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An insurance broker is a licensed professional who acts on your behalf — not the insurer's — to find, compare, and arrange insurance coverage. They are required to hold an Australian Financial Services Licence (AFSL) or be an authorised representative of one, and they have a legal duty to act in your best interest.
When you go direct to an insurer, you are buying from someone whose interest is to sell their own product. A broker shops across multiple insurers to find cover that suits your needs and budget. They provide advice, help you understand your obligations and exclusions, and advocate for you in the event of a claim. For complex risks, the broker's expertise often saves significantly more than any direct discount.
Beyond finding and placing your insurance, a good broker reviews your cover at renewal to ensure it remains appropriate, advises you when your circumstances change, assists you through the claims process, and provides risk management guidance to help prevent losses. Many business owners find their broker saves them time and provides peace of mind that is genuinely difficult to quantify until they actually need to make a claim.
CoverMy connects you with licensed Australian insurance brokers who compete for your business.
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What Is the Difference Between an Insurance Broker and an Insurance Agent?
Working with Brokers
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What Is an AFSL in Australia?