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The Top 3 Things That Affect the Outcome of a Storm Claim

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The Top 3 Things That Affect the Outcome of a Storm Claim

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With the cost-of-living crisis on the rise, unexpected and sudden expenses can result in life changing financial strain for every Australian hence, the outcome of insurance claims has never been more important. Everything that we do can impact on a claim therefore, it is vital to be making moves in a positive direction. Here’s a list of three factors that can make or break a storm claim to prepare for the approaching storm season.

Loss Reduction

There are many elements that can affect a claim before an event even happens. Keeping a property well maintained, especially the roof & gutters, can reduce the amount of damage caused or prevent a loss from occurring during a storm. Furthermore, action should be taken immediately during and following an event to prevent further loss. For example, contents should be moved away from incoming water where possible, and tarp or buckets can be used to stem the flow of water entering the property. Aside from SES, most insurers have 24-hour emergency assistance numbers listed in the PDS or website to help install tarps, arrange drying equipment & attend to any makesafe. More on this under ‘prompt action’.

Recordkeeping

Good recordkeeping ensures all costs will be considered in the event of a loss. For example, Proof of ownership is required when claiming for water damage to contents. This may be in the form of any combination of the following:

  • original purchase documentation such as receipts,
  • purchase dockets,
  • guarantee/warranty cards,
  • credit card statements,
  • photographs picturing the items,
  • owner manuals or valuations for the items claimed.

Proof of damage should also be obtained and preserved. Damaged items should be kept however, if storage is not practical, detailed photos and repair reports can assist with assessment.

Prompt Action

In claims, timing is everything during these events. Given the pressure placed on local trades, claims delays can be significantly reduced by lodging your claim as soon as possible with as much information and documentation as possible. Once the claim is lodged, makesafe should be attended to immediately to mitigate further loss and photos taken showing the damage to building and contents if items need to be disposed of.
Following these steps and contacting your broker as soon as a claim occurs allows us to lead claims outcomes in a positive direction and have you back in a pre-claim position sooner rather then later

Originally posted on Ausure – https://ausure.com.au/news/the-top-3-things-that-affect-the-outcome-of-a-storm-claim/

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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. 

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5 Important Tips on FBT and Your Business

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5 Important Tips on FBT and Your Business

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Providing benefits to employees can be beneficial for your business, providing benefits can provide, employee retention, job satisfaction and give you a competitive advantage.

If a benefit is provided chances are the business will have to pay Fringe Benefits Tax (FBT). FBT is a tax that applies to non-cash benefits provided by an employer to employees or their associates.

What should you know about FBT?

Insure Tradies Tax

Identify Fringe Benefits

Understand which benefits provided to your employees or associates may be considered as fringe benefits. Common examples include company cars, low-interest loans, or health club memberships.

If, for example, your business provides a company car to a senior insurance agent for both business and personal use. The value of the personal use portion of the car is subject to FBT.

FBT Rates and Thresholds

Stay up to date with FBT rates and thresholds set by the tax authorities to determine the tax payable on different fringe benefits. This will help you to understand the actual cost of a benefit provided to your employees.

If, for example, the FBT rate applied is 47%, and the value of a fringe benefit is $10,000, the FBT payable will be $4,700. This means the actual cost is $14,700.

Exemptions and Concessions

Be aware of any exemptions or concessions available for certain fringe benefits, such as portable electronic devices used primarily for work purposes or minor benefits with a value of $300 or less, which are provided on an infrequent and irregular basis.

For example, if your business provides employees with mobile phones primarily for work purposes, these devices are exempt from FBT.

Employee Contributions and Communication

Encourage employees to make contributions towards the cost of fringe benefits, as it may reduce the FBT liability for your business.

If you provide fringe benefits to your employees, make sure they are aware of the FBT implications. Transparent communication can prevent misunderstandings and help employees appreciate the value of the benefits provided and any additional cost to them.

For example, fringe benefits are used in calculating the Medicare levy surcharge and may in turn increase an employee’s overall personal tax liability.

Record-Keeping

Maintain accurate records of fringe benefits provided and employee contributions to ensure compliance with FBT regulations. This includes the nature of the benefit, the value, the recipient’s details, and the date it was provided. Good record-keeping will help you during the FBT assessment process and ensure that you claim the correct deductions.

For example, keeps detailed records of company car usage and employee contributions to calculate the FBT liability correctly.

It is essential to note that FBT regulations can be very complicated, so it’s crucial to consult with a tax professional familiar with the specific rules in your jurisdiction.

Originally posted on Ausure – https://ausure.com.au/news/5-important-tips-on-fbt-and-your-business/

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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. 

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How Much Public Liability Insurance Do You Need?

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How Much Public Liability Insurance Do You Need?

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How much Liability Insurance Do You Need?

Public Liability Insurance is for claims made against your business because its damaged someone’s property or accidentally injured a person. You will need it if your business goes out to see clients or they visit you, or you sell products that may also result in property damage or injury to a third party. Liability Insurance is an essential cover for ALL businesses, including small businesses, Sole traders and corporate entities.

In Australia, insurers generally offer $5 Million, $10 million and $20 million dollar cover options, but how much public liability insurance do you need? The correct level of cover required will depend on your occupation, risk exposure, and legal requirements. 

 

$5 Million Cover

$5 million liability cover will offer minimal protection. If you operate a business with little exposure to the public it may be sufficient for you. However, most insurance brokers would recommend a minimum of $10 Million liability cover as Australia has become more and more litigious. While $5 Million may seem appealing because of the reduced premium, it is becoming less appropriate for businesses & will often not be enough to cover claims – particularly if they relate to personal injury.

$10 Million Cover

$10 million Liability cover will offer moderate protection and suit most businesses as a starting point. Particularly suitable for small businesses and sole traders.

$20 Million Cover

$20 million is a more comprehensive cover. Businesses that have a high exposure to public, or companies that enter a local, state or federal government contract or work on one of their facilities should be selecting the $20 million Liability cover.

$50 Million Cover

While $50 Million is not a common option for most small and medium businesses, some international contracts require this higher amount of coverage if you do business with them.

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1. Has the insured or any insured party ever had a claim declined or refused due to fraud, suspected fraud or suspicious circumstances?

2. In the last 5 years ever been placed in receivership or liquidation or declared bankrupt or are you in the process of being declared bankrupt?

3. Within the last 5 years, has the insured or any insured party been charged or convicted of a criminal offence?

4. Is any of the property in disrepair or in poor condition or are there any other facts that could affect the insurers assessment of the risk?

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Compare policies from leading Australian Insurers, compare prices, excesses, and inclusions. Originally posted on Ausure - https://ausure.com.au/news/how-much-public-liability-insurance-do-you-need/
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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. 

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Does GST impact on my public liability claim settlement?

Does GST impact on my public liability claim settlement?

There is no goods and services tax (GST) payable on insurance settlements as long as the entity that paid the premium informs the insurer of its entitlement to an input tax credit on the premium at (or before) the time a claim is made.

When an insurer pays out a cash settlement on a claim, it is common practice for them to reduce the settlement amount by 1/11th if the insured is entitled to a full input tax credit.

The rationale for doing this would appear to be that the insurer considers they are only required to indemnify the insured for the actual loss incurred. If the insured is entitled to claim a full input tax credit on the replacement item, the insurer may consider that the entity’s loss is less than it would have been if they could not claim an input tax credit.

If, on the other hand, the insurer contracts with a supplier to provide a service to the insured, and undertakes to pay the settlement monies direct to the service provider in full settlement of the account, the insured is not entitled to claim an input tax credit for those payments by the insurer to the service provider. For this to apply, the insurer must meet the other requirements set out in paragraph 6 of Goods and Services Tax Ruling.

Keep your broker up to date with your current tax status

During your claim, it is important to keep your broker up to date with your current tax status and your preferred settlement option.

If you are still unsure about public liability insurance speak to a broker call 1300 046 787 13000 Insure

Steve Sloan

Steve is a licensed insurance broker with Insure247

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