Frequently Asked Questions
A broker’s job is to help you to identify the risks that you or your business may be exposed to.
The broker will advise you on what insurance’s are available for these risks and will canvas the wholesale business insurance market to obtain the most advantageous terms for these covers providing you with the insurance quotes.
The broker will then discuss this with you and when agreed place the cover with the chosen insurer/s and arrange the documentation at the specified insurance rates.
The broker will also help you with general insurance advice and information as required and look after any amendments to the policies that may be required. With any claims, the broker will assist you in formulating the claim and will liaise between you and the insurer to bring the claim to a successful resolution.
Brokers identify companies in which they have confidence and whom they are able to develop a working relationship. Their primary goal is to consider product, service and price in order to make the best possible recommendation to their clients so that their clients can make informed decisions about their insurance protection. The recommendation brokers make is based solely on the attributes of the insurance product or service and the needs of their clients.
The first step in determining the answer to this question is to work with your broker to identify and define the areas of risk for you or your business. The decision then is which risks to retain (i.e., not insure) and which risks to transfer through insurance.
The sums insured should be relevant to the risk, taking special care not to under-insure and be subjected to co-insurance clauses. To choose to take the risk yourself to save money can leave you vulnerable and may severely affect your cash flow or assets. This is where our experience can assist you in making decisions on how much insurance you require to adequately cover your various risks.