FREQUENTLY ASKED QUESTIONS

Depending on the number of claims and losses involved, you may have one (OR More) of the following applied to your policy renewal and premium:

• Increased/imposed excess
• Premium increase
• Section decline
• Renewal decline

If you have any concerns, you should discuss them with your broker as individual circumstances and outcomes may vary.

Public Liability is your exposure for accidents resulting from your physical error or negligence that occur at your business premises (Including any external area ie carpark that you are responsible for).

Professional Indemnity is cover for any error or negligence in advice that is given by you as part of your business activities.

Easy – simply contact us, your broker, and we will guide you through the process. Sometimes it’s as easy as just emailing the repair invoice for your machinery breakdown or glass repair. For more complex claims an incident report may be required and your broker can help you in management of all claims and assist wherever possible to obtain or clarify information to speed your claims process up.

Every claim is different, but some claims can be settled in as little as 3 business days! Depending on what is involved in your claim, the insurance company may need independent assessment or advice, which can take time, but we are always here to assist and keep the ball rolling wherever possible.

Many people don’t realise, but your Building sum insured on a Landlords policy generally does not cover carpets or curtains. These items are classified under the insurers definition as “Contents”. Therefore, if you were to have storm damage to your building, and the carpets became damaged (waterlogged, muddy), a “Building cover only” policy would not extend to these things. You may also have other furnishings in there such as stand alone cupboards or furniture, like tables and chairs in a partially furnished tenancy that need to be considered under this Contents cover.

Depending on the state your business is in will determine where you can obtain Workers Compensation Insurance.

Quensland http://www.worksafe.qld.gov.au/

New South Wales https://www.icare.nsw.gov.au/

Victoria http://www.worksafe.vic.gov.au/

Tasmania http://www.workcover.tas.gov.au/

South Australia https://www.rtwsa.com/

Western Australia https://www.workcover.wa.gov.au/

Northern Territory http://www.worksafe.nt.gov.au/Pages/default.aspx

Australian Capital Territory  http://www.worksafety.act.gov.au/workers_compensation

Insurance companies rate the flood risk of an area based on past events and the council flood maps issued for the area.

Depending on the risk level will determine if flood cover is available for your situation, and what additional premium charge will be levied to provide cover.

If you are located in a high risk area, insurance companies may decide that the risk level is too high and will not offer any flood cover at all for that area.

Yes – some insurance covers will allow you to select a higher (or lower) claim excess which will in turn affect your calculated premium. Some people prefer to take a higher excess in order to get a lower premium now, whereas others would prefer to have less “out of pocket” expenses if a claim occurs and pay a higher premium for this benefit.

No! Insurance companies offer business packages where you can take out one, some or all of the covers on offer. You may also find that some insurance companies offer benefits for some business insurance sections that others don’t and this may affect your decision as to what cover you want from which insurance company. Talk to your broker about your options to make the best decision for you and your business

Some insurance policies do not offer a direct pay-by-the-month option, and if you want the convenience of paying in installments we can assist in connecting you with a Premium Funding provider who offer loan arrangements for insurance premiums, with monthly repayment by either direct debit or credit card. These loans do incur interest and administration charges (which are deductible as a business expense but this can increase the overall cost of your insurance.

Under insurance is when you take less cover than the actual value of your loss exposure.

For example, your business contents are worth $200,000, but your only insure them for $50,000, because it costs you less, right? Wrong!

If you have a total loss claim and you are under insured, the insurance company will reduce your settlement payout by the percentage that you have under insured by. In this case, it would be a 75% reduction, so instead of getting $50,000, you’d only get $12,000. That wouldn’t’ be enough to set up your $200,000 worth of contents again would it.

Likewise this clause applies to Business Interruption cover – your loss of profits. If you insure for less than your actual profits amount, the under insurance clause will be applied to any BI claim and your settlement payout will reduce accordingly.

Your home should be insured for the replacement cost of the building (not including the land cost), so this may be different to the amount you paid for your home. It’s best to get a valuation from a builder to give you an idea of the current replacement estimate for your type of home, as these costs increase from year to year.

Your commercial building should be insured for the replacement cost of the building (not including the land cost), so this may be different to the amount you paid originally. It’s best to get a valuation from the builder to give you an idea of the current replacement estimate for your type of building, as these costs increase from year to year.

We understand that your circumstances can change unexpectedly, which is why we make the process as easy for you as possible. Once you let us know you need to cancel your policy, we can start processing your request immediately. We will need you to confirm in writing (this is a legal requirement and can be done by post, email or fax) but we can fast track the process for you and forward any refunds owing to you as they are processed by the insurance company.

Just contact us and let us know when you need your insurance cover to stop. We will ask for confirmation in writing from you for any changes to your insurance, but we can get things started for you immediately. Just remember that you may be responsible for Public Liability up to the day the new owner takes possession of the business.

Generally you should have insurance cover in place starting from the day your lease commences, or you may not be able to take possession of the keys to the property. Even if you are not opening the business on that day, if you are planning on having any work done on the premises to get it ready to open, you will need Public Liability cover, and your lease may have other minimum requirements as well. It’s important to go through these documents with your insurance broker to ensure you have met all the Lessors requirements and prevent any delays in getting your new business started!