The Role of an Insurance Broker
Working together as a team is crucial in understanding
the needs of a client. Bob Logan
An insurance broker has a fiduciary duty to act in the best interests of their client and provide sound practical advice which is independent of any insurance company’s influence.
An insurance broker is similar to an accountant or lawyer who provides impartial professional advice, based on years of training, education and experience.
As with everything in life the cheapest is not necessarily the best. When arranging insurance it is easy to take short cuts and look for the cheapest, without considering policy wordings, insurance companies financial stability and their claims paying history. Often a wider policy wording does not cost much extra.
A professional insurance broker deals with many insurers and has access to different types of policy wordings. They act for their clients and help them to decide what risks to insure, what types of cover are best and how much it should cost. They can also consider if there are other ways that the risk can be transferred such as self insuring and other non traditional insurance products. In many cases the insurance broker is most valuable in the event of a claim.
Broking is a hands on role requiring a combination of technical knowledge, business, communication, people and practical skills.
Until recently, insurance brokers have learnt their trade through practical experience. Now they have dedicated tertiary courses and continuing professional development to lift the level and quality of insurance broking.
Logans Brokers Pledge
As your broker, we will act in your best interests. Your insurance needs will be our first concern.
We will work to completely understand the risk you and/or your business.
We will advise and guide you without fear or favour so you can make informed decisions on your insurance needs.
We will be completely open and trasparent with you and will make available to you all relevant documentation, policies, certificates, endorsements and premium calculations.
The information we present to quoting insurers on your behalf will be complete and accurate to ensure your risks are properly underwritten.
We will always respect your right to confidentiality.
In the event of a claim, we will take every step necessary to ensure prompt and fair settlement.
As individual insurance brokers, we will participate in formal Continuing Professional Development programs that ensure technical knowlege remains effective and current.
We are bound by the insurance Brokers Code of Practice. The Code can be viewed in full at niba.com.au