People. Passion. Protection.
Q. What does an insurance broker do?
A. An insurance broker‘s role is to provide insurance advice and recommendations for both personal and business insurance matters. An insurance broker approaches the insurance companies on your behalf to then provide you with the most suitable and cost effective coverage options. The broker is then responsible to arrange and manage the insurance policies on the your behalf. An insurance broker also assists with changes to your policies throughout the year as well as assisting throughout the claims process should a claim occur.
Q. Are all policies the same?
A. No, not all policies are the same even with the one insurance company. Depending on the type of insurance you are after, there are varying levels of cover provided by the insurance companies. For example, with Home & Contents insurance you can choose between Defined Events or Accidental Damage coverage. Insurers may provide optional extras such as Motor Burnout, Portable Items, Pet cover where an additional premium is payable as the standard Product Disclosure Statement may not already include this cover. Insurers may also place dollar value limitations on certain items such as collections, Works of Art, Jewellery & Watches, Portable Items &/or Personal Effects.
Q. What types of business insurance can I get?
A. Business are diverse and so are the coverages options available to each business owner. The type of insurance required for your business will depend on your industry and individual circumstances and below are examples of the more common insurances businesses owners choose to cover their assets and liabilities:
Material Damage – Covers your building, contents and stock against material damage loss as a result of specified events, such as fire, storm, malicious damage and other perils.
Business Interruption – Helps you recover financially by covering lost revenue or income if your business is interrupted due to an insured event claimable under the Material Damage section.
Theft - Cover for loss or damage to contents or stock through theft or attempted theft at your premises following forced and violent entry.
Money - Covers money belonging to your business that is lost, stolen or damaged whilst on your premises, in transit to or from your premises, or in your personal custody.
Glass - Provides cover for the costs of replacing internal or external glass that is accidentally damaged or broken, including windows, mirrors or signs
Public & Products Liability - Protects against claims of damages from third party personal injury or property damage that occurs as a result of your business related activities, either at the workplace or at another location. Includes Product Liability.
General Property - Covers loss or damage to portable & valuable items, up to a specified limit, that you carry around with you during the course of your business such as tools of trade, mobile phones and laptops.
Machinery Breakdown - Covers the cost of repairing or replacing insured machinery following breakdown. Includes electronic or mechanical machinery and equipment, such as boilers, pressure plants, refrigerators and air conditioners.
Electronic Equipment Breakdown - Covers your insured computers or other insured electronic equipment against loss, damage or breakdown caused by an event defined under your policy.
Personal Accident & Illness - Essential protection for you and your family against the financial costs as the result of you suffering an accident or defined illness by covering up to 85% of your income if you are temporarily unable to work. Includes the option of, either you or your beneficiaries, receiving a lump sum payment in the event of permanent disablement or death.
Transit - For goods (or goods you are responsible for) whilst in transit in a vehicle owned by or operated by your business, against loss, theft or damage due to an accident or fire.
Management Liability - Protects businesses and business directors, including their personal assets, against legal costs for allegations of mismanagement, misconduct or legislative breaches
Employee Dishonesty - Covers your business against financial loss incurred through fraudulent or dishonest acts by employees. Includes cover for money, inventory and equipment.
Employment Practices Liability - Provides protection from the financial cost of employment related claims made by your employees, including allegations of unfair dismissal, defamation, bullying and harassment, discrimination, and sexual harassment.
Statutory Liability - Covers the costs and expenses incurred by official investigations or inquiries against your business as a result of innocent breaches of various Acts of Parliament, such as occupational health & safety laws and environmental laws. Includes the cost of fines and penalties.
Tax Audit - Provides cover for expenses (excluding fines) that may be incurred in connection with an audit by the ATO. Includes the cost of hiring professionals such as accountants, bookkeepers, lawyers and other advisers such as actuaries and valuers.
Professional Indemnity - Protects against financial losses for any legal action taken against you or your business for negligent acts, errors or omissions made in the provision of professional services or advice that you provide.
Cyber Liability - Protection against the expenses and legal costs associated with data breaches, which may occur after being hacked or from theft of client information.
Workers Compensation – covers your employees and/or subcontractors medical expenses and wages should they become injured while performing work behalf of a business
Q. Do insurance policies have Exclusions?
A. All insurance policies have exclusions which are designed to limit the insurance company’s requirement to pay claims in certain circumstances particularly around events that were not accidental or were illegal for example. You should always check the Policy Wording/Product Disclosure Statement as the insurer will specify under the heading of General Exclusion those circumstances where claims will not be paid and are applicable to all sections of the policy. Each section of a policy will have further exclusions relevant to that particular part of the policy.
Q. What happens if I need to make a claim?
A. If you do need to lodge a claim, the first point of contact will be the insurance broker rather than the insurance company the majority of the time. The insurance broker in partnership with the insured/policy holder will collate the claim information that the insurance company requires in order to lodge and progress the claim. The policy holder will be responsible to contribute an Excess or Deductible toward the claim and this amount will be noted on the Policy Schedule.