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Newcastle Insurance Brokers – FAQ
Welcome to Newcastle Insurance Group – your local Newcastle insurance broker. We are Newcastle based providing business insurance to our clients locally.
We are also one of the leading online providers of business insurance for business customers, including, commercial building insurance, unoccupied commercial property insurance, fleet insurance.
If you want to work with an Insurance Broker to handle your Business Insurance, it’s really easy to contact us, call us on 1300 62 80 80 or complete our online contact form and we will call you at a time that suits you. As a local insurance broker based in Newcastle, we can provide an insurance policy that will provide the necessary cover to meet your needs.
What is an insurance broker
An insurance broker is in many ways is just like a mortgage broker, they act on your behalf to make sure that your insurance and risk management is managed.
This may mean that some things are not insured and others are, particularly in business where a decision may be made to self insure some risks rather than transfer the risk with insurance.
For home insurance, car insurance and the bulk of the retail insurance market insurance brokers simply find the most appropriate policy for the client, implement that insurance policy and handle any claims on that insurance policy.
What should I look for in an insurance broker
To choose the best insurance broker make sure they are members of a professional insurance broker association.
You may also want to look at recent reviews online and have a good understanding of the type of insurance coverage you are after.
Good brokers will take the time to review all your insurance risks and advise suitable options.
It does not matter if it is general insurance advice or business insurance advice professional brokers provide advice that can be counted on in the event of an insurance claim.
Does it cost more to use an insurance broker
Most of the time it does not cost more to use an insurance broker.
Insurance brokers have access to a large range of insurances in the market and can often find or negotiate very competitive insurance premiums on your behalf.
All brokers insurance fees will be outlined in the Financial Services Guide, Product Disclosure Statement or Statement of Advice.
You have nothing to lose by trying to get the best insurance you can through a broker. If you are not happy with the quotes provided don’t take up the insurance policy.
How are insurance brokers paid
Insurance brokers are paid a commission based on the insurance premium paid by the insurance company, just like a mortgage broker.
There may also be a broker fee charged but this varies due to the types of insurance and size of the policy.
What happens when there is an insurance claim
One of the best parts about using an insurance broker to handle your insurances is that in the event of a claim the insurance broker handles the claim for you. It does not matter if it is a professional indemnity claim or a general insurance claim the best insurance brokers have the best support claims departments.
Should I notify my insurance brokers if my circumstances change
Yes and yes. If your circumstances change you should notify your qualified insurance brokers as soon as possible.
Your insurance broker may need to update your policy to reflect the changes. Failure to notify your insurance broker could place you at risk in the event of a claim as the insurer may reduce the payout or deny the claim.
Proud to be Newcastle Insurance Brokers
We proudly look after some of Newcastle’s most iconic brands, who have remained loyal to us on the back of our qualified professional service, and have of course added to them with additional clients of our own.
Newcastle’s leading community insurance broker
We provide our clients with all of their insurance and risk management needs. We offer help and advice to a range of small and mid-sized clients across the Newcastle area and further afield. We also have an in house claims team that can handle your claims as quickly and efficiently as possible.
Newcastle Insurance Brokers – Business Insurance & General Insurance
We offer Private Client insurances for individuals and families, as well as solutions for both individual and Commercial Insurance Broker Clients.
We work with major insurers, as well as specialist markets and Lloyds of London. Our stature allows us to achieve the best cover we can arrange for the risk, whilst providing a local service, in the heart of the Newcastle community.
What happens if you have a complaint about an insurance broker
It depends a little on the type of insurance, whether it is business risk management or general insurance as two opposite examples.
Brokers and insurance brokerages are heavily regulated in Australia.
Brokers must be licensed and there are a number of requirements under the Corporations Act 2001, the Insurance Contracts Act 1984, and the Insurance Brokers Code of Practice.
Generally the Australia Financial Complaints Authority is independently tasked with resolving complaints if they get that far as a dispute.