Our decades in insurance have uncovered answers to a lot of tricky questions.
A bit of trivia – do you know where insurance contracts started?
Modern insurance contracts started in the mid 1700s, at Lloyds of London. Essentially the contracts were taken out in the local coffee houses on the boats and the cargo they were delivering. Lloyd’s still provides insurance today.
Q: Why shouldn’t I take the cheapest premium?
Most people use price as a point of differentiation and when it comes to insurance, a cheap premium does not necessarily mean value for money. Insurance policies are complicated and without spending a lot of time examining each policy and knowing the market it can be very hard to make an informed decision. Price is no indication of whether a policy is right for you or whether you are getting value for money. But don’t worry, that’s why we are here for you every step of the way.
Q: Which insurance companies can you arrange insurance with?
As a broker, we have access to a wide range of insurance companies, specialist underwriting agencies and overseas markets such as Lloyds of London. Some of these will be familiar household names but others you most likely have not heard of as they will only deal with brokers. Most importantly our dealings are with authorised insurers and we have the markets available to choose the most appropriate product or program for your particular needs.
Q: I run a business from home. Do I need to do anything different with my insurance?
You will need to make sure your household insurance covers your business items, stock etc. If not, you may need separate cover. Your household liability won’t cover your business liability, if someone visits you for work and they injure themselves, you might find yourself without cover.
Q: What’s the best way to make sure I have my business equipment covered, such as iPhones, laptops, etc…?
If you have only a few to cover, a good household policy may cover it, usually an accidental damage type of cover. You will need to read wording to make sure it does cover ‘business items.’ We know, super damn boring, but that’s why you come to someone like us – a bit geeky and reads that stuff for fun! [Yes we need to get out more.]
Remember, however, to consider the excess you will have to pay in the case of a claim.
Secondly, you could take out ‘general property’ insurance, that will cover a wider range of business equipment and usually have a lower excess than your home policy. This section is typically added to a business policy.
Q: What’s the best way to go about getting life insurance and trauma cover?
We’d recommend a good financial planner! They may be able to make sure the cover sits within a super policy, as this could be a cost effective way to have cover. We also have a program where a life insurance broker can arrange cover for you. We generally do recommend that these covers form part of your financial plan.
Q : Do you offer clients advice?
Then you may need professional indemnity insurance. Do you give them directions to follow, recommendations? Are you a consultant or perhaps an advertising agency? You probably need professional indemnity insurance (or at least to speak to your insurance broker about it). It can be somewhat of a ‘forgotten cover’, but could leave your business very exposed if you don’t have it.
Q : Do you sell products as part of your business?
If you make products, the liability for them may be covered under your public liability. Also if you import into Australia, you are considered the ‘manufacturer’ and need to have product liability coverage.
Q: What information do I need to know to get appropriate public liability cover?
Know your numbers! The insurance companies use your turnover figures to help determine their exposure in your public liability cover. So get clear on your numbers, it may save you money or at least make sure that you’ve got the right level cover.
Q: What is accidental damage cover?
We have ALL done this at some stage. Did your insurance cover the cost of having your carpets cleaned? Or even replaced if it didn’t clean out? Accidental damage cover might have saved you the pain and some $$
Q : Do you travel a lot and have an ABN ? Well do we have good news for you !
Did you know that if have an ABN, you maybe able to have a corporate travel policy? This is a yearly policy, that covers you for business and leisure, overseas, interstate and intrastate. It can also include your family when travelling with you!
Q: Are you able to insure one-off events?
We are able to place cover on your behalf on nearly any risk the market will accept. Depending on the type of event planned or the cover required will determine the cost and availability of cover in the market.
Q: What payment options do you offer?
Generally full payment is required before placement of cover on a new policy and on a renewal we allow 14 days. We offer a full range of ways to pay your premiums, from EFT, BPay, a convenient and secure online payment facility from this website and cheque. However, we all know cash flow can be tight from time to time and we are able to help by spreading the cost of the insurance over monthly instalments by premium funding. Premium funding is provided by financial groups who pay your insurances in full allowing you to repay them monthly including their charge for providing this service.
Q: If my Circumstances Change do I Need to Review my Insurance?
Absolutely. A change of circumstances may mean the insurance you have in place is no longer current, inadequate or excluded from cover. It may be that your circumstances change in a way that means your risk is reduced and you’re paying too much, or that your risk is increased and you’re exposed to uninsured losses. Either way, advising your broker of your changes will allow them to review your insurances and ensure your policies remain relevant. It’s advisable to review your insurance regularly – at the very least annually – because changes may have taken place that alter your risk profile, and the policies available to cover your risks may also have changed.
Chat to Alfie, our Client Advocate, or fill out our form so one of our team members can get in touch.