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Business Insurance Brokers

All businesses in Australia need to have workers’ compensation and third party insurance for their commercial vehicles. But beyond that, there are a number of non-compulsory insurance policies you may need to consider to protect your assets, equipment, goods and future of your business.

While these policies are non-essential, the value of business insurance goes without saying. If your business is at risk of suffering a loss, the premiums paid for insurance are often pale in comparison to the potential consequences and financial hardship of operating uninsured.

Business insurance is more complex than domestic policies, and you may need to consult with an insurance broker to determine which policies are most suitable.

On this page, you will find information on the services offered by business insurance brokers, key considerations when looking for a broker, how much they cost and more. We can also connect you with insurance brokers in your area.

What is an insurance broker?

An insurance broker is an expert in identifying your risks and finding tailored insurance solutions to meet your individual and/or business needs. Insurance brokers can also provide professional advice, develop risk mitigation strategies and act on your behalf when lodging and dealing with claims. 

An insurance broker may work across a broad spectrum of insurance, or they may specialise in a particular area or industry.

What are the pros and cons of using an insurance broker?

Business risks can be complex and there’s much more at stake - not just financially but in terms of your reputation and livelihood. Many business owners have loyal employees and families to support - could you afford to resolve the consequences of a claim? 

Some of the benefits of hiring a broker include:

• Access to a wide range of insurers: Unlike direct insurance providers, business brokers have access to a wide range of insurance providers and policies that aren’t available to the average consumer. 
• More affordable premiums: With access to a wider pool of insurers, brokers can negotiate more competitive premiums and flexible terms. 
• Inside knowledge of the insurance market: Brokers know the ins and outs of the insurance market and can advise you based on current circumstances.
• They offer more than just insurance: One of the key perks of using an insurance broker is that they can work with you to develop a risk management plan, which in turn, can significantly reduce your premiums.

What policies can insurance brokers help me find?

In addition to the compulsory insurance policies for small businesses, brokers can help you find pretty much any time of insurance your business may need including:

• Professional indemnity insurance
• Property insurance
• Public liability insurance
• Product liability insurance
• Theft and burglary insurance
• Money insurance
• Commercial vehicle insurance
• Tax audit insurance
• Business interruption insurance
• Stock insurance
• Employee fraud insurance
• Machinery/equipment insurance
• Property in transit insurance
• Computer and electronic equipment insurance

But remember, the ‘right’ type of insurance for your business will depend on:

• The type of business you are operating
• The value and importance of your equipment
• The number of vehicles you own
• The amount of cash you keep on-premises
• The number of employees you have

- and other factors.

Financial planners often have relationships with insurance brokers who can guide you towards the correct policies for you.

How does a business insurance broker work?

When you first meet with a broker, they will take the time to understand your business and the risks involved before determining the right options. Once they have a thorough understanding of how your business works, they will find a tailored insurance package and negotiate the best terms and deals on your behalf. They will also answer any questions you have about your policy wording.

How are insurance premiums calculated?

Insurers consider a number of factors when determining an insurance premium including:

• Type of insurance coverage
• Amount of coverage
• Your age
• Claims history
• Credit history
• Actuarial tables 

How much do insurance brokers cost?

In most cases, insurance brokers offer an obligation- free consultation and advice. The way insurance brokers charge for the services is based on commission, which is usually around 10% to 25% of the base insurance premium.

How do I hire a business insurance broker?

It’s important to take the time to find the right insurance broker who understands your business and has your best interests at heart. Note that all insurance brokers in Australia must either have an Australian Financial Services (AFS) license or be an authorised representative of an AFS licensee. Ask the right questions and ensure they have experience in dealing with businesses in your industry.

When you hire an insurance broker, you can have confidence in knowing that you’ll secure the right policies at the most competitive prices. 

Here on SavvySME, we can connect you with brokers in your area. All you have to do is answer a few questions and we’ll introduce you to brokers who can assist you. If you have any questions about business insurance, you can also reach out to our community members in the Q&A section.