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

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. 

5 Important Tips on FBT and Your Business

5 Important Tips on FBT and Your Business

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/

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. 

How Much Public Liability Insurance Do You Need?

How Much Public Liability Insurance Do You Need?

In Australia, insurers generally offer $5 Million, $10 million and $20 million dollar cover options, but how much public liability insurance do you need? According to Adam Sloan, Broker at Ausure Insurance Brokers and owner of Insure Tradies, “It will depend on your occupation, risk exposure, and legal requirements but is an essential cover for ALL businesses, including small businesses, Sole traders and corporate entities.”

$5 Million Dollars 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 Dollars 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 Dollars 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 Dollars 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.

Originally posted on Ausure – https://ausure.com.au/news/how-much-public-liability-insurance-do-you-need/

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 every business needs to use an Insurance Broker

Why every business needs to use an Insurance Broker

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.