What does an insurance broker do?
An Insurance broker works closely with clients to determine the client’s insurance needs. This process involves the broker asking specific questions about the client’s business or personal situation so the broker can then recommend insurance product or services.
What is Flood cover?
Flood is defined as “the covering of normally dry land by water escaping or released from the normal confines of a watercourse or lake, whether or not it is altered or modified. Flood also includes water escaping from the confines of any reservoir, channel, canal or dam.” Flood cover DOES NOT include rainwater, storm damage or run off.
How is a Public Liability insurance premium calculated?
There are many factors underwriters will take into consideration before a premium can be calculated, these are:Limit of Liability requiredYour business activities or occupationThe state from which the business is conducted fromNumber of employees and wages paid to employees. Do you use contractors and/or labour hire personnel? If so, how much do you pay contractors and/or labour hire personnel? Have you had any previous claims? Once the premium has been calculated the underwriter then applies government charges such as Goods and Services Tax, Fire Services Levy and Stamp Duty. Some insurance companies also charge an Underwriter Levy. Government charges are in addition to the premium the insurance company charges.
Can I change my policy?
Yes, as your circumstances change, you can change your insurance policy. Prior to implementing the changes to your business or individual circumstances, we suggest you speak to your insurance broker to obtain advice as changes can impact on premiums and coverage.
What about refunds?
Policies can be cancelled throughout the year and a pro-rata refund will be applied. Some insurance companies charge a “minimum and deposit premium” meaning if a policy is cancelled throughout the year, the insurance company keeps a minimum amount which would have been specified at the time the policy was taken out.
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