Change is difficult. It is usually easier to stick with the one you have, whether a new insurance agent or a new hairstylist. However, your one may be costing you money, time, or both. Hope you are using the latter rather than the former. Some may have seen some horror stories of working as insurance brokers in Sydney. Some have also come across a few heroes. Here is a shortlist of warning indicators just in case. If you have had the following experiences, it is time to find a new insurance broker.
You think you’re overpaying.
Insurance costs fluctuate yearly, so if you haven’t gotten an insurance quote in the last three years, now is the time to do so. Your insurance brokers at Sydney may be loyal to specific businesses, which are fantastic for them, but it may force you to forgo significant savings. Shopping for a new insurance broker might give you the peace of mind that you are getting the best deal on the market.
Poor Customer Service
Poor customer service indicates that you need a new insurance broker. Do you have to send your broker many emails before you get a response? Is it the case that your broker only contacts you around renewal time? Is it their habit to cancel appointments with you at the last minute? Changing your business insurance broker can be inconvenient, but it is nothing compared to dealing with an unresponsive or unprofessional broker. In reality, slow reaction times are not only inconvenient, but they can also damage your business.
For example, if you can’t submit a certificate of insurance (COI) to a potential client on time, you can miss out on a contract. Your organisation is exposed if you require a new insurance policy to address an emerging risk but can’t reach your broker. Situations like these can harm both small and large enterprises, and a broker should never place you in a situation like this. As an employer, you need an insurance broker in Sydney who is responsive and available and treats your company as a priority rather than an afterthought. If you routinely receive poor customer service, it is time to seek a new insurance broker.
Lack of knowledge
With your business’s continuing growth, there is a potential that you will outgrow your brokerage’s specialisation in your operations. It is one thing for a broker to write a commercial auto policy for a single truck. Still, it is a completely different story regarding an entire fleet operating internationally with employees who require workers’ compensation/benefits, as well as coverage for freight, warehouses, and trailer interchange liability. Your broker may not have a deep enough understanding of your industry to assist you as your company grows and develops. At that point, looking for someone with a specific broker skillset in that industry could be an alternative.
Have issues with your policy
This may seem self-evident, but if you discover problems with your policy, particularly in coverage amounts, this is a significant red flag. Your insurance broker should be your strongest advocate regarding insurance, ensuring that you get the best rates and the proper amount of coverage. If you believe your policy is insufficient and your insurance broker is not responding to your concerns, choose a new insurance broker who will guarantee your coverage is as comprehensive as it needs to be.
Lack of Choice
If your broker keeps presenting policy options from the same insurance firms every year, it may be time to find a new broker. Lack of coverage options is problematic since you can’t be sure your broker is looking around for the best solutions for your business if you see the same possibilities every year. Granted, these may be the best coverage options for you. However, certain policies may come with a higher commission or reward for the broker. Some brokers may try to direct you toward more profitable policies rather than the best options for you.
As a result, if you feel compelled to buy specific policies or don’t have a wide range of quotes to choose from, there may be hidden incentives at work. When it comes to commissions and costs, insurance brokers should always be transparent. Furthermore, high-quality insurance brokers will always look for the greatest prices and coverage for you and act in your company’s best interests. As a result, if your broker pressures you to buy specific policies, doesn’t offer a good variety of plans and coverage options, or shows a lack of transparency, it is probably time to switch.
Unreasonable broker fees
Most commercial plans allow a broker to charge a Broker Fee in addition to the policy premium. These are costs paid directly by the client to the brokerage for the brokerage to write the business, and many of these fees are set by the broker himself. While this price is appropriate and justified in light of the amount of work required by the brokerage to secure and service your policies, if you feel it is excessive and unreasonable, you may wish to look into other brokers who may charge less.
The good insurance brokers in Sydney will take the time to learn about your individual business and personal needs and tailor the suggestions to meet them. If you feel these signs look a little too familiar with your current broker, then it is the best time to choose a new insurance broker.
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