How could an insurance broker help you?

To help you get the most out of your relationship with your broker, we've put together this handy infographic on the benefits of working with a broker.

We've also outlined the range of benefits that come from working with a broker below.

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1. Saving time

Perhaps the biggest single reason to work with a broker is to save you time and reduce the amount of effort you have to put into finding the right insurance cover for your needs.

A broker will do much of this work for you - which is ideal for business owners that are juggling a number of responsibilities. This was underscored by research from Vero, which found that 57 per cent of SME business owners reported a broker saved them time that could be invested into their company.

2. Greater assurance

Being assured that you have the right insurance solution for your needs can be a major concern.  Underinsurance is common and it puts your livelihood and your business at risk.  International research from Swiss Re found that global uninsured losses amount to roughly US$154 billion a year.  Could your business recover from a fire or flood if it is underinsured?

Working with a broker can provide additional security that the type and level of cover you have is right for your business and that you aren’t unintentionally at risk.

The importance of this was also underscored in the Vero research, which found that 46 per cent of people appreciate the peace of mind that comes from working with an insurance broker.

3. Assistance on claims

Experiencing a claim and the process that follows can be complicated, stressful and time consuming.  Your broker will manage this process for you, working as your advocate and using their expertise to ensure the best outcome possible.

This commitment also extends to providing you up-to-date information on the state of your claim, reducing the level of stress that you might experience after an insured event occurs.

The same Vero research found that 27 per cent of participants reported resolving issues faster when they had a broker in place. 

4. Competitive pricing

There's a myth that working with a third-party will push up the cost of insurance cover.  However, the Vero research found that 36 per cent of participants reported getting cheaper prices from their broker.

In any case, an insurance broker will provide the depth of knowledge that is needed to ensure you have the right level of cover at a fair price.  They will make sure you are informed about what your insurance covers and highlight any areas that commonly catch people out at claims time.

5. Strong customer service

What sets a broker apart from working with a bank or direct insurer is that a broker proactively works with your business.

This applies throughout the year. It’s like having someone on your side that is working in your business, a broker is your advocate.

  • Discovery and asking questions about your business
  • Assessing and recommending the appropriate solutions
  • Implementing your insurance solution
  • Keeping in touch to ensure changes in your business are reflected in your cover
  • Negotiating and advocating for you at claims time
  • Keeping you informed of changes to laws that may affect your insurance

6. Industry expertise

Last, but certainly not least, is the expertise that a broker can bring of the insurance sector as a whole. This depth of knowledge means that you will receive advice that is specifically targeted to your company and the unique situation it is in. 

A broker has ‘seen it before’, they know how policies respond, how to structure your cover effectively or where to go for difficult to insure risks. 


Kim Matthews

About the Author

Name: Kim Matthews        

I’m the Leader Business Development & Sales for Rothbury’s Hawke’s Bay branch. I commenced my insurance career in 1980, have an insight in to how underwriters and assessors work and I’m a business owner myself - all great…
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I’m the Leader Business Development & Sales for Rothbury’s Hawke’s Bay branch. I commenced my insurance career in 1980, have an insight in to how underwriters and assessors work and I’m a business owner myself - all great skills and experience that make me the broker I am.

I love dealing with people and I’m passionate about insurance! 

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Disclaimer: The articles published on this blog are designed to provide general information and do not take into account any individual’s particular circumstances. We recommend that you obtain professional advice on your requirements before making any decision about a financial product.

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