Presentation – We prepare a full quotation of the insurance program including recommendations to cover, sums insured and additional risk management requirements – surveys, electrical checks etc. 45 Minutes +
- Binding Cover – after agreement on your insurance program we place cover with the Insurance companies to ensure that you are protected and arrange any paperwork for completion 1 day
- Invoicing – upon confirmation of cover we create the appropriate pdf invoices and email them to you to check to ensure they are correct and arrange payment. 1 day
- Payment – we work on a 7 day cycle where you will have paid the account directly or arranged Premium Funding within that time period. 7 days
What happens during the Year?
- Depending on the size of your business and potential for changes to the program we will establish a regular review cycle with you to ensure your program keeps up to date anywhere on the Sunshine Coast, Brisbane, Gold Coast and Toowoomba regions
- You will also receive relevant newsletters with business and insurance news in it to keep you up to date
- Insurers may arrange surveys or inspections of your premises
- You may have a claim which we then facilitate with the Insurance company on your behalf
What do I need to provide to my Insurance Broker?
The best transaction is built on trust and open communication, hence we prefer to:
- Visit your business and see how you operate and explain your processes
- Give all relevant information to secure insurance quotes and cover
- Premises and equipment descriptions, serial numbers etc.
- Income statements (P&L Statement), Balance Sheets, Asset Registers etc.
- Claims history or authorisation to obtain.
- Respond promptly to any queries
Insuring theProduct serves all areas in the Sunshine Coast including Buddina and Buderim, the Gold Coast, Toowoomba and Brisbane, QLD on a regular basis