Business Insurance Brokers

Find out about business insurance brokers and then compare a variety of quotes for business insurance here.

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, updated on July 17th, 2023       

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We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.

In the old days, small businesses looking for business insurance had very little option but to consult with traditional business insurance brokers. They were often charged high fees for receiving advice about their business insurance needs.

However, in recent years, online business insurance brokers have revolutionised the insurance industry, doing away with high fees for service and long delays. The digital nature of online business insurance brokers enables faster response times and simplifies the claims process, ensuring businesses can receive prompt assistance in case of an incident.

What is a business insurance broker?

A business insurance broker is a financial advisor who specialises in providing advice about insurance products. They’re experts in their chosen field and often specialise in one particular type of insurance, such as public liability or commercial vehicle insurance.

Brokers act on behalf of their clients, offering advice about the type and level of insurance they’d recommend. They can save a customer plenty of research, time and effort by presenting tailored insurance packages for consideration.

In Australia, insurance brokers and agents are licensed by The Australian Securities and Investments Commission. To become an insurance broker, you first have to complete a Certificate III in Insurance Broking and a Diploma to gain your Australian Financial Services Licence.

What do business insurance brokers do?

These are some of the services offered by insurance brokers:

Providing advice

Business insurance brokers offer impartial advice about different insurance products available in Australia. They usually have a broad knowledge of multiple insurance products, and can assist a client to choose an insurance policy that is a good fit for their needs.

Offering packages

In addition, some business insurance brokers have their own insurance packages, products, special offers or enhanced insurance coverage which isn’t usually available to the public direct. Insurance companies provide brokers with these special deals in the hope of attracting new business.

Conduct risk assessments

The broker will meet with their client and work out what type of insurance the client is after. They may even assist the small business owner to carry out a risk assessment of their business, which may highlight where the business’ vulnerabilities lie.

Help clients through the purchase process

Once a client has decided what sort of insurance they need, the broker will go away and research what type of insurance package would best suit them. They will compare different policies and then make a recommendation to their client.

What are the alternatives to buying business insurance through a broker?

The clearest alternative to buying insurance through a broker is to compare offers yourself online. Savvy can provide you with a range of insurance quotes for comparison from some of Australia’s leading insurers. We offer an instant insurance quote service, which involves answering just a few questions about your business and the type of insurance you’re after. From there, you’ll receive a variety of offers online for you to compare side-by-side.

Getting quotes through Savvy is a convenient and simple way of comparing insurance policies offered by a wide variety of insurers. There’s no need to book an appointment or wonder if you’re getting the best deal. You can consider quotes from a variety of insurers just minutes from now and get your business the coverage it needs as soon as today.

Crucially, by comparing offers yourself, you can have more power to decide which is the best policy for your needs, rather than have it decided for you.

There are also a few other alternatives to using an insurance broker, including:

  • Do all the background research yourself, find out which companies offer the type of insurance you’re after and apply directly to several insurance companies to get a quote
  • Approach one company you may be familiar with or already have a policy with and ask for a quote
  • Ask family or friends which insurance company they use, and get recommendations from people you know

Pros & cons of using a business insurance broker

PROS

Save you time and effort

A broker will save you time and effort carrying out research into the Australian insurers who offer policies that may be of interest to you.

May offer cheaper deals

Some insurers sell their policies exclusively through brokers of one type or another, so some can offer cheaper deals to the public.

Can assist you to make a claim

If you do need to make a claim on your insurance policy, your broker can assist with filling in the claim form and advise on what you can claim.

CONS

May not represent the entire market

An insurance brokerage business usually earns its income through the commission paid by insurers, so they may have an arrangement with one specific group and may not represent the entire market.

May have to pay for their services

Some insurance brokers charge a fee for their service, so you may have to pay to get the benefit of their advice. In contrast, it won’t cost you a cent to compare policies yourself online.

More insurance than you need?

It’s in a broker’s interest to sell you as much insurance as possible, so you could end up being over-insured or having policies that you don’t need.

Types of business insurance

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Frequently asked questions about business insurance brokers

What types of insurance coverage can a business insurance broker help me with?

Business insurance brokers can assist with various types of coverage, including general liability insurance, property insurance, professional liability insurance, workers' compensation, and more.

How do business insurance brokers differ from insurance agents?

An insurance agent works for just one insurer selling their employer’s products. As part of their job, they may liaise with many different insurance brokers to make them aware of what their company can offer. On the other hand, an insurance broker works for the customer to advise them which policy or type of insurance would best suit their needs.

Do insurance brokers have to disclose their commission?

Yes – insurance brokers are obliged to disclose any commission they may receive or fees they charge in a document called a Statement of Advice. This will tell you what advice they have given you and will detail any fees for service or reveal what commission they will earn by selling you the insurance on offer.

Can a business insurance broker help me save money on insurance?

Yes, business insurance brokers can help you find cost-effective insurance options by comparing different policies and identifying discounts or package deals that suit your specific needs.

Can a business insurance broker handle claims on my behalf?

Yes, business insurance brokers often provide claims assistance and support, helping you navigate the claims process and ensuring you receive fair compensation.

Helpful guides on business insurance

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Disclaimer:

Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.

Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.