What Do Insurance Brokers Do? Do I Need One?

Insurance can be one of life’s more confusing necessities. Choosing the right insurance can feel overwhelming with so many policies, providers, and terms to navigate. This is where insurance brokers come in. But what do insurance brokers do, exactly? And more importantly, do I need an insurance broker?

In this blog, we’ll explore the role of insurance brokers, the benefits they provide, and the key questions you should ask when working with one.

What does an insurance broker do?

An insurance broker acts as the go-between for you and insurance companies. Their job is to help you find the right insurance at the best price without all the stress of wading through the sea of options. Unlike individual insurance agents who work for one specific insurance provider, brokers like ours are independent, so we can shop around different insurers for you.

We start by understanding your needs and situation to determine the right coverage for you. From there, we will help you find the best deals on the market at the time.

Most importantly, we’re here to take the mystery out of insurance and negotiate with the insurance companies for you. The latter is big because we know how tough negotiating can be.

If you’re looking for personal insurance, for example, a broker might help package your car, house, and contents insurance together to save you money while ensuring you’re properly covered.

Do I need an insurance broker?

If you’re still unsure whether this is worth it, that’s understandable. After all, not everyone needs an insurance broker! That said, there are a few situations where they’re super helpful to have on-side:

You’re new to insurance.

If you’re getting car insurance for the first time, buying a house, or moving out of home, a broker can explain what you need and make the process easy.

You’ve got complicated needs.

If you own a business, have multiple properties, or need specialist cover, a broker can find options that suit your situation without having to wade through a lot of complex policy documentation to compare terms.

You’re short on time.

Sourcing and comparing quotes can be a time-consuming business! If you don’t have the time (or patience), a broker can streamline the entire process for you.

Your current policy isn’t working for you.

Finally, if your insurance policy feels too expensive, confusing, or unsuitable, a broker can help you review it and diagnose what’s wrong. From there, they can help you find something better.

Five questions to ask your insurance broker:

If you fall into any of these categories and you’ve decided to start looking for a broker of your own, the key is to find the right one. We have lots of experience navigating the insurance industry in New Zealand, so we’ve got a few questions you can use to assess the fit when you’re talking to a potential broker. These questions can help you to get the most out of it!

There are five questions you can rely on to find a good broker:

1. Are you independent or tied to certain insurance companies? Independent brokers can give you a wider range of options.
2. What kind of insurance do you specialise in? Some brokers focus on personal insurance, while others specialise in business or niche policies.
3. How do you get paid? Brokers get paid a commission by the insurer. As they provide professional advice, they may charge a fee.
4. Will you help me if I need to make a claim? A good broker will support you through the claims process or have a dedicated team of claims specialists like we do. This can make a huge difference if things get complicated or something goes sideways.
5. How often will we review my policies? Regular reviews make sure your cover stays up to date as your life changes.

nsurance brokers are there to make life easier. If you’re feeling overwhelmed, short on time, or unsure whether you’ve got the right cover, a broker can take the stress out of the process and make sure you’re sorted.

They’ll explain the complexities of insurance, find you the best options, and help you when needed. So, if you’re asking yourself, “Do I need an insurance broker?” The real question is: Do you want peace of mind knowing you’re covered properly? If so, then absolutely!

Best fit for you, now and in the future.

Our team of NZ-based personal and commercial insurance brokers always takes the time to understand exactly what you need so we can tailor an insurance policy that meets your requirements. Even after the policy has taken effect, we’ll continue to work with you to ensure it takes care of everything you need it to, so you’re always protected.

Ready to find the insurance policy that works best for you? Get in touch to find an expert insurance broker today.