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The gap between a growing company and a generalist insurance broker widens every year. Here's what triggers the switch and what to look for in a specialist broker.
Most companies started with a broker who was the right fit at the time — often a local generalist who handled everything from motor fleet to public liability. But as revenue grows past $20M, $50M, $100M, the complexity of the insurance program grows with it. And many brokers don't grow at the same pace.
What triggers the switch
The companies that approach us typically share a few common experiences. Their broker is reactive rather than proactive — renewals arrive at the last minute, market alternatives aren't presented, and there's no strategic conversation about how the program should evolve. The insurance program hasn't been restructured to reflect how the business has changed — new sectors, new contract types, new jurisdictions, new asset classes. Claims are lodged but not actively managed or advocated. And they've never been offered surety bonds, even though they hold significant bank guarantees that are constraining their borrowing capacity.
What to look for in a specialist broker
Independence is the starting point. A broker owned by or aligned with a specific insurer group has a structural conflict of interest. You want a broker who can place business across the full market and whose only obligation is to your outcome.
Sector knowledge matters. A broker who understands the contract structures, regulatory environment and risk profile of construction, mining or healthcare can anticipate exposures that a generalist will miss. They should be reviewing your key contracts, not just your policy schedule.
Surety capability is a genuine differentiator in the Australian market. Very few brokers can structure and manage surety bond facilities alongside commercial insurance programs. Having both under one roof means your capital strategy and risk strategy are aligned.
Finally, look for a broker who brings a structured review process — not just a renewal cycle. The best brokers assess your program against your contracts, growth trajectory and sector benchmarks, then present a clear recommendation with alternatives.
What a transition looks like
Switching brokers is simpler than most people expect. Your new broker manages the transition, communicates with existing insurers and ensures continuity of cover. The process typically takes four to six weeks and is timed to align with your renewal cycle.
