Dealing with a Broker.
I won’t lose my money if I deal with a broker will I?
It is easy to understand why people use an insurance broker…put simply, they save you time and money…but how well do you know yours?
Following an ASIC investigation, a Victorian man has been charged with five counts of dishonestly obtaining a financial advantage by deception.
It’s been alleged that Mr Tessa purported to act as an insurance broker, targeting a particular industry and obtaining payment from individuals and businesses on the pretence that the payments were required for insurance premiums.
Thankfully, Mr Tessa was arrested on entry into Melbourne Airport after he failed to appear in Melbourne
Magistrates’ Court on 18 December, 2017. Each of the charges carries a maximum 10 years’ imprisonment, so if found guilty, he could face as along as 50 years behind bars.
How can you avoid this problem?
All brokers in Australia have to be licensed by the Australian Securities and Investments Commission (ASIC), so look for the brokers Australian Financial Services License Number (AFSL), or an easy way is to ensure that they are, is to check to see if they’re a member of CQIB.
Remind me…Why do I use a broker again?
Firstly, a broker will work with you to understand your risks and discuss how insurance can protect you and your businesses from those risks.
Brokers have an extensive knowledge of the range of insurance products available in the market and use their network of contacts to source and negotiate the best deal.
Those same skills and networks are utilised to help you, when a claim occurs
So remember, the best way to address your insurance needs, is to find an experienced broker with whom you can develop a close and long lasting business relationship.
The Mandatory Data Breach Notification Laws (Notifiable Data Breaches Scheme (NDBS) came into effect on 22 February, 2018. Have you updated your Privacy Procedures? Have you implemented a Data Breach Response Plan?
Are you aware that the new scheme applies to all businesses with security obligations under the Privacy Act 1988?Close