Why the new site will be helpful
An insurance broker can be a great help for some consumers when looking for the best insurance in a specialised area, such as income protection. The updated website makes it as easy as selecting from personal or business, your state and postcode, and the type of insurance you are looking for.
The website now distinguishes between personal and business insurance to make it easier for everyday consumers to identify which brokers specialise in the insurance they need. Small businesses are more likely to use insurance brokers, but NIBA CEO Dallas Booth pointed out that consumers could also benefit.
It can be difficult for the average consumer to keep track of differences between insurance providers and find a good value policy, but that is the daily job description for an insurance broker. For example, policies such as flood insurance and residential strata insurance have become much more complex following recent natural disasters. Even income protection policies have varying definitions of disability and illness that they cover.
Mr Booth added, “Brokers know what’s available in the market and are qualified to give professional advice tailored to a policyholder’s business or personal needs, including the appropriate level of cover. They are experts on the terms and conditions of various insurance policies available in the market.”
Considering a life insurance policy?We can help. Easily compare from 20+ insurers to find a policy that meets your needs.
Did you know? It’s free
Many people may not be aware that insurance brokers do not charge for providing their services. They receive payment from the insurer.
However, their job is still to get the best deal for you as the prospective policy-holder. Under the Code of Practice, insurance brokers must work in your best interests as their client.
Compare insurance policies
If an insurance broker is not for you, you can still compare policies for insurances such as income protection on our website. CANSTAR takes the hard work out of looking for a policy by researching and rating insurance products from hundreds of insurers in the following categories: