What Is The Role of an Insurance Broker? 18/02/2014
What is the role of an insurance broker?
Insurance brokers are professional advisers who work on behalf of their clients. They help clients identify their exposures and risks by understanding their business, to determine what needs insuring and what can be managed in other ways. Insurance brokers may specialise in specific types of insurance or industries. Similar to a mortgage broker not being the actual lender, insurance brokers are not the insurer, but liaise with the insurers on behalf of their client.
Why use a broker?
Insurance brokers have access to a variety of insurance products and have the ability to deal with a range of insurance companies directly. Brokers will be aware of the benefits, exclusions and costs of competing policies to enable the best possible outcome for their clients. The brokers' role extends to include arranging and placing covers with the chosen insurers and will often provide advice on how to make the most of their clients insurance budget and covers.
When arranging insurance, many people take shortcuts without seeking proper advice, understanding the fine print or considering whether they are getting value for money. An insurance broker can help you determine the level of cover that is required so you can ensure you are properly protected and are able to make a well informed decision.
Brokers are also available to assist individuals and businesses in designing a customised insurance / risk management solution specifically for their needs. Insurance brokers have knowledge of the insurance market and are able to negotiate competitive premiums on your behalf. A broker will also explain your policy and advise you of any special situations that you need to be aware of. Brokers also provide professional and technical advice in the event of claim, which can be extremely useful.
Why use MBA Insurance Services as your broker?
MBA Insurance Services is a general insurance broker, that has been providing the Building & Construction industry with professional advice and comprehensive products for more than 20 years. As General Insurance brokers, we are able to service all of your insurance requirements, whether it be Construction Risk and Liability, Professional Indemnity, Home Owners Warranty, Workers Compensation or even your own Home & Contents.
As expected, MBA Insurance Services has an experienced and specialist team, focused solely on servicing your needs by taking the time to understand your business and tailor the right solution for you.
When you need specialist industry knowledge and the right advice, look no further than MBA Insurance Services and have us review your current insurance program.
(n.b. It's also worth noting that every dollar made by MBAIS is returned to the Shareholders (i.e. the State MBA Associations) so that they can continue to provide their members with the very best services available. Over $5M will be re-invested in the building and construction industry by MBAIS over the next three years)