How to Choose the Right Insurance Broker

If you’re a small business owner seeking insurance, you’re likely familiar with the growing hassle of finding the right business insurance policy, for the right price, that provides adequate cover for your business. While many policies offered by insurance companies are stock standard and offered to any business in any industry, this is usually inadequate for most businesses.

When searching for an insurance policy for your unique business, focus on:


1.  Your Small Business’s Interests

The most important aspect you should look for when searching for the right insurance your broker is to ensure the broker will act on your behalf. This means that they take the time to understand your business and act on the interests of your company, not that of the insurance company you take out a policy with. Does your broker specialise in landscaping insurance? Perhaps they specialise in insurance for personal trainers.

Insurance isn’t a ‘one size fits all’ product. Every business no matter the size or industry will require a policy that ensures their business, assets, property and staff are covered.

Therefore, your insurance broker should spend the time to assess the needs of your business comprehensively before offering the most suitable policy.


2.  Approachable & Transparent

When speaking to potential brokers over the phone or meeting in person, consider how approachable and transparent they come across. You will be in contact with your broker whenever you need to change your policy or make a claim, so quick and informed responses are important.

When meeting with a broker, ask them the following:

  • What are your qualifications as a broker?
  • Are you experienced in my industry?
  • Do you understand the needs of my business?
  • What makes you as a broker better than your competitors?


3.  Focus on Specialities

When taking out a policy, you want personalised advice from your broker unique to your industry, your business and your expectations. Your broker should be able to address the issues that are important to you with detailed and informed responses. If you’re a carpenters, speak to a broker that understands carpenter insurance. If you’re an electrician, find a broker that has experience obtaining suitable insurance for electricians.

When searching for business insurance, find an insurance company such as Phoenix Insurance who are specialists in business insurance policies. This includes policies such as professional indemnity insuranceworkers’ compensation insurance and public liability insurance.


4.  Are they Reputable?

One of the best ways to find a reputable and reliable insurance broking service is to speak to your network of business owners and associates for recommendations. If other business owners have had positive experiences with brokers, they’re more likely to honestly recommend them to serve your business needs. Looking online at reviews and testimonials is another great way to gauge the quality of a business.

If you’re still unsure on the suitability of a broker, request for a referral to another business that deals with the broker, ideally one in a similar industry. Insurance brokers should be more than happy to organise a conversation between one of their current clients and yourself.


5.  More Than Just Business

A great way to understand the personality and values of an insurance broking service is to look beyond their service offerings to their corporate social responsibility (CSR) efforts. Reputable businesses usually support local community groups and do their part to improve the local area.

While this does not directly affect your business dealings with the broker, it does show a reflection of the values of that business.

The best way to find a unique and customised policy to suit your business is to entrust a Perth insurance broker such as Phoenix Insurance. Phoenix Insurance will work with you to understand your business and create the perfect policy. They will ensure your policy covers every aspect of your business at a competitive price.

To organise a meeting with a professional Phoenix Insurance broker, contact us today or fill in our commercial insurance quote form.


Frequently Asked Questions

What are the benefits of working with an insurance broker?

Working with an insurance broker has many benefits including access to competitive deals from a range of different insurers, someone who can help you find the best policy for your individual needs and circumstances, specialist advice on complex issues such as indemnity limits or business insurance, and an extra layer of protection should you ever need to make a claim.

How do I choose the right insurance broker?

Choosing the right insurance broker is an important step when it comes to protecting your business and personal assets.

  1. Research different brokers and compare their services, fees and reviews.
  2. Once you have narrowed down your options, look into their qualifications and experience in the areas that are most relevant to your needs – such as property or liability insurance.
  3. Arrange a meeting to discuss what type of cover you need and any specific requirements you may have.
What should I ask my potential broker before signing up?

Before signing up with a potential broker, it’s important to ask questions such as:

  • Do you have professional indemnity cover?
  • Are you registered with an external complaints authority?
  • Are you part of accredited professional bodies?
  • How long have you been in business?
  • Can I see a copy of your Terms & Conditions?
  • What additional services do you provide?
  • Are there any additional fees or charges?

By getting answers to these questions prior to making a commitment, you can be assured that you will receive quality service from an experienced and competent insurer who has your best interests at heart.

About David White

David has over 35 years of insurance experience, all as an Insurance Broker. Over his career, David has established a reputation for dedicated client focus, attention to detail and innovative insurance placement solutions.

Joining Phoenix in 2015 David brought significant international and local broker management experience to the Phoenix team and was appointed Managing Director in 2018. David is an owner of Phoenix Insurance Broker and provides a unique blend of leadership, insurance and general business skills along with the strong belief in teamwork and family that drives Phoenix forward.

Please contact Phoenix Insurance Brokers Pty Ltd today to discuss your Insurance needs.