An insurance broker can save you time, money and worry. Whether it's home, car, life or business insurance, brokers provide advice and assistance to make sure your properly protected.

Don't go broke. Every business needs an insurance broker.

Is your insurance broker qualified?

It's always good to know that someone who provides an important service to you is qualified. Below is some vital information which will allow you to question an insurance broker about their qualifications to look after your insurance needs. While some people calling themselves insurance brokers have insurance qualifications, be aware that some do not possess broking qualifications. And not all insurance brokers are from NIBA member firms. All insurance brokers listed on www.needabroker.com.au work for NIBA member firms.

Are you protected?

All insurance brokers are required to be licensed by the Australian Securities and Investments Commission (ASIC). Their conduct is regulated by ASIC and they must comply with the requirements of their Australian financial services licence. They are also required to participate in a Government-approved consumer complaints handling scheme. Insurance Brokers Disputes Limited resolves disputes and complaints related to brokers.

NIBA brokers must also comply with the Insurance Brokers Code of Practice, which sets standards of customer care that must be complied with. A new, revised Code comes into effect on January 1 2007.

The Code requires clear and prompt communication with the client, proper representation when arranging policies and providing support in the event of a claim.

Is your insurance broker a QPIB?

QPIB stands for Qualified Practising Insurance Broker. It is a strict system of professional accreditation, introduced by NIBA in 1992, to ensure the highest professional standards. Insurance brokers who are QPIBs are obliged to meet and maintain rigorous standards of knowledge, skills and behaviour.

Experience: QPIBs have at least three years' experience in broking or seven years in an advisory role in the industry.
Continuing Professional Development (CPD): For QPIBs, professional development is an ongoing process. They are required to keep their skills up to date through continuing education, a minimum of 24 hours per year.
Association Membership: QPIB employers must be members of NIBA or of a similar overseas association accredited to run the QPIB program.
Insurance Qualifications (either through senior professional assessment of distance education): Insurance brokers seeking QPIB status must have formal qualifications including Diploma of Financial Services (Insurance Broking).
Code of Conduct: In addition to adhering to the law through the Financial Services Reform Act, as NIBA members, QPIBs are further bound by NIBA's strict Code of Conduct. The Code must be clearly displayed in brokers' offices and all employees must be aware of its provisions. Failure to comply with the Code can mean a fine up to $10,000 and expulsion from NIBA.