The need for professional insurance brokers in Australia (and the rest of the world for that matter) came about as a result of the increasing number of micro, small, and medium-sized businesses all of which need to be properly protected. As we all know, running a company is an activity accompanied by many risks and uncertainties which is precisely why wise business owners purchase business insurance policies. However, not all of them have the necessary financial knowledge and risk management skills to identify the most serious threats to their business, choose what to insure, and decide how else to manage those risks. This is exactly when professional insurance brokers can and should step in.

90% of all insurance brokers in Australia are NIBA (National Insurance Brokers Association) members. Ever since 1982, the National Insurance Brokers Association has been fighting for change in our country’s insurance broking industry. We have this body to thank for the Insurance Brokers Code of Practice, the higher educational standards for insurance brokers, and many great financial services reforms. Since the Insurance Brokers Code of Practice aims to enhance and promote professionalism among NIBA members as well as brokers that have decided to abide by it, hiring a broker for insurance that subscribes to this code is a really smart choice.

Using the services of a professional broker for insurance has many advantages. First of all, qualified insurance brokers are specialists in insurance and risk management. This enables them to give you expert advice, help you understand the details of a business insurance policy, and help you choose the perfect one for you.

Furthermore, insurance brokers usually communicate and cooperate with a range of insurance companies which provides them with access to many different insurance policies, some of which are not available to most consumers. This means that an insurance broker can negotiate and arrange suitable insurance cover for your business. If you decide to hire an experienced professional insurance broker, you will most likely end up paying a smaller amount of money for the policy you need (reduced insurance premium), as these brokers have worked hard and earned a good reputation.

Letting professional brokers do the necessary research and find the most suitable insurance policy for your company’s needs will give you the chance to commit to your business and your clients. Yes, all of these advantages are not free, but they are definitely worth the money.