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When choosing an insurance broker in Australia, verify their AFSL or authorised representative status via ASIC Connect, look for specialist experience in your industry or risk type, confirm they disclose their remuneration clearly in their FSG, and ask about their claims advocacy track record — which is where broker quality truly shows.
Key questions include: Do you hold your own AFSL or are you an authorised representative? How many insurers do you access for my type of risk? How are you remunerated? Can you provide references from similar clients? How do you handle claims? What happens if I need to contact you urgently? A good broker will answer all of these clearly and without hesitation. Evasive or vague answers to basic questions are a red flag.
Not necessarily. Large brokerage firms have broad insurer access and resources, but individual client service can vary. A specialist boutique broker with deep expertise in your industry may provide more tailored advice and more attentive service than a large generalist firm. The quality of the individual broker you deal with matters more than the size of their firm. Whichever you choose, ensure your broker is accessible and responsive — you need them most during a claim.
CoverMy connects you with licensed Australian insurance brokers who compete for your business.
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