For many people, finding a good insurance broker is just as cumbersome as finding good insurance. But there are no brokers for finding insurance brokers.

Finding the right one is up to you. Whether you’ve recently bought a business, or simply need someone fresh, you need to know that you’re working with someone you can trust and that understands you.

So what’s someone who doesn’t have a lot of experience in buying insurance going to do? There’s the typical, easy route of looking up insurance brokers on Google and placing a phone call to the person who ends up at the top of
the list.

But internet rankings aren’t enough to guarantee you the best quality of coverage, service and advice. There needs to be time put into finding the insurance broker that best fits your needs.

It is clear that the bar has quickly risen in recent years for insurance brokers in this country.

Expectations are changing and clients are now looking for partners who have the skills, knowledge and passion to develop solutions in New Zealand’s ever-evolving business landscape. It is crucial that brokers really understand their clients business and deliver in a way that meets their specific needs.

What makes a good insurance broker?

An insurance broker is an independent professional adviser who acts for you. Quality Insurance brokers will have an in depth working knowledge of your particular industry and be able to provide professional objective advice on identifying risks and exposures.

A quality broker will ensure that you benefit from their knowledge, choice, innovation and high level of professionalism. The right broker for your business needs to understand your industry sector in detail, along with the key risks issues and statutory requirements that may govern the way in which you operate.

  • Choice: Good quality brokers will present your risks in the most effective way. They will canvass the market to obtain competitive terms and costs, and then suggest a contract, which best fits your needs.
  • Innovation: Many brokers are now helping their clients reduce risks through modern risk management         procedures and systems, thereby reducing their dependence upon insurance, with considerable cost savings.

The broker’s task is to help you identify the risks that you or your business may be exposed to. They can then advise you on what risks should be insured against, and then if you agree, will canvass the insurance market to obtain the best insurance protection to meet your needs.

In business, the correct insurance is vital. Wrong or inadequate protection can lead to disastrous consequences. The right advice from a broker that understands your business and industry sector will make all the difference and prevent costly mistakes.

Eamon O’Connor is a director of O’Connor Warren Insurance Brokers, which specialises in transport and logistics insurance. He will be sharing his expertise on risk management and insurance matters in DIESELtalk. He can be contacted at: eamon@oconnorwarren.co.nz

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