Wine Bar Insurance – Specialist Cover for Licensed Venues
Running a wine bar is about more than serving great wine, it’s about creating atmosphere, providing hospitality, and managing a safe, compliant licensed venue. But behind the bar, there are serious business risks that require the right protection.
Most standard insurers won’t cover wine bars properly because licensed venues are considered higher risk due to alcohol service, customer volume, and late trading. That’s where Morgan Insurance Brokers can help.
We specialise in hospitality insurance and liquor-licensed venue insurance, working with a panel of insurers who understand the risks of wine bars and can provide comprehensive, affordable cover.
Why Standard Insurers Won’t Cover Wine Bars
Many general insurers view wine bars as “too risky” and refuse to quote, or they issue policies that exclude key incidents. This can leave bar owners unknowingly exposed.
Common reasons for declined or limited cover include:
- Alcohol service and intoxication-related claims
- Customer slips, trips, and falls
- Live music or entertainment on premises
- Security requirements and late-night trading
- Liquor licensing compliance issues
Without the right policy, even a small incident could lead to significant financial loss. Choosing a broker who specialises in licensed venues ensures you’re properly protected.
What Does Wine Bar Insurance Cover?
A tailored Wine Bar Insurance Package combines essential business covers into one flexible policy designed specifically for your venue.
Business Property and Contents
Protects your bar fit-out, furniture, décor, glassware, and stock against fire, theft, and accidental damage.
Public and Products Liability
Covers you if a customer is injured or their property is damaged, for example, a slip on a wet floor or an incident related to alcohol service.
Machinery and Electronic Breakdown
Covers refrigeration, wine coolers, POS systems, and sound systems against electrical or mechanical failure.
Business Interruption
Helps replace lost income and ongoing expenses if your bar can’t trade due to an insured event like fire, flood, or equipment breakdown.
Glass and Signage
Covers accidental damage to windows, mirrors, and illuminated signage.
Theft and Money Cover
Protects against theft or break-ins, including loss of cash from the premises.
Cyber Insurance
Covers data breaches, ransomware, and other cyber threats targeting your digital systems, bookings, or payment platforms.
Management Liability Insurance
If you employ staff, Management Liability Insurance is essential. It protects your management and business from claims such as unfair dismissal, bullying, harassment, or breaches of workplace law.
This cover is especially important in hospitality businesses where multiple shifts, casual employment, and licensing regulations can increase the risk of HR-related claims.
Why You Need a Specialist Broker
Insurance for licensed venues isn’t the same as insurance for standard retail businesses. A broker who doesn’t understand hospitality can leave gaps in your cover, or struggle to find an insurer willing to take on the risk.
Morgan Insurance Brokers removes that stress by working directly with a panel of specialist hospitality insurers that provide full cover for bars, restaurants, and licensed venues.
We help you by:
- Comparing policies from multiple specialist insurers
- Tailoring cover to your venue’s trading hours, licensing, and entertainment setup
- Identifying and eliminating policy exclusions that could leave you unprotected
- Managing the claims process on your behalf from start to finish
With a specialist broker on your side, you get peace of mind knowing your wine bar is properly insured.
Why Choose Morgan Insurance Brokers
At Morgan Insurance Brokers, we’re more than just an insurance broker, we’re hospitality industry experts. We know the challenges that come with running a bar and the level of protection you need to operate with confidence.
Why venue owners trust us:
- Access to a panel of leading hospitality insurers
- Deep understanding of liquor licensing and compliance
- Personalised service from a specialist broker
- Dedicated claims support and fast turnaround times
We don’t rely on cookie-cutter policies, we create tailored insurance solutions that work for your venue.
Get a Quote for Wine Bar Insurance
Don’t risk being underinsured with a policy that doesn’t understand your business.
Choose a broker who specialises in licensed venues and hospitality insurance.
Contact Morgan Insurance Brokers today for a free, no-obligation quote tailored to your wine bar.
Comprehensive Truck Insurance for Multiple Vehicles
Running a trucking business means managing more than just deliveries and drivers, it means protecting your entire operation. Whether you have two trucks or a growing fleet, insuring each vehicle separately can be costly and time-consuming. That’s where Morgan Insurance Brokers comes in. We help Australian transport operators secure tailored multi-truck insurance policies that simplify cover, reduce admin, and save money.
What Is a Multi-Truck Insurance Policy?
A multi-truck insurance policy (also known as a fleet policy) allows you to insure several trucks under one combined policy. Instead of juggling multiple renewal dates and premium payments, everything is consolidated, making your insurance easier to manage and often more affordable.
This type of policy is ideal for:
- Transport and logistics companies
- Owner-operators expanding to multiple vehicles
- Businesses with delivery, construction, or service fleets
Access to a Large Panel of Truck Insurers
At Morgan Insurance Brokers, we have access to a wide panel of leading Australian truck insurers. That means we’re not tied to one provider, we can compare multiple options to find the right balance of cover, price, and flexibility for your business.
Our broker network includes specialist truck and fleet insurers, giving you access to competitive rates and comprehensive protection that standard insurers often can’t offer.
Information We Need to Provide a Quote
To tailor an accurate quote for your multi-truck insurance policy, we’ll need some basic information, including:
- Number of trucks in your fleet
- Vehicle details (make, model, year, and usage)
- Type of goods carried or services provided
- Radius from base
- Driver history and experience
- Current insurance details
Providing this information helps us find the most suitable coverage at the most competitive rate from our panel of insurers.
Our Ongoing Services and Support
Your partnership with Morgan Insurance Brokers doesn’t stop once your policy is in place. We offer ongoing support to help you manage and grow your business safely and confidently:
- Annual policy reviews to ensure you always have the right level of cover
- Claims assistance - we’ll handle the process from start to finish. Learn how we streamline claims in “Why Every Business Needs an Insurance Broker”
- Advice and updates on industry changes and compliance requirements
- Flexible policy adjustments if your fleet grows or your operations change
We’re here to help you stay protected, compliant, and cost-efficient all year round.
How We Can Help You Save Money
As a trusted insurance broker, our goal is to find the best possible value for your truck insurance. Here’s how we do it:
- Comparing quotes from multiple truck insurers
- Identifying discounts for safe driving and low claims history
- Structuring your policy to minimise unnecessary cover
- Advising on excess levels and coverage options that suit your risk profile
With our market access and experience, you can be confident you’re getting comprehensive protection at the right price.
Partner with Morgan Insurance Brokers
Managing a trucking business is complex, but your insurance doesn’t have to be. Let Morgan Insurance Brokers handle the hard work of finding, negotiating, and managing your multi-truck insurance policy.
Get in touch today for a no-obligation quote and find out how we can help protect your fleet and save you money.
Finding Insurance After Insolvency or Liquidation
When a Business Faces Insolvency
The Challenge: Getting Insurance After Insolvency or Liquidation
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Declined insurance quotes from mainstream insurers
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Inability to renew existing policies after insolvency
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Higher premiums due to past financial issues
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Difficulty getting cover for new ventures started by former directors of insolvent businesses
The Solution: Specialist Cover Through Morgan Insurance Brokers
At Morgan Insurance Brokers, we understand that insolvency doesn’t define your future. Our team works with specialist underwriters who look beyond financial setbacks to consider your business’s full story.
By providing context around your financial position, demonstrating improved management practices, and showing your commitment to stability, we’re often able to secure cover for previously declined businesses, even when others can’t.
We’ve successfully helped many clients in similar situations obtain essential policies, including:
Even after a business has faced insolvency, affordable and realistic insurance options are available to help you rebuild and move forward confidently with the right protection in place.
Why Choose Morgan Insurance Brokers
When other brokers or insurers say “no,” we find a way to say “yes.”
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Access to non-standard markets and specialist underwriters
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Tailored policies for high-risk or previously insolvent businesses
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Guidance and support to rebuild your insurance history
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Transparent communication every step of the way
Moving Forward After Insolvency
Why Your Turnover Matters for Public Liability Insurance
If you’ve ever filled out a public liability insurance form and seen the question about your annual turnover, you’ve probably wondered:
“Why do they even care how much money I make?”
It’s a really common question and as an insurance broker, let me explain why it’s actually a big deal and Why Your Turnover Matters for Public Liability Insurance.
Turnover = Activity, Not Profit
When insurers ask about your turnover, they’re not being nosy about your profits. They’re using it to understand how busy your business is.
More turnover usually means:
- More customers or clients
- More jobs or contracts
- More interaction with the public
And with all that extra activity comes one simple thing: more opportunities for things to go wrong.
A tradie doing five big jobs a week is exposed to more risk than one doing one or two. Same goes for cafes, salons, or consultants. The more you do, the more the insurer needs to account for potential claims.
How Turnover Affects Your Premium
Insurance premiums are based on risk.
If your business is busier, insurers assume there’s a higher chance something might happen, like property damage or someone getting hurt.
That’s why turnover is a key pricing factor.
It doesn’t mean they’re punishing success, it’s just about making sure your cover matches the scale of your operations.
Don’t Be Tempted to Understate It
It might be tempting to think, “If I just put my turnover a little lower, maybe my premium will be cheaper.”
I totally get it because no one wants to pay more than they have to!
But the thing is, your turnover helps make sure your insurance actually fits your business. If it’s way off, it can make things messy later on if you ever need to make a claim.
While it’s not common for things to go wrong, being accurate just keeps everything straightforward and avoids any awkward back-and-forth with the insurer down the track.
A quick chat with your broker can make sure your numbers make sense and your cover stays spot on.
What You Should Do
Be as accurate as possible. If your turnover fluctuates, use your best estimate based on last year’s numbers and what you expect this year.
And if things change during your policy such as your business grows faster than expected, just let your broker know. We can adjust your cover so you’re still properly protected.
The Bottom Line
Turnover isn’t about judging your income it’s about understanding your exposure.
Being upfront protects you and ensures your insurance will actually do its job when you need it most.
At the end of the day, honesty with your broker means peace of mind for you.
Understanding Management Liability Insurance for Nightclubs
What Is Management Liability Insurance?
The Key Sections of a Management Liability Policy
Directors & Officers (D&O) Liability
Nightclub example: A director faces a claim from an investor alleging financial mismanagement of the club’s funds.
Employment Practices Liability
Nightclub example: A dismissed bartender lodges an unfair dismissal claim after alleging workplace harassment.
Crime (Fidelity) Cover
Nightclub example: A manager discovers that takings have been skimmed from the till or EFTPOS system over several months.
Statutory Liability
Nightclub example: A local council fines the nightclub for breaching noise restrictions or liquor licensing regulations.
Tax Audit Cover
Nightclub example: The ATO initiates an audit of payroll records and cash handling practices.
How Much Does Management Liability Insurance Cost?
Tailoring Management Liability to Your Club’s Risk
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Venues with live entertainment may have greater regulatory risk.
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Late-trading venues may have higher employment and security risks.
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Clubs operating across multiple sites may need broader D&O protection.
Why Nightclubs Need Specialist Insurance Support
Morgan Insurance Brokers: Specialists in Nightclub Cover
How Morgan Insurance Brokers Help When It Matters Most
Final Thoughts
Business Interruption Insurance for Commercial Landlords: Protecting Your Rental Income
As a commercial landlord, your rental income is important. The last thing you need is to find yourself without that income, for whatever reason. Imagine your property is severely damaged by a flood, and your tenants are temporarily relieved from paying rent. How do you navigate your rental income when it’s not coming in?
That’s where Business Interruption Insurance is vital. It is designed to protect your income and cash flow in the event of emergencies, when you are unable to access your rental income. So, when you need a safety net for the unforeseen circumstances that can impact your rental income, you’ll need to consider business interruption insurance.
Morgan Insurance is dedicated to ensuring you understand your insurance policy and how it will protect you. So, let’s break it down.
What Is Business Interruption Insurance?
It provides financial stability and protection when operations are disrupted due to a range of events, including fire, storms, and other catastrophes that cause physical damage to a property. When these damages are made, it often means that the business cannot proceed as normal, especially when the property becomes uninhabitable.
Business interruption insurance covers the loss of income caused by the events, which helps you maintain your financial stability until your property is recovered. A typical coverage will protect:
- Lost profits, which are determined by previous performance rates
- Fixed costs (i.e. rent, wages, utility costs)
- Additional expenses, such as temporary relocation costs, replacement equipment rent costs and any additional labour fees.
- Taxes
- Civil authority coverage, which is the losses incurred if authorities order a shutdown or restrict access to the property.
As a commercial landlord, your business interruption insurance will usually be an extension of your commercial property insurance. Your property insurance will usually protect the physical element of your property, whereas business interruption insurance protects your income in the face of serious events and damage.
What Does It Not Cover?
A good insurance policy is tailored to your specific needs. However, there are general exclusions to business interruption insurance, which means the policy may not cover you. This includes, but is not limited to, the following:
- Flood or earthquake damage
- Income that is undocumented in business records
- Pandemic and virus impact
- Business insolvency or discontinuation
- Terrorism damage
Your Guide To Understanding Your Policy
Navigating your business interruption insurance policy doesn’t need to be complicated when you have a broker like Morgan Insurance by your side to ensure that every aspect of your cover is clear. So, here’s what you need to know and understand about your policy.
Conditions of Your Policy
There will be specific guidelines and conditions to your policy that outline your responsibility as the party who is insured. For instance, it is your duty as a commercial landlord to maintain safety measures and report changes accordingly, so that if you need to claim on your insurance, it is clear that every measure has been followed.
Coverage Details
It is important to be clear on what your coverage will protect and what is excluded. This ensures that if you need to claim on your insurance, there are no surprises, and you’re prepared for what will be included in your financial coverage.
Declarations
This is the first section of your policy and details basic information, including your name, address and insurer details, coverage dates and limits. Any changes must be reported so that your policy is updated and you’re clear on the terms and limitations of your coverage.
The truth is, it’s all in the details of your insurance policy. It is easy to miss information, which can cause issues when trying to claim on your cover. With Morgan Insurance, you can navigate your insurance policy coverage details and claims with confidence and clarity.
How We Help
At Morgan Insurance, our priority is to provide you with clear information and guidance on everything to do with your insurance policy. From start to finish, we can help secure an insurance policy that is suited to your needs, review your current policy, and help you make a claim when the time comes.
Our team of brokers are experts, so they can clarify the terms of your policy, negotiate a better one, analyse any potential risks and limits to your coverage and manage your claims process for successful outcomes.
It can be overwhelming trying to understand and navigate your business interruption insurance alone as a commercial landlord. We allow you to focus that time and energy on running your properties, and we’ll handle the rest.
Morgan Insurance: Your Insurance Partners
We partner with landlords across Australia to manage their insurance solutions with confidence and expertise. Understanding your policy and its terms is essential to ensuring you’re prepared in the event of a catastrophe that damages your property.
Business interruption insurance can protect you financially, and Morgan Insurance are your broker who will help you access the safety you need, when you need it.
Start with us today.
A Landlord's Guide to Commercial Property Insurance: Beyond the Building
Commercial property insurance doesn’t need to be complex when you navigate it with Morgan Insurance. However, a common misconception is that all you really need is for your building structure to be insured. The truth is, there’s more to commercial property insurance than just the building.
In the event of a catastrophe that impacts your property, you’ll need to think about more than just the building structure. For instance, legal liability and lost income. These are elements that commercial property insurance helps protect you against, so you can ensure your assets and investments are properly protected. How do you determine what you’re liable for Vs what your tenant is liable for? Morgan Insurance can help break down your commercial property insurance.
What is Commercial Property Insurance?
Commercial property insurance is a type of insurance policy that protects property owners and landlords from financial losses that can be incurred from damage to their commercial buildings and assets. These damages can be caused by fire, theft, vandalism, storm or water damage and natural disasters. The insurance covers any physical damage and lost assets, but it also compensates for any lost income and ongoing expenses from interrupted operations. A landlord or property owner needs to be insured with commercial property insurance as it separates their liability from any damages or losses caused to the property or by the tenant.
To ensure that your property is a long-term investment that you can benefit from, considering commercial property insurance is crucial.
What Does My Insurance Not Cover?
All commercial property insurance policies are different depending on your needs, your insurer and your agreement. However, typical exclusions include:
- Damage caused by poor maintenance and care
- Tenant theft or fraud
- Losses that exclude policy limits
It’s important to be clear on the exclusions of your policy so you can be prepared for what is not covered and included. With Morgan Insurance as your expert advisers, we’ll make sure that the terms of your policy are clear and understood. Reach out to our team today for more information.
Commercial Property Insurance: Breakdown
So, although your building is a clear asset and investment, commercial property insurance protects more than just your property. The cover includes:
Public Liability
Your commercial property insurance will provide you with financial protection if a third party (i.e. a customer) is injured or their property is damaged inside your building and premises. An example may be if a visitor slips on a wet floor area. As the property owner, you would be liable for their injury in a legal procedure. However, with your public liability inclusion in your cover, you can ensure that you’re protected in these scenarios.
Business Interruption and Loss of Rent
In the event of an emergency or unforeseen circumstance, your property may become uninhabitable, which can lead to loss of rental income, otherwise known as business interruption. With commercial property insurance, you can continue making your mortgage payments while the property is being repaired and you’re not receiving rental payments. Thus, it’s vital to maintain a steady cash flow and protect the longevity of your property as an investment.
Machinery Breakdown and Glass Coverage
When machinery breaks down or glass is broken, the costs to repair or replace can be high. It is common for boilers, washing machines or air conditioning systems to fail and break, so you don’t want to be left covering that cost alone. How often do children break windows when they’re playing outdoor sports? This is damage you may be left paying for if you’re not properly covered with commercial property insurance.
Your Insurance Guide With Morgan Insurance
Understanding your commercial property insurance is easy when you have Morgan Insurance by your side. We’re experts in navigating the market and finding you an insurance policy that makes sense for you and your investments. So, protect more than just your building when you partner with us, and we’ll make sure you know what you’re covered for. With us by your side, you can understand what you’re liable for and what you’re tenants are liable for, so there isn’t any confusion.
It’s easy to get started. Our team of experts can review your current policy for clarity and find you a better one. Get in touch today.
Making the Switch: Moving from a Claims-Made Policy to an Occurrence-Based Policy for Childcare Providers
Moving from a Claims-Made Policy to an Occurrence-Based Policy for Childcare Providers can feel confusing, but it’s one of the most important decisions you’ll make for your business. Having the right insurance cover isn’t just about meeting regulatory requirements, i’s about true peace of mind. Knowing the difference between claims-made and occurrence-based policies can make a world of difference in how well your childcare business is protected.
Understanding the Difference
A claims-made policy only covers claims that are made (reported) during the period the policy is active regardless of when the incident occurred. This means that if your policy expires or you switch insurers, you could lose coverage for past events unless you purchase run-off cover or an extended reporting period.
An occurrence-based policy, on the other hand, covers incidents that occur during the policy period, no matter when a claim is made. Even if the claim arises years later, as long as the event happened during the time your policy was in force, you’re protected.
For childcare providers, where issues or complaints can arise months or even years after an incident, the difference is critical.
The Problem with Claims-Made Cover
Many insurers offer claims-made professional indemnity and public liability policies, particularly in the childcare and education sectors. While these can appear cost-effective upfront, they carry ongoing obligations:
- You must maintain continuous cover with no gaps.
- You’ll need to purchase run-off cover if you stop operating or change insurers.
- A missed renewal or gap in cover can mean losing protection for past work.
This can lead to stress, unexpected costs, and potential uninsured risks especially during transitions or changes in business structure.
The Occurrence-Based Advantage
That’s why our insurance solution for childcare providers is built differently.
We can source Combined Liability cover including Public & Products Liability and Professional Indemnity all written on an occurrence basis.
This means:
✅ You’re covered for incidents that occur during the policy period, even if the claim arises years later.
✅ You never have to worry about purchasing or maintaining run-off cover.
✅ You enjoy continuous protection and long-term peace of mind.
Seamless Transition, No Gaps in Cover
We also understand that switching from a claims-made insurer can be daunting, especially when it comes to ensuring there’s no gap in protection.
To make the transition smooth, our Public Liability cover includes a retroactive date, so any incidents that occurred before your new policy starts (while you were covered under your previous claims-made policy) remain protected.
This ensures complete continuity of cover so you can move forward with confidence knowing that your business, your staff, and the children in your care are always protected.
Why Choose Morgan Insurance Brokers?
At Morgan Insurance Brokers, we take the complexity out of insurance for childcare providers.
We understand that no two childcare businesses are the same each has its own unique risks, requirements, and regulatory obligations.
That’s why we approach a large panel of reputable insurers on your behalf, ensuring you get the most comprehensive and competitive cover available for your specific needs.
Our role as your broker means you gain access to:
- Tailored coverage that fits your business, not a one-size-fits-all policy.
- Expert advice from insurance specialists who understand the childcare industry.
- Claims support and advocacy we represent you, not the insurer, if you ever need to make a claim.
- Ongoing reviews and updates to ensure your policy remains suitable as your business evolves.
With Morgan Insurance Brokers, you’re not just buying insurance, you’re gaining a partner who’s committed to protecting your livelihood and helping your business thrive.
In Summary
Moving from a Claims-Made Policy to an Occurrence-Based Policy for Childcare Providers policy offers long-term simplicity and security. For childcare providers, that means less time worrying about insurance technicalities and more time focusing on what matters most, providing a safe, nurturing environment for children.
With our Combined Liability policy, you’ll have:
- Public & Products Liability and Professional Indemnity on an occurrence basis
- No need for run-off cover
- A retroactive date for Public Liability to eliminate any gaps in protection
- Expert guidance and access to a wide panel of insurers through Morgan Insurance Brokers
Contact us today to make the change.
The Ultimate Guide To Making A Business Insurance Claim
Every business owner knows how difficult it can be to navigate insurance claims, especially when there’s so much else on your plate. When there’s a burglary or a burst pipe in the staff bathroom, the last thing you need is the additional pressure of navigating a business insurance claim. With Morgan Insurance Brokers by your side, you don’t need to panic; we’ll make sure everything is handled.
We understand you’ll need to tend to the incident and situation at hand, so we’ll make it easy for you to make your business insurance claim and get things moving. So, how do you get started with making your claim?
First things first, reach out to your insurance broker, and we’ll help you get started.
What You Need To Do As A Business Owner
The most important steps are what you’re responsible for after the incident. You should prioritise the safety of your staff, customers, and business, and ensure that you have taken the appropriate measures to prevent the incident from escalating into danger or severity. For example, if there is a broken window, you should attempt to board it up to ensure the safety of your business or workplace is maintained.
To ensure that your claim is properly assessed, you should take photos of the damage or document any missing items so that you can open up your claim. Taking your time to ensure these steps are completed will help your claim be processed efficiently and help you achieve a successful outcome.
Step 1: Contact Us
As your advocate when you need to submit a claim, your broker should be your first point of call. At Morgan Insurance, we’re committed to ensuring we simplify the claims process for you so you don’t need to concern yourself with the nitty-gritty.
Your broker will provide you with initial advice on what you need to do and help you understand your policy and what it will cover you for. They’ll ensure that you understand the process and what needs to be done, so you can rest assured that we’ll handle your claim appropriately. Once this is clear, they’ll be able to lodge the claim on your behalf and ensure it is done correctly and compliant.
Step 2: Claim Lodgement
As your broker will lodge the claim for you, they’ll need to gather some information from you. Ensuring that you’re transparent and direct with your broker is essential during this process, as it will help simplify the paperwork. Your broker will most likely need:
- Your policy number
- The date, time and address of the incident
- A description of the events
- Contact details for any members involved or witnesses
- Photos and documents of damaged or lost items
Your broker will communicate with the insurer on your behalf and get your claim submitted seamlessly and efficiently.
Step 3: Assessment
During the assessment of your claim, your insurer will appoint a loss adjuster/assessor, who will assess the extent of the damage and loss. During their assessment of the scenario, they typically:
- Visit the site
- Request the evidence you collected for the claim
- Liaise with your broker to understand the details of the incident
Your broker will keep you in the loop with how the assessment process is going, so you know what to expect from your claim outcome.
Step 4: Settlement
Based on the assessor’s report and your policy’s terms, your insurer will provide you with a settlement offer. The support of your broker will be paramount at this stage, as they will be able to review your settlement offer to ensure that it is fair and in line with your policy’s entitlements. And, if the settlement offer isn’t sufficient, they will negotiate on your behalf to get a better settlement offer.
Or, if you simply need the details broken down, your broker will explain everything and let you know your options.
Morgan Insurance Brokers: As Your Business Partner
Making a business insurance claim doesn’t have to be difficult when you choose Morgan Insurance as your broker and partner. We’ll be there with you every step of the way to ensure the process is clear, efficient and compliant.
With Morgan Insurance as your broker, you can focus on recovering your business after the incident and let us do what we do best. We’re there for you long-term, so we’ll help you secure a policy and then help you make and navigate a claim. It’s never been easier.
Get started by reaching out to our team today.
The Impact Of High-Risk Hobbies on Your Income Protection Premiums
There’s more to life than your 9-to-5 job, and your hobbies are proof of that. From motorsports to skydiving, your hobbies balance your work life, so it’s not all work and no play. The truth is, high-risk hobbies are great for adrenaline boosting, but they give insurers more to think about when it comes to your income protection insurance.
Income protection insurance is your financial safety net when you find yourself out of work due to an injury or illness. High-risk hobbies increase your risk of being out of work due to an injury, so the risk for an insurer is also higher, as you’re more likely to need to claim on your cover.
An element that can be particularly affected is your premiums. Insurers will evaluate your scenario to determine the cost and conditions of your income protection insurance. So, how do your weekend plans reflect in your cover? Understand what you can do with Morgan Insurance Brokers.
What Is Considered A High-Risk Hobby?
Insurers will assess your personal life to determine your scenario and the likelihood of needing to claim on your cover. This includes aspects such as your age, general health, profession and lifestyle (hobbies, activities, etc). These are all elements that can impact the cost of your income protection insurance, as they directly correlate to the chances of you being out of work. Some examples of high-risk hobbies include:
- Motorsports
- Rock Climbing or Mountain Climbing
- Scuba Diving
- Skydiving or Paragliding
- High Contact Sports (rugby, martial arts, etc.)
When insurers look into your hobbies, they’ll assess specific conditions to determine how much of a risk they pose to your career and income. For instance, how often you perform these hobbies, the level you participate at (i.e amateur vs professional), and what safety measures or certifications you hold to perform the activities.
How Does It Impact My Policy?
The important thing to remember is that your high-risk hobbies don’t mean that you can’t get income protection insurance at all. But it will impact your income insurance premiums.
Your premium refers to the regular payments you’ll need to make to the insurer to keep your policy and coverage active. So, with the analysis of your hobbies and how likely they are to cause an injury that leaves you out of work, insurers will increase the cost of your premium to make it worth their time and liability.
In some cases, loadings may be applied to your base premium, where an extra cost will be added due to the risk of your activities. Or, they may choose to apply exclusions where claims cannot be made if it’s from an injury related to the activity or hobby.
Navigating Your Hobbies and Insurance Cover With Morgan Insurance
The best thing you can do is be honest with your insurer, as you have a legal duty of disclosure whereby you’re required to provide accurate and truthful information on your application. Failure to disclose an important piece of information, such as your participation in high-risk activities, can result in declined claims or policy cancellations, leaving you completely uninsured. To avoid financial distress or being unprotected when you’re trying to recover from an injury or illness, it is best to be honest during your income protection insurance application.
If you’re nervous about navigating it alone, that’s what Morgan Insurance Brokers is for. We’re experts in the market, so we’ll help you navigate which insurers are more understanding towards high-risk hobbies. We’ll handle your application from start to finish so we can ensure your application is honest and appeals to your experience and safety measures, so that your activities pose less of a risk to insurers.
We’ll search the market to find you an insurance policy that works for you and your lifestyle, without breaking the bank. With our market knowledge and experience, we’ll ensure that you’re satisfied with your cover and that you’re appropriately covered for your high-risk hobbies, so you can live your life without worrying about how it will impact your career and financial future.
Contact our team for more information.
No Risk With Morgan Insurance
We understand how important it is that you live your life to the fullest and enjoy those adrenaline-pumping hobbies that you love. It’s important to be protected against any injuries or illnesses for the worst-case scenario, and to ensure that you won’t suffer financially. That’s why we’ll find you the best policy, so you don’t need to worry about the ins and outs.
If you have any questions or you’re ready to get protected with Morgan Insurance, reach out to our team today.
