Just paid hubby's insurance and noted that the brokerage is $110! Premium and others was only $450 so I find this a bit ridiculous. Moreover, being trade, I thought we are dealing direct with these people. Any help on how to avoid this next time?
Thanks in advance for sharing.
Ya we did that and from memory, they didnt provide breakdown.
Just a question, how much do you think you should pay them for arranging the quote for you and managing a claim if you have a problem?
I have no idea.. .What I know is we have many other insurance (Prof Indemnity, Public Liability, Building etc etc) but this one is the highest, $110 out of $400+premium.
I suspect $110 is the admin fee the broker has charged. An invoice to the client will never show the brokerage - only the closing to the insurer will. FYI the brokerage I work for charges between $150 to $175 plus GST as a minimum irrespective of the premium amount. We have Workers Comp policies that only attract a minimum premium of $240 plus GST.
Shop around. Get a few quotes.