How insurance brokers work on behalf of their clients

Working with an insurance broker can help you access insurance solutions that are right for you.

It’s vital to have the right insurance in place to mitigate risks to protect your business and most valuable assets. From increasing concerns about climate change and cyber security threats, to the global pandemic altering the way we work and travel, we are operating in an environment of ever-evolving risks. Working with an insurance broker can help you access insurance solutions that are right for you.

Insurance Brokers: What they do and how they help

An insurance broker is an independent professional adviser who provides advice and guidance to clients to meet their insurance needs. A broker also acts as an advocate on behalf of their clients.

An insurance broker can:

• Apply their local knowledge and insurance expertise to identify and recommend the most suitable insurance policies based on the information received.
• Consider the right combination of risk, coverage, and cost to recommend an insurance policy to meet your needs, and to help safeguard you from the consequences of underinsurance.
• Negotiate with different insurers on your behalf to obtain the most suitable and favourable policy terms. If your circumstances change during the cover period (such as the acquisition of a new property), a broker can assist in updating your insurance policy in real time.
• Provide you with the policy terms and relevant documentation to describe your insurance cover including certificates of insurance for Banks and Solicitors.
• Conduct a comprehensive annual review of your insurance cover to reflect any changes in your situation and in the market. These services can include reviewing renewal offers from different insurers, comparing cover options, providing different policy structure options, meeting to review your cover to ensure it remains suitable and preparing all documentation.
• Manage any claims and deal directly with the insurer on your behalf (including facilitating payments). These services can include arranging claim experts to assist you, managing the progress of your claim and reviewing settlement offers from insurers.

Broker value at claims time

When you need to make a claim, it's best to have a local expert in your corner. Rothbury has a dedicated claims team to manage your claim from beginning to end and will advocate on your behalf for the best possible outcome.

The Vero Insurance Index showed that small to medium sized businesses that used a broker were more satisfied with their overall claims outcome, compared to those who bought their insurance direct. In fact, 72% of broker clients who made a claim were satisfied, compared to 37% of direct claimants*.

If you’ve been thinking about getting a second opinion about your insurance needs, it’s time to call Rothbury Insurance Brokers.

*Source: 2021 Vero New Zealand SME Insurance Index Report