About Barrack Broking
A commercial insurance broker differs from an insurance company as they represent your business and serve as an advocate for your company in the event of a claim. A broker will provide tailored advice and solutions designed for your unique circumstances as a commercial enterprise to ensure you have the right protection in place.
With Barrack Broking, our team of experts work across Australia to advise on insurance solutions for your property assets, so you can rest assured that your business is taken care of if a claim arises.
Barrack Broking is taking the mystery out of the world of insurance.
What a Commercial Insurance Broker Actually Does
In simple terms, a commercial insurance broker will identify the unique risk profile of your business to ensure you have the adequate amount of coverage to protect you from those risks.
When running a commercial enterprise, we know risks are inherent in your day-to-day operations. The scope of that risk depends on a number of factors relating to your business, such as: your business structure, the sector you operate in, and your annual turnover.
That’s why Barrack Broking seeks to understand the ins and outs of your business, in order to offer practical solutions grounded in real-world application to ensure your company is set-up for long-term success.
Our team work through a four-step process when approaching commercial insurance:
- Risk Assessment: We’ll start by understanding your business and scenario to identify your risks.
- Policy Selection: We’ll develop a tailored strategy and program that is detailed with cost and your coverage options, using our market knowledge and expertise.
- Market Analysis: We’ll head out to the market to negotiate a policy with the right insurer that covers you based on the identified risks.
- Ongoing Advocacy: We’ll be here for you all year round. Whether you need claim support, policy clarification or general advice, you can rely on Barrack Broking to support you.
Insurance Broker vs Direct Insurer
Whose interests are represented?
Direct Insurer: The profits of the insurance company, every time.
Insurance Broker: The financial interests of your business.
Number of insurers compared
Direct Insurer: Limited to one, from their own policy shelf.
Insurance Broker: A comprehensive market comparison with multiple insurers.
Policy Wording Review
Direct Insurer: A take it or leave it approach.
Insurance Broker: Tailored clauses that are negotiated to your company’s needs.
Claims Support
Direct Insurer: Involves negotiating with their internal executives.
Insurance Broker: Your broker is your advocate throughout the claims process.
Renewal Advocacy
Direct Insurer: Automatic annual price increases
Insurance Broker: We go back to the market to ensure your premium remains competitive.
Industries and Risks We Cover
At Barrack Broking, we’re committed to providing you with expert advice and matching you to an insurance policy that works for you and your business, working across a variety of industries, including:
- Care and Community Sectors: Commercial protection for aged care providers and childcare operators customised to the unique risks of the care industry.
- Professional Services: Tailored professional indemnity and cyber insurance coverage for the professional sectors, including accountants and engineers.
- Property and Real Estate: Our commercial property insurance insurance experts provide comprehensive asset protection for commercial real estate portfolios.
Where We Operate
Barrack Broking has specialists positioned around the country, ensuring you get essential local knowledge you need from your insurance broker.
From on-the-ground risk assessments to face-to-face support, we have dedicated teams across: Sunshine Coast, Newcastle, Melbourne, Toowoomba, Bundaberg, Adelaide, Brisbane, Cairns, Sydney and Gold Coast.
Frequently Asked Questions
What does a commercial insurance broker do for a small business?
As a small business, you should see a broker as your outsourced risk manager. By outlining your unique exposures and sourcing the appropriate coverage to mitigate these exposures, your commercial insurance broker manages any claims on your behalf so you can focus on running your business.
Is a broker more expensive than going direct?
Not necessarily. Brokers may charge an additional service fee or receive a commission from an insurer, but in the long-term they save your business more by preventing under-insurance. With insider market knowledge, they are well positioned to negotiate lower pricing while making sure any legitimate claims are paid out in full.
Do you work as a commercial property insurance broker?
Yes. Barrack Broking are proud to offer commercial property insurance broking to an extensive portfolio of Australian businesses across a range of industries. To find out more, explore our Who We Help page.