Why every business needs to use an Insurance Broker

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Why every business needs to use an Insurance Broker

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Whilst insurance is never an exciting topic, it’s certainly becoming more talked about than ever before. Inflation and extreme weather events resulting in an unprecedented amount of claims has driven up the cost of premiums. Combine that with the cost of living expenses – insurance is something everyone is thinking twice about this year.

Insurers are spending more than ever on their marketing campaigns to get your attention. They understand that money is tight and are using this as a motivation for you to shop around – and they’re right, now is the time to ensure you have the right policy – at the right price. But what business owner has the time to contact 9 insurers and compare not only the price, but the inclusions and exclusions? Most policy wordings are 50-80 pages long!

Insurance Brokers Save You Time

Using an insurance broker allows small business owners to save time. By using an insurance broker, business owners have one point of contact and will save time and hassle having to complete forms for each insurer just to be able to compare policies and pricing.

Brokers will ask you to complete a form which provides them with the necessary information to get quotes from up to 9 insurers on your behalf.

Once your insurances are in place, you will find another benefit of using an insurance broker is the ability to only deal with one point of contact for all of your policies. Forget waiting on hold for 60 minutes to an overseas call centre – simply call your local broker if you need to notify them for a change of address.

We compare Apples with Apples

When you’re shopping around for insurance, it’s easy to focus only on the yearly premiums. Sometimes, policies can vary in the thousands – but it’s important to understand the difference between the policy inclusions, exclusions, excesses and conditions.

The differing in prices between insurers often relates to:

Coverage Limits: Every policy has a maximum limit or sum insured, which is the most the insurer will pay for a claim. Ensure this adequately reflects the potential risks faced by your business.

Exclusions: These are specific circumstances or events that the policy will not cover. For instance, some policies may exclude damages from floods or other natural disasters unless you add it as an extra.

Excess: The out-of-pocket amount you agree to pay when making a claim. Choosing a higher excess generally results in lower premiums, but you’ll need to cover a larger portion of any claims.

Extensions/Add-ons: Some insurers offer additional coverage options you can add to your policy for an extra fee. For example, you may be able to add sub-contractors to your policy for any work they do on your behalf.

Claims Process: The ease of the claims process and response times can vary between insurers. The benefit of using an insurance broker means they will manage the claim for you on your behalf – but more on that later!

Period of Insurance: Ensure you’re aware of when your policy starts and ends, and know whether it auto-renews.

Geographical Coverage: Some policies might only cover events in Australia, while others might offer international coverage, especially relevant if you have overseas operations.

Business-specific Considerations: Depending on your industry, there might be specific insurance considerations. For instance, a transportation company might need goods-in-transit insurance, while a publisher might require defamation insurance.

Adjustability: As businesses grow and change, insurance needs can too. Check how easy it is to adjust your policy and if there are any penalties or charges for doing so.

Brokers take the time to understand your insurance requirements so we can provide you with quotes from insurers that provide the cover that is right for you. They will discuss the quotes with you in detail, so you can understand the differences between the policies and make an informed decision based on inclusions as well as budget.

Insurance Brokers Provide Ongoing Quality Service

Brokers will continue to provide ongoing support throughout the life of your policy. We will review your policy regularly to ensure that it continues to meet your needs (but it’s important you tell us if your circumstances change in between), and will assist you in making any necessary changes or updates to your coverage.

At renewal time, we will often ‘remarket’ your insurance policy to ensure your current insurer is still offering the most competitive policy and premium for you and your business.

Most Importantly - We Manage The Entire Claim

Perhaps most importantly – In the event of a claim, Insurance Brokers act as an advocate for their clients, working on their behalf to ensure that claims are processed quickly and fairly.

They represent you during the claims cycle and have the experience and knowledge to ensure the claim is handled as it should be by the insurer. We know your rights and work to protect them, as well as knowing key contacts and escalation points within the insurer group to get results and the outcome you deserve – we work for you, not the insurer.

Broker will also be able assist with difficult or problematic claims that require escalation. During times where there are high claim numbers, such as weather catastrophes, brokers assist with the claim processing. This ensures you, will continue to receive superior claims service even during busy times.

If you are considering ‘shopping around’ for your insurance – now is the perfect time to chat to one of our insurance brokers. We work closely with you to understand your unique needs and provide tailored recommendations based on those needs. This can help ensure that you are getting the coverage you need, rather than a one-size-fits-all policy.

Publicliabilitycomparison.com.au by Insure 247 Ausure Insurance Brokers Pty Ltd T/as Insure 247 Authorised Representative of Ausure Pty Ltd AFSL 238433. 
General Advice Warning: Please be aware that any advice that may have been given or implied is general advice only. We have not taken into consideration your individual needs, objectives or financial requirements. Before deciding to purchase a financial product, you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs. 

Navigating El Niño: A Comprehensive Guide to Preparing Your Insurance in Australia

Navigating El Niño: A Comprehensive Guide to Preparing Your Insurance in Australia

As Australia’s climate continues to exhibit its characteristic variability, the threat of El Niño events looms large, underscoring the importance of being prepared. El Niño, a climatic phenomenon marked by warmer sea surface temperatures in the Pacific Ocean, can trigger a cascade of disruptive events, including droughts, heatwaves, and bushfires.

To safeguard your financial well-being and mitigate potential losses, it is crucial for Australians to proactively prepare their insurance coverage for the challenges posed by El Niño. In this article, Ausure provides a comprehensive guide to help you navigate this complex landscape and ensure that you and your assets are adequately protected.

Evaluate Your Existing Coverage

The first step in preparing your insurance for El Niño is to review your current coverage. Assess the extent to which your policies address risks associated with extreme weather events, such as droughts, water shortages, and bushfires. This may involve scrutinising your homeowners’ insurance, business insurance, agricultural coverage, and any other relevant policies. Make note of the exclusions, limitations, and deductibles that might apply during El Niño events.

Engage in a Dialogue with Your Insurer

Open communication with your insurance provider is paramount. Reach out to your local Ausure Broker to discuss your concerns and to better understand how your existing policies respond to El Niño-related risks. Seek clarification on policy terms, coverage limits, and any potential gaps that may leave you vulnerable in the event of a disaster. This dialogue can help you make informed decisions about adjusting your coverage.

Consider Specialised Coverage

Given the unique risks posed by El Niño, it’s worth exploring specialised insurance options that specifically address its impacts. Depending on your circumstances, you might consider the following:

Flood Insurance: El Niño can intensify rainfall and increase the risk of flooding. Standard homeowners’ insurance and business insurance typically does not cover flood damage, so obtaining a separate flood insurance policy can provide crucial protection.

Crop and Livestock Insurance: If you are a farmer or agribusiness owner, consider crop insurance and livestock coverage to safeguard against losses due to drought or other weather-related events.

Business Interruption Insurance: This coverage can help businesses cope with the financial challenges of disrupted operations during and after El Niño events.

Implement Mitigation Measures

Insurance providers often appreciate proactive efforts to mitigate risks. Taking steps to reduce your vulnerability can not only enhance your safety but also positively influence your insurance premiums.

Measures might include:

Home and Business Upgrades: Implement fire-resistant construction materials, clear vegetation around properties, and maintain firebreaks to minimize bushfire risk.

Water Management: Install water-saving devices, implement water conservation strategies, and explore rainwater harvesting systems to mitigate drought impacts.

Landscaping and Infrastructure: Ensure proper drainage systems to prevent flooding, and reinforce structures against potential damage.

Document Assets and Valuables

Maintain a comprehensive inventory of your assets and valuables, including photographs, receipts, and appraisals. In the event of a claim, having documented proof of your belongings will simplify the claims process and help ensure accurate compensation.

Regularly Review and Update

Insurance needs evolve over time, and El Niño events may have varying impacts. Regularly review and update your insurance policies to align with circumstances, property values, and risk tolerance changes.

El Niño events pose real and substantial risks to Australians across the nation. By proactively preparing your insurance coverage for these potential disruptions, you can secure peace of mind and financial protection for yourself, your family, and your assets. Engaging in open dialogue with your insurer, considering specialized coverage, implementing mitigation measures, and staying vigilant through regular reviews are all critical steps toward weathering the challenges of El Niño with confidence and resilience.

As Australia continues to adapt to a changing climate, a well-prepared insurance strategy can serve as a cornerstone of your comprehensive risk management approach.

Publicliabilitycomparison.com.au by Insure 247 Ausure Insurance Brokers Pty Ltd T/as Insure 247 Authorised Representative of Ausure Pty Ltd AFSL 238433. 
General Advice Warning: Please be aware that any advice that may have been given or implied is general advice only. We have not taken into consideration your individual needs, objectives or financial requirements. Before deciding to purchase a financial product, you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs. 

What is a Hot work policy exclusion on my public liability policy?

What is a Hot work policy exclusion on my public liability policy?

What is a hot work policy exclusion on my public liability policy?

A hot work policy exclusion on a public liability insurance policy in Australia is a clause that excludes coverage for any damage or liability arising from hot work activities. Hot work activities refer to any work involving heat or flame, such as welding, soldering, cutting, or brazing.

The exclusion means that if an incident or accident occurs during hot work activities and results in property damage, bodily injury, or any other liability, the insurance policy will not cover the damages or liability costs.

It’s important to note that hot work policy exclusions are common in public liability insurance policies in Australia and are typically included to reduce the insurer’s risk exposure to potentially high-risk activities. As such, businesses need to understand any policy exclusions and ensure that they have appropriate safety measures to mitigate any potential risks associated with hot work activities.

Does your occupation involve hot work?


If you do hot work like flame cutting, flame heating, arc or gas welding, metal grinding or any similar operation in which welding, metal grinding or cutting equipment is used, except where such use is carried out in strict compliance with all relevant statutes and Australian Standards 1674.1 and 1674.2 (or any subsequent amendments), resulting claims may be excluded.

How can you reduce liability arising from hot work activities?

You can take several steps to reduce the liability arising from hot work activities, including:

  • Conducting a risk assessment: Tradies should conduct a risk assessment before starting any hot work activities to identify potential hazards and implement appropriate safety measures.
  • Using appropriate personal protective equipment (PPE): Tradies should wear appropriate PPE, such as welding helmets, gloves, and protective clothing, to protect themselves from heat and flame.
  • Having a fire safety plan: Tradies should have a fire safety plan that outlines emergency procedures and evacuation routes in case of a fire or other emergency.
  • Properly training employees: All employees involved in hot work activities should be trained on safety procedures, including fire extinguishers and other safety equipment.
  • Maintaining equipment: Equipment used for hot work activities should be regularly inspected to ensure it is in good working order and doesn’t pose a safety hazard.
  • Ensuring adequate ventilation: Adequate ventilation is essential during hot work activities to prevent the buildup of combustible gases or fumes that could lead to a fire or explosion.
  • Obtaining appropriate insurance coverage: Tradies should ensure that they have appropriate insurance coverage, including public liability insurance, to protect themselves from liability in case of property damage or bodily injury arising from hot work activities.

By implementing these safety measures, Tradies can reduce the risk of liability arising from hot work activities and ensure a safe work environment for themselves and their employees.

Publicliabilitycomparison.com.au by Insure 247 Ausure Insurance Brokers Pty Ltd T/as Insure 247 Authorised Representative of Ausure Pty Ltd AFSL 238433. 
General Advice Warning: Please be aware that any advice that may have been given or implied is general advice only. We have not taken into consideration your individual needs, objectives or financial requirements. Before deciding to purchase a financial product, you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs. 

Why Should your Business Consider Public Liability Insurance?

Why should your business consider Public Liability Insurance?

Public Liability Insurance protects a business from financial loss in the event of a claim made by a third party for bodily injury or property damage arising from the business operations. This insurance provides coverage for legal defence costs and any compensation payments that may be awarded, helping to safeguard a business against potentially large and devastating financial losses. By having Public Liability Insurance in place, a business can demonstrate its commitment to health and safety, as well as provide peace of mind to customers, employees, and other stakeholders.

What about Home Based Businesses?

Even if it’s a home-based business where you have interaction with the public in the event of being sued the legal cost and any payout is potentially very costly.

What’s Covered by a Public Liability Policy?

You might be protected from the following:

  • Legal fees paid in the defence or resolution of a claim
  • Protect any third parties who might have been working on your behalf at the time of the incident.
  • Loss or damage to things under your custody or control but not ones that you own
  • any loss or harm to another person’s property sustained while carrying out your service
  • first assistance costs incurred at the scene of an accident
  • Injury to third parties that get hurt while visiting your premises

 

What Are a Few Situations That Public Liability Doesn’t Protect Me From?

  • Responsibility of the employer for wounded employees (worker’s compensation)
  • products for aircraft
  • Asbestos
  • Punitive losses (damages awarded where a judge believes you acted so badly that extra damages are awarded)
  • Paid-in-full damages
  • Gradual pollution
  • Products recall
  • Contractual obligations that you would not be liable for under common law (that is if you enter into a contract which assumes the liability of others, if the law would not consider this your liability had you not signed the contract)

Depending on the policy wording, if you are unsure speak to one of the team or your local broker

Public liability insurance claims made about your company can be expensive, disrupt operations, and harm your well-earned reputation. Make sure you have adequate public liability insurance to protect yourself from these hazards.