FAQs

Which insurance companies do you deal with?

Our brokerage only deals with the large reputable Australian and International insurance companies and underwriting agencies as they have the strongest security and service and you can rely on them to be there when you need them to pay your claim.

How are insurance brokers licensed and what controls are there?

Insurance brokers are licensed by the Australian Securities and Investments Corporation (ASIC).

Regional Insurance Brokers holds a Financial Services Licence as is required by law. Regional Financial Services Licence No. is 244330.

Are all your brokers qualified?

All of our brokers have qualifications that meet the strict Australian Securities and Investments Commission (ASIC) regulatory requirements. We value regular personal development days to ensure our brokers are kept up to date with training. We also hold memberships with the National Insurance Brokers Association (NIBA) and The Australian & New Zealand Institute of Insurance & Finance.

What’s the difference between a direct insurance agent and an insurance broker?

An insurance agent is a representative of an insurance company and sells insurance to clients only for products/services from that company. An insurance broker is the client’s representative and deal on their behalf with the insurance company, in the client’s best interests. At Regional Insurance Brokers, we deal with over 100 different insurance companies to make sure you get what’s best for you.

Will I pay more to use an insurance broker?

You shouldn’t pay more as we use our market knowledge and talk to multiple insurance companies. We aim to provide you with the right cover at the right price.

What insurance policies do I need?

Your type of business and the structure of your business will determine the level of insurance that you will need. With the ever-changing risks and circumstances facing businesses today, our brokers are ready to advise on the most suitable policies. Our brokers work with you throughout the year to ensure your risk is appropriately managed, and at renewal time a full review of your insurance will be undertaken to ensure you always have the best value cover available.

How long will it take me to get a policy?

It depends on the complexity of the insurance required. A simple policy will take less than one hour. More complex policies could take a number of days, or longer.

How do I know Regional will act fairly on my behalf?

We have a strict code of conduct as part of our membership with National Insurance Brokers Association of Australia (NIBA) and as part of our commitment to our clients. This is of utmost importance in our business dealings and is what we have built our reputation on during the 90 years we have served Queensland businesses.

Will you pass on my premiums?

We are an Australian Financial Services Licensee and are subject to stringent legislative requirements concerning the receipt and payment of premiums. We are also a member of the National Insurance Brokers Association of Australia (NIBA) and adhere to a strict code of conduct. Insurance brokers are responsible for arranging most of the general insurance cover for businesses in Australia, and it is estimated that ninety per cent of all broker-placed business is handled by members of the National Insurance Brokers Association of Australia (NIBA). NIBA works closely with government on the controls of insurance brokers to ensure financial stability and ethical conduct.

What do I do if my circumstances change?

You need to contact your broker to keep them informed so that they can provide you with timely advice. The risk exposure to your business may have changed, which will determine the level of insurance you require.

How can I be sure an insurance company is financially sound?

Most insurance companies operating in Australia are financially sound and the regulatory body, the Australian Prudential Regulatory Authority (APRA) maintains strict controls to ensure this continues. APRA oversees the activities of insurance companies, banks, credit societies, superannuation companies and others in the financial services sector. There are minimum Capital Adequacy levels for APRA authorised insurers.

What happens in the event of a claim?

You should make contact with your broker as soon as possible so that they can inform your insurer. We will then notify your insurer of your claim, help you identify the next steps to recover from your loss, and advise on the policy coverage to ensure that you receive everything that you are entitled to.

What is your claims service like?

Our brokerage has a dedicated claims manager in-house that can handle all your insurance claim needs, they will look after your claim from start to finish and keep you well informed through the claim process.

Why shouldn’t I take up the cheapest insurance premium?

Choosing your policy should not be based on premium, it should be based on cover, service and reliability.

Cover: for the best protection of your business you want the broadest cover possible, if you are shopping on price you may get a lesser quality policy, leaving your business exposed.

Service: if you are to place your policy with a Regional insurance broker, you have a dedicated account manager that will be there to handle all your needs. You won’t have to speak to someone different every time you call.

Reliability: you can rely on the fact that you will have the support from your broker when you need it. From understanding your exposure, through placement of policy, to claims advocacy.

Why do I need Public & Products Liability Insurance?

Public & Products Liability Insurance is vital to every business, as if an accident involving bodily injury or property damage occurs and you are held liable, it can be extremely expensive. The likelihood of being sued for being negligent is unpredictable it is strongly suggested that you have adequate cover.

What is Steadfast?

Regional Insurance Brokers is part of Australasia’s largest general insurance broker network, the Steadfast Group. We leverage Steadfast’s scale to ensure our clients have access to a wide range of insurance companies, a broad range of products, exclusive policy options, and of course, competitive pricing. And when the time comes and you need to make a claim, you will have the backing of Steadfast behind you.

What payment options do you offer?

Cash, Credit Card, Internet Direct Debit, Bpay & Monthly Instalments (offered by reputable 3rd party premium funding companies).

What is a Financial Services Guide (FSG)?

A Financial Services Guide (FSG) must be given to a potential client by a licensee (or an Authorised Representative) as soon as practicable. It sets out information in regard to how we do business such as:

  • Documenting the standard basis on which we act for the client.
  • Providing all statutory notices and other information required by law (e.g. how we get paid).
  • Explaining how we will handle a client's business.
  • Regional's Financial Services Guide is readily available by contacting one of our offices or on our website here.

What is a Product Disclosure Statement (PDS)?

A Product Disclosure Statement (PDS) should be provided to retail clients prior to them making a decision to purchase an insurance policy. The PDS is issued by the insurer and highlights significant information about the policy of which you should be aware. This includes information about the insurer, significant benefits and features, things that are not covered, significant risks and other important information. You should carefully read the PDS prior to making a decision about purchasing an insurance policy.