Finding the right insurance broker for you or your business is essential, but what’s the best way to do it, and who are the best providers in Wollongong? Photo: Supplied.
When it comes to buying business or personal insurance, it’s normal to have questions. What type of insurance do you need? Do you have the right level of cover to protect you if you suffer a loss? How do you know if you’re getting a good deal?
Insurance can be complicated, and engaging an insurance broker can save you time, money and worry. A qualified and experienced insurance broker provides you with professional advice, just like an accountant or lawyer.
Unlike an insurance agent who works on behalf of a particular insurer, an insurance broker, adviser or intermediary works in the best interests of the client.
Insurance brokers are experts in reading the fine print like terms and conditions. They have a deep understanding of risk, different types of insurance, and the benefits and exclusions of competing policy providers.
They also know the market and are aware of new and emerging risks that may have an impact on you and your business in the future.
What makes a great insurance broker?
Using an insurance broker or adviser doesn’t necessarily mean that your premium will be more expensive! Often it can save you money as brokers have an intricate knowledge of the market and the ability to negotiate coverage and competitive premiums on your behalf.
Here are a few points to consider when choosing a broker to help protect your assets:
- Qualifications and experience. Don’t be afraid to ask about your broker’s educational background and qualifications. They must have an Australian Financial Services Licence and be either a Qualified Practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP), and ideally your broker should be diploma qualified.
- A tailored approach. Each risk and business is different, so a one-size-fits-all approach doesn’t work when it comes to insurance. It’s okay to not know exactly what you need in an insurance policy. A good broker will work with you to understand you, your business and its requirements, provide advice on which risks to insure, and help you determine an appropriate level of cover to ensure you are protected.
- Access to a range of products and insurers. Not all policies are equal. It is important to be aware of coverage, exclusions and additional benefits that can vary from product to product. A particular insurer could have up to 20 versions of a business insurance package, depending on the distribution channel that you purchase at from. Some insurers also only deal with brokers or have products that are exclusive to the broking market. A good broker has buying power that gives them access to a vast range of products and reputable insurers, to ensure they are presenting you with the best options for your business.
- Advice and choice. When you engage an insurance broker, you are asking them to provide you with financial advice. At the end of the day, the decision-making process rests with you. A good broker should take the hassle out of insurance, present you with the options available and provide you with the tools to make an educated decision for you or your business.
- Someone who will be your advocate at the time of a claim. You purchase an insurance policy to protect you when you need it most. Claims can be complicated, so having an experienced business partner who understands you and your business is crucial to making the process as pain free as possible. A good broker will be there with you every step of the way and work with you and the insurer to achieve the best outcome possible, while some brokers choose to outsource their claims management to others.
- Service: When you engage a broker, you are paying for a service. A dedicated broker will take the time to understand you, your business and your service expectations as well as be responsive and contactable when you need them for help or advice.
- Honesty and integrity. Do your homework about the broker you’re considering. Have they been in business for a long time? What do other businesses say about their services? Are they committed to being honest and transparent with their clients?
The best insurance brokers in Wollongong
Region Illawarra’s editorial team has compiled a comprehensive list of the most recommended businesses according to you.
To be listed in our Best in Wollongong series, each business needs to have maintained a minimum average of 4/5 stars on Google and Facebook, and have plenty of positive reviews.
Elders Insurance Wollongong
Locally owned and operated broker in the heart of the city, Elders Insurance Wollongong takes a tailored approach to support clients with brokerage services across the Illawarra.
Reviewers have named managing director Patrick Plunkett as a fantastic team lead.
"Patrick has been incredibly helpful in tailoring my multiple policies to suit my needs and ensure I am fully protected," Brooke Beattie reviewed on Google. "This has been an easy and enjoyable process thanks to professional and responsive service."
Austbrokers City State
Austbrokers City State brings 30 years of brokerage experience to commercial clients in Wollongong,
Providing insurance and risk solutions, the team is skilled in retail, industrial, professional, transport, hospitality and leisure industuries, including for workers compensation.
"We have a simple but effective method of ensuring your performance, prosperity and resilience. It’s called listening," Managing director Bob Grbevski says. "The key to long term relationships is carefully listening to our clients, understanding what is required and accurately reflecting this in our strategies."
ABICO Insurance Brokers
A core belief at ABICO is that no two clients have the same needs.
Established in 1981, this firm provides brokerage services to the contruction, transport, earthmoving and wider business industries. Managing director David North stresses the importance of genuine relationships, confirmed by long-time client Steve Wiseby on Google:
"Trusted and innovative insurance for events and charities that I have been involved with and in our businesses' best interest. I highly recommend, with our relationship spanning more than 15 years!"
L&B Lewis Insurance Brokers
Offering personalised brokerage services since the mid 1970s, this firm has garnered a plethora of loyal clients over the years.
L&B Lewis Insurance Brokers specialises in home and contents, professional indemnity, cyber, public and products, and management liability, motor vehicle, contract works, and landlords insurance.
Family owned and locally operated, the team of three is best known in the Illawarra, but also cares for clients throughouth Queensland, Western Australia, Victoria and other areas of New South Wales.
If you’re looking for more information on professional services in Wollongong, you might also like our articles on the best businesses Wollongong has to offer.
Your experience with insurance brokers in Wollongong
Thanks to our commenters who have provided insightful feedback. If you believe we have got it wrong, please let us know.
Do you have experience with any of the Wollongong insurance brokers listed above? If so, share your feedback in the comments below.
Frequently Asked Questions
What do insurance brokers do?
An experienced and qualified insurance broker can assess your business, provide advice on policy options, negotiate competitive rates on your behalf and more. They can also manage any claims you may make on your behalf.
Do insurance brokers need to be qualified?
Absolutely. They should have an Australian Financial Services Licence and be either a Practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP). Ideally your broker should be diploma qualified.
How do I choose the best insurance broker?
Do your homework and conduct some research. You’ll want to look online to see how long they’ve been in business. You can also check their credentials. In addition, you can check online for reviews of their business.
Will my insurance broker decide which is the best policy for me?
Workers compensation insurance brokers can give you well-informed advice and they can explain the pros and cons of various options. They can’t decide what you should do, however. The final decision on what policy to take out rests with the business owner.
How do I choose the best insurance broker?
Do your homework and conduct some research. You’ll want to look online to see how long they’ve been in business. You can also check their credentials. In addition, you can check online for reviews of their business.
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