What is an insurance broker?
While insurance plays an important role in both our professional and personal lives, for many it can be a confusing necessity to purchase. With its own industry lingo, lengthy policies and endless amount of providers, it’s easy to see why.
Don’t let the complexity of insurance stop you from getting the right cover for your needs. Learn about the role of an insurance broker and the benefits of working with one today.
What is an insurance broker? Is there value in using a specialist broker?
An insurance broker is a professional adviser with expertise in risk and insurance management. They will help identify risks and find tailored policies to suit your insurance needs.
It’s important to remember, an insurance broker works on behalf of the client and not an insurance company. Their up-to-date knowledge of terms and conditions, benefits and exclusions as well as cost for a number of competing policies enables them to provide advice on the most appropriate cover for your circumstance.
Working with a broker doesn’t mean paying more for your insurance cover but often less. Their access to a wide range of insurance solutions across a number of providers and ability to negotiate competitive premiums on your behalf, could ensure that you get the right cover at the right price.
As well as arranging and placing cover with the chosen insurer, brokers also act on your behalf in the event of a claim. The reality is that not all claims are black and white and in the event of a contentious claim, a denial or even a reduced settlement, a broker will advocate on your behalf and negotiate with insurers with the aim to achieve a positive result.
Brokers with industry specialisation take this one step further by having the expertise and insights to deal with these matters promptly and with credibility.
Basically, a broker will help ensure that you’re covered if things go wrong so you can get on with the show.
Why should I go to a specialist insurance broker?
Whether it’s practising your electric guitar, teaching students the flute or even a live gig you’ve secured at the local pub, you will likely need insurance cover at one stage or another.
It’s not every day that we have to purchase public liability, asset or other types of cover, and whilst it can feel like an overwhelming task to find a policy that covers you for all your specific needs, it doesn’t have to be.
Specialist brokers will often have products that are available online and fit for purpose at the click of a button. These online products have been carefully selected and arranged by a broker in consultation with industry bodies such as APRA AMCOS or the Australian music association. The broker will also ensure the product responds to the needs of the broader industry with cost effective solutions without compromising cover.
That’s why working with a qualified broker is so beneficial. Their depth of expertise, ability to negotiate and find cover that suits your circumstance allows you to get back to the more important things, fast.
With over 50 years’ experience in the Entertainment insurance industry, our team at Marsh is able to provide expert advice and arrange tailored insurance covers.