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What does an insurance broker do?

Insurance Broker

In simple terms, an insurance broker acts as an intermediary between individuals or businesses and insurance companies, helping clients find the right insurance coverage to meet their needs. They leverage their expertise and relationships with various insurance providers to negotiate the best policies and prices.

Why use an insurance broker?

Insurance brokers offer multiple benefits, including:


Brokers have comprehensive knowledge about insurance products, which ensures you get the best advice and options.

Saves Time and Money

They compare multiple offers, so you don't have to, often securing better deals than you might find on your own.

Personalized Service

Brokers understand your unique needs and ensure the policy you choose aligns with them.

What does an insurance broker do?

  • Assessment of Needs: Brokers first understand your individual or business needs to determine what kind of coverage is essential.
  • Comparison: They then compare various insurance policies from multiple providers to find the best match.
  • Advocacy: In the event of a claim, brokers can also act as your advocate, ensuring a smooth process and helping you get the maximum possible benefit.
  • Continuous Support: Even after securing a policy, brokers provide ongoing advice, ensuring that your insurance needs are met as circumstances change.

How does an insurance broker operate?

  • Building Relationships: Brokers cultivate relationships with multiple insurance providers to get a broad understanding of the available products in the market.
  • Client Consultations: They consult with clients to gauge their insurance needs and risk profiles.
  • Research & Comparison: Using their access to a wide array of products, they research and compare policies to find the best fit.
  • Ongoing Review: They periodically review clients’ policies to ensure they remain suitable and cost-effective.

What are the advantages and disadvantages of a broker?

  1. Expert Guidance: Brokers provide expert advice, ensuring you get the right coverage.
  2. Saves Time: No need to spend hours comparing policies – brokers do that for you.
  3. Claims Assistance: They assist during claims, ensuring a smooth process.
  4. Access to Exclusive Offers: Some deals might be available only through brokers.
  1. Broker Fee: Some brokers might charge a fee, though this isn’t always the case.
  2. Limited Options: While they do have access to many insurers, they might not work with every single one on the market.

Common misunderstandings

  • “Brokers charge high fees.” Many brokers are compensated by insurance companies for the policies they sell, meaning the client isn’t charged directly.
  • “They push the highest priced policies.” Reputable brokers prioritize the client’s needs, not just the highest commission.
  • “All insurance policies are the same.” Policies can vary widely. Brokers ensure you get the one that fits your specific needs.

How can Gerrards help?

  • Specialized in Business Insurance: Being specialists in business insurance in New Zealand, Gerrards understands the unique challenges and requirements businesses face.
  • Local Expertise: We are well-acquainted with the New Zealand insurance landscape, ensuring you get policies compliant with local regulations.
  • Dedicated Service: Our team is dedicated to ensuring businesses get the best possible coverage, at the best possible price.
  • Continuous Support: Beyond just finding the right policy, Gerrards provides ongoing advice and support, ensuring your business is always protected.

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