Insurance Broker Versus Buying Insurance Online – What’s Right For You?

With insurance available online at the click of a button – why use an insurance broker?

With insurance (and nearly everything these days) available 24/7 with the click of a button, why do people still use an insurance broker? And should you use an insurance broker or purchase your insurance directly online? Before we can answer that question, it’s worth getting a better understanding of what an insurance broker is, and what they do.

An insurance broker is a professional that’s qualified to give you advice on your insurance solution. We work on behalf of and in the best interest of you, the client, not the insurers. We leverage our knowledge and experience to help you understand your specific risks and recommend an appropriate risk management and insurance solution.

About insurance brokers.

Insurance brokers spend years studying and maintaining their insurance credentials to understand insurance inside and out. The same way you’re the expert at running your business, we’re the experts in insuring it. It’s especially important to understand the differences between insurance policies and know the ‘fine print’ of what’s included and excluded. Policies across different insurers and underwriting agencies are not all the same. Sometimes you may be able to find a really good price on insurance online, but when it comes to making a claim, it doesn’t cover what you assumed it would. Plus people assume that using an insurance broker is more expensive, but many times this is not the case! Insurance brokers also have access to a wide range of policies that are ONLY available via an insurance broker, they are not available directly online at all.

You would likely use an accountant or lawyer for important changes and transactions, and protecting your family, belongings and livelihood should be no different. A professional insurance broker guides you through the fine print and provides you with expertise and advice so you can have peace of mind that you’ve made an educated decision about your insurance solution.

Not to mention (as those who’ve made a claim on their online insurance may know) the amount of time you save talking to a real person and not waiting on hold for an hour! Your insurance broker will advocate for you and guide you through the claims process to work to achieve the best outcome.

3 questions to help you decide if you need an insurance broker.

Not sure yet if an insurance broker is for you? Use these three questions to think through your situation and help you decide.

  1. How well do you really understand insurance?

Do you have a clear understanding of things like the definition of underinsurance? (We’ll give you a hint, it doesn’t just mean you have a little less insurance than you needed). If you are comfortable reading policy wordings and product disclosure statements (PDSs) and can work out what’s included and what’s excluded then you may not have a need for an insurance broker.

If that sounds daunting, you may be better off (financially and sanity-wise!) to use an insurance broker that has a diploma in insurance fine print and undergoes continous development to stay up to date with legislation and emerging risks.

  1. How much spare time do you have?

In addition to giving you peace of mind and, in many cases, saving you money, an insurance broker can also save you a lot of time! It can be quite time consuming to get 3-5 different quotes from insurers. And you need to know which insurers specialise in what areas (assuming you know the exact policies you need in the first place). Ask yourself how much your time is worth, and whether you’d rather have an insurance broker get those quotes on your behalf and come back to you with options and a recommendation. Plus, an insurance broker has hundreds of insurers and underwriting agencies in their network – some that deal exclusively with insurance brokers or offer exclusive solutions through certain insurance broker networks so you may be able to get a better price and/or better coverage!

Not to mention that you likely need an insurance solution for more than just one thing – your insurance broker can help look after your business, car, home, travel and more – truly a one-stop shop! This can also help reduce the risk of having gaps in your cover because your insurance broker can take a holistic view of your risk profile.

  1. Do you want someone to advocate for you in the case of a claim?

If you’ve had to make an insurance claim, you might already realise the value of an insurance broker! Claims are often stressful and you may not know where to start, who to call, what your policy details are, what additional information you may need to provide or even whether or not the incident is covered!

If you have an insurance broker, they are your main contact person and they’ll guide you through the steps of the claim as well as having your information available at their fingertips. Ombudsman statistics show less complaints from clients who use brokers for claims rather than going direct to insurers.Throughout the life cycle of the claim, an insurance broker will save you hours and hours of time and hassle by following the claim through each step and helping you achieve the best possible outcome. 

Why choose Regional Insurance Professionals to be your insurance broker?

Are you aware of some of the benefits we, as an insurance broker, can bring you or your business? Here are some of the top reasons you should give us a call to discuss your insurance needs:

  • We live and work across Western Australia, including Albany, Joondalup, Kalgoorlie and wider Perth. Being part of the same community as our clients means we understand how you do business and your unique risks. We face the same ones. We’re not a nameless, faceless call centre based in another state or country.
  • We’re business owners helping other business owners. We want to see you and your business succeed and we can help you by making sure you get a good insurance solution at a competitive price.
  • We can access insurance solutions that aren’t available online, and in some cases are only available through brokers.
  • We’ve spent years to earn and maintain our qualifications and expertise that can’t be matched through Googling insurance directly online for a few hours.
  • We’re part of a network of nearly 350 authorised broker businesses called Community Broker Network (CBN). Through CBN, we’re able to access packages that are exclusively available through our network, that have been leveraged by CBN’s size and scale for the benefit of clients.
  • If you need to make a claim we will be here for you, advocating on your behalf and staying on top of your claim to make sure things are progressing and save you time, heartache and hassle.
  • If you have a challenging risk that you’re struggling to find a good insurance solution for, we’ve got access to a huge range of insurers and underwriting agencies, giving you a much better chance of getting a reasonable deal.
  • We attend ongoing learning and development to stay on top of emerging risks like cyber/ransomware, terrorism, drones and self-driving vehicles so we have the most up to date insurance information to respond to these changes.

Get a free quote from our insurance brokers – you’ve got nothing to lose!

Why not get a free, no-obligation quotation from Regional Insurance Professionals? It’s a free health check – we will give your insurance a good review and make sure you have good cover at a good price. Contact us today by clicking here or calling (08) 9301 0562.

Please note: The information provided in this article is only general in nature – before making business decisions you should consider seeking advice specific to your situation.

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