Business Insurance Planning Pty Ltd
Insurance - Gold Coast, Queensland, Australia
Business Insurance Planning Pty Ltd Employees
Business Insurance Planning Pty Ltd Senior Management
Business Insurance Planning Pty Ltd Details
An insurance policy is a legal contract. The two parties to the contract are the Insurer (an insurance company or underwriting agency) and the Insured (an individual, partnership, Company or other legal entity) Both parties are expected to be truthful and honest with their dealings between each other. An insurance broker is an intermediary required to act in the best interests of their clients who are predominantly the Insured parties. The broker's role is to assist their clients to put in place insurance policies which are relevant to their client's needs. The general public as a rule do not have in depth knowledge of how insurance policies operate and the nuiances involved with them. Brokers are expected to have a sound understanding of the principles of insurance law and enhance their knowledge regularly by attending training on the products that they are handling. Brokers are usually paid a brokerage which is generally a percentage of the insurance premium for placing a policy with a particular Insurer. Clients are encouraged to read the broker's Financial Services Guide which outlines the typical percentage range. Brokers may also charge a fee to their clients for the time and expenses involved in carrying out their client's instructions. A significant cost to brokers is the requirement to hold Professional Indemnity insurance and to attend seminars to update their ongoing professional training. It takes a significant period of time, typically several years, for brokers to become familiar with the range of insurance products available to them. Clients often do not appreciate the difference in experience between some of the direct insurer staff and qualified insurance brokers. Direct insurance staff can have as little as two weeks training before they are selling policies to the public. Rarely are they sufficiently educated to give meaningful advice to the caller.
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