insurance brokers australia

Buying commercial marine insurance is an important step in protecting your business and your assets. However, the process of finding the right insurance policy can be complex and confusing, especially for those who are not familiar with the intricacies of marine insurance. While it may be tempting to purchase insurance directly from an insurer, without the assistance of an insurance broker, doing so can put you at risk. 

In this article, we’ll explore the risks of buying commercial marine insurance without the help of a broker, and why it’s important to work with an experienced professional when seeking insurance coverage for your business.


1. Limited Coverage Options

Brokers work with many different insurers and have access to the largest selection of commercial marine policies available in Australia today. They can also offer advice on how much coverage you need based on factors like type of boat or other equipment used, location of use (including where it will be stored), age, value and usage patterns. Not only that, brokers would understand the nature of your business and are able to propose policies that can cover what your business needs.


2. Incomplete or Incorrect CoveragE

insurance broker coverage

When you are buying marine insurance for your business, it is important to know what type of coverage you need. A lot of boat owners obtain the wrong type of insurance for their commercial operations. As a result, the insurance company can rightfully decline to pay claims if owners keep relying on private pleasurecraft policies to insure a commercial vessel. 

With insurance brokers, all fine print will be carefully studied so that nothing gets missed in terms. Brokers work with multiple carriers to find an affordable solution based on your business needs.

3. Missing Out on Special Rates 

You might think that buying insurance from your local broker is more expensive, but this is not always true. Insurance brokers are trained to help you find the best coverage for your business, which can lead to competitive rates and the right coverage from multiple insurance providers.

Brokers can help you find the best price and terms for your business. They will have access to special rates and best deals that are not available through an online quote engine or direct sales channel.

4. Limited Expertise

The marine insurance market is complex, with many different types of policies and coverages available. If you’re not an expert in this area, it can be difficult to know what risks your business is exposing itself to and how much coverage it needs. This can be especially true for small businesses that don’t have dedicated staff members to help manage their insurance needs.

Brokers are experts at understanding these risks and finding the best coverage for your business at an affordable price point. They also have access to many different carriers who may not otherwise be available through other channels (such as online brokers).

5. Missing Out on Advocacy 

insurance brokers R&M

When you are looking to buy commercial marine insurance, it’s important to understand that brokers are advocates for the client. They act as a buffer between you and the company that provides your coverage. They don’t work for the insurance company- they work for your best interest.

Brokers understand their clients’ needs, which allows them to provide more relevant information about coverage options, including insurance, bonding and surety bonds, property management services and more.


6. Lack of Claims Assistance

Commercial marine insurance is a complex product. There are a lot of instances where boat owners or operators bought policies that do not cover what it is supposed to. Commercial marine brokers can help you get the right policy by providing advice and guidance on how much coverage you need, what kind of commercial insurance options are available, and which companies offer good value in their policies. 

In addition, they can assist with claims when the time and need come. There could be many pitfalls ahead when dealing with claims down the line. That is why it’s best to work with insurance brokers who would know the best way to purchase a policy, and how to file for a claim so that your business will be properly compensated. 


7. Lack of Access to Added Services

added services with R&M Insurance brokers

Insurance brokers have access to a wide range of insurers and policies, so they can match up their clients with the most appropriate one based on their specific requirements. In addition, they’ll also be able to work with them on price and terms if needed. 

Brokers understand their clients’ needs, which allows them to provide more relevant information about coverage options, including insurance, vessel management services and more. By not working with brokers, you’re missing out of valuable added services that your business might need. 



Without the guidance of a knowledgeable broker, you may be vulnerable to purchasing an inadequate policy or paying more than you need to for coverage that does not meet your specific commercial marine needs. 

There are many benefits to hiring a broker who can help you acquire the right commercial marine insurance. They can help you find the right coverage at the best price, as well as ensure that your policy is complete and accurate. Insurance brokers also offer advocacy services in case there are any issues with claims or other situations that arise over time. Done right, they could be worth the penny spent.

get free ebook on insurance requirements