NIBA / Professionalism
8 Signs to Spot a Good Broker
WILL LAUNDY Director, Pillar Brokerage
Will Laundy, Director, Pillar Brokerage, and the 2024 NIBA SA/NT Broker of the Year shares 8 key attributes of a good broker.
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The broker will build tripartite relationships For complex insurance placements, you should be able to engage your key insurance partners with the assistance of your broker. This allows you to have direct access to the insurer (and vice versa), to help share information and build trust. It also helps in the event of a claim, as the business operations will be clear to the insurer. 5
They’ll take a long-term approach to your insurance program By looking beyond the usual 12-month cycle, brokers can connect you with suitable insurance companies who have the ability to accommodate your changing needs. This means the broker should understand your medium to long-term business plans in order to select appropriate and stable insurance partners.
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They’ll take a holistic approach to your risk management A good broker should set out key dates in the annual renewal cycle to identify when tasks and deliverables are required and who is responsible for them. This can include the type of information that needs to be collected; who is involved in collecting it; when this is required by; when insurer negotiations are to take place; when you’ll receive feedback on your renewal program; and the frequency of ongoing service you’d like to receive from your broker.
They’ll understand your industry A good broker will be familiar with your industry and understand any intricacies that go with it. They will ideally have clients similar to your business and have dealt with similar insurance placements previously.
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They’ll review your client contracts As a business owner, you may unknowingly be in breach of your insurance policy by signing contracts with your clients, customers or partners. A good broker will review insurance and indemnity clauses in your business’ contracts to ensure terms and conditions aren’t overly onerous and negatively impact your insurance policies. It is the broker's responsibility to ensure this does not occur, or if it does, the potential impacts are known to inform your decision making.
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They’ll connect you with key service providers
Following on from item six above, your broker should have a network of service providers to assist you should the need arise. This includes loss adjusters, building contractors, forensic accountants, cyber security specialists, lawyers, security companies, life insurance brokers / financial planners, risk consulting, HR professionals, quantity surveyors, and valuers, among others. They’ll share information with you Brokers should share information that is relevant to your business and its exposures. Examples could be a recent judgement affecting policy interpretation or trends regarding cyber fraud and how to better secure your network. 8
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You’ll receive a servicing plan A good broker should set out key dates in the annual renewal cycle to identify when tasks and deliverables are required and who is responsible for them. This can include the type of information that needs to be collected; who is involved in collecting it; when this is required by; when insurer negotiations are to take place; when you’ll receive feedback on your renewal program; and the frequency of ongoing service you’d like to receive from your broker.
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