Why Use an Insurance Broker

Choosing to work with a professional insurance broker can make a real difference to your business. From personalised advice and expert knowledge, to hands-on-claims support and ongoing policy reviews, brokers help ensure your cover actually protects what matters – without the stress and guesswork.

Read on below to discover the key benefits of partnering with a broker.

Small business owners tend to be born optimists – passionate, resilient, and driven. But let’s be honest, running a business in Australia comes with its fair share of challenges. From rising costs and shifting regulations to workplace risks and cyber threats, every day brings something new to manage.

That’s why having an insurance broker in your corner isn’t just helpful; it’s smart business. A good broker does more than just find you a policy. They help you understand your risks, protect your operations, and step in when you need support the most.

What Exactly Does an Insurance Broker Do?

An insurance broker takes the time to understand your business, its risks, and your goals, then finds insurance cover that suits your needs and budget. They're experienced in comparing policies across multiple insurers, and can explain differences in cover in plain English.

Whether you're a tradie, retailer, consultant, manufacturer or something in between, a broker ensures your cover actually matches your risks, and avoids the common traps that lead to denied claims or unexpected gaps.

Remember, an insurance broker doesn't work for the insurance companies; they work for you and have a vested interest in the ongoing success of your business.

Did You Know

According to the National Insurance Brokers Association (NIBA), more than 50% of Australian SMEs who purchase insurance without advice are underinsured.

Did You Know

A study by Vero Insurance found that 84% of SMEs who used a broker felt more confident their insurance would protect them at claim time, compared to just 62% who bought direct.

The Key Benefits of Using an Insurance Broker

Expert Advice

Understand exactly what’s covered and what’s not. Brokers offer a higher-quality service, foster personal relationships, and are not aligned to any insurer.

Saves You Time

No more spending hours comparing confusing quotes and dealing with the fine print. Brokers save each client an average of 11 hours per year.

Works For You

Your broker works for you, not the insurance company. They advocate for your interests.

Claims Support

Someone to fight for you when things go wrong. Brokers save their clients an average of 2.5 hours during the claims process.

Avoid Mistakes

Get your business name, cover type, and inclusions right from day one, so you're properly protected when it matters.

Better Value

Brokers can access competitive policies you may not find yourself, often negotiating better premiums or conditions.

Want More Proof?

For further insights into the value insurance brokers deliver, Deloitte Australia published a landmark research report in September 2020. It highlights how brokers benefit not only their clients, but also insurers, the economy, and broader society.

We’ve pulled together the key findings into a quick-read infographic.

The Economic Value of Insurance Broking (PDF)

Using an Insurance Broker vs. Going Direct

Tailored risk assessment
Help selecting the right cover
Policy wording explained
Correct legal entity checks
Advice tailored to your industry
Claims support
Ongoing policy reviews
Regulatory updates
Access to wider insurer market
Long-term trusted adviser

Personalised review of your business risks
Expert guidance on policy options
Clear explanation of terms & exclusions
Broker ensures correct setup
Cover matches specific risks in your sector
Broker handles claims on your behalf
Regular check-ins to update your cover
Broker keeps you informed of changes
Includes providers not available direct
Ongoing relationship with someone who knows your business

Self-assessed or skipped entirely
Decisions made based on price or guesswork
Must interpret fine print yourself
Risk of using the wrong name or missing details
Generic, one-size-fits-all approach
You manage the process alone
Usually auto-renews without assessment
No alerts or ongoing advice
Limited to what's advertised online
No personalised support – one-off transaction

Beyond the Policy - Long-Term Business Value

Price-conscious owners often assume it’s cheaper to go direct to an insurer. But that’s not always the case, especially when you consider the ongoing service and risk advice that brokers provide at no extra cost.

Specialised brokers (like our team at Midland) can also assist with:

Claims support
Staff education
Contract reviews and renewals
Ongoing risk advice

These aren’t just extras - they’re part of the value a broker brings. And over time, that ongoing relationship can make a real difference to how protected, informed and prepared your business is.

0 %

of SMEs agree the claims process would be "much harder" without the support of a broker.

Your Business Is Unique. Your Insurance Should Be Too.

No two businesses are the same, which means your insurance shouldn’t be either. A good broker takes the time to understand your operations, goals, and risks - not just to place a policy, but to provide ongoing support as your business evolves.

Investing in the right broker relationship can bring long-term value. When your broker understands how you operate and where you're headed, they can consistently deliver the most suitable and cost-effective cover to match.

Contact Us

If you’d like personalised advice or simply want to review your current insurance setup, our team is here to help.

At Midland Insurance Brokers, we work with businesses of all sizes across a wide range of industries. Get in touch today to speak with an experienced broker who understands your risks and can help you find the right cover, without the jargon or guesswork.

You can get in touch with us via our website form, by emailing us at contact@midlandinsurance.com.au, or by giving us a call on 1300 306 571.