In this report

Reports:

Finding a good broker

Visit a number of brokers and ask each one to explain what they do, how many insurance companies they deal with, how they are paid, and what qualifications they have. Ask what they do when you need to make a claim.
Put your questions in writing and ask for written answers.
Ask to read any client testimonials the broker has.
Discuss what conflicts of interest they may have and why they believe their advice is independent.
Ask how much of your annual insurance premium is going to the broker. This info should be volunteered, but if it isn’t ask for it.
Expect a good broker to ask you a lot of questions about your insurance needs and the risks you might want to insure. If they don’t understand your situation well, they can’t give good advice.
Membership in industry groups such as IBANZ is one way to find brokers who comply with a code of practice.
Don’t put up with poor service – if you’re getting the run-around when you make a claim it’s probably time to find a new broker.