How to select a brokerYou will benefit most by developing a close business relationship where the broker understands your future plans, the associated risks and how you like to do business.
NIBA offers a service to help Business and Consumers find a Broker they can trust. To find a Broker in your local area, conduct a location search or, if you require a specialised insurance service, search by broker specialty.
Before you start, consider the following:
- Do you need business or domestic cover?
- Are you looking for special services such as special risk management services or particular technical advice?
- Do you prefer to work with a small or large brokerage firm?
Before you select a broker here are some important questions you need to answer especially when looking for business insurance:
- Ask the brokers you've contacted to give you an expression of interest or a proposal. From the expression of interest you'll get a feel for which one may be right for you. This should detail:
- Their qualifications and registration with ASIC or associations (are they a QPIB or NIBA Member firm?)
- Who would service the account
- Their experience with your type of business
- Their range of services
- The size of their “typical” client
- How they bill for the work
- Referees.
- If you are a business, you might then ask the broker to make a presentation. At the presentation you should look for:
- Business compatibility
- Level of commitment
- How they propose to solve your insurance problems
- The competitive advantages of their firm over any others you may be considering.
- Once you've made a decision, include a review period in the relationship with your broker. This allows both parties to discuss issues of concern and see if the relationship is working.
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