Your needs, not our wallet

Choosing an Insurance Broker with experience is the smartest move you can make for your business.

Maybe it's that time of year again, and your insurance policy has fallen due for renewal; or you're looking at purchasing insurance for the first time. With the cost of living (and everything in between) increasing, so are insurance premiums. You have to do your due diligence and research to ensure that you're not being over charged for the right insurance coverage.

Fortunately, Morgan Insurance Brokers provide exactly this service. With access to over 150 insurers and underwriters, this is our speciality.

In the instance where you've approached multiple insurance brokers, which is very common, and you receive a quote back that's close to, or even cheaper than one we've provided, your comparative analysis on which policy you should take up should not be based on purely price.

With the skill and talent shortage in the industry of late, insurance brokers are not equal in the service and knowledge they can provide. A lot of insurance brokerages can sell you insurance, but not all can provide you with the service and experience you need. Just because you're dealing with an Insurance Broker, does not mean you're dealing with an Insurance Professional.

Asking your prospective insurance broker about their experience is crucial because insurance is a complex field, and a knowledgeable broker can provide valuable insights and guidance on policy covers, ongoing support, and claims service. Here's why experience matters:

Expertise in Navigating Complexity

Insurance involves intricate policies, regulations, and risk assessments. As an experienced broker, have encountered various scenarios and can navigate the complexities of insurance to provide tailored advice.

Risk Assessment Skills

As experienced brokers, we are skilled at assessing risks specific to your industry and business. We can identify potential gaps in coverage and recommend suitable policies to mitigate risks effectively.

Relationships with Insurers

As we've been in the game for over a decade, close to two, we have established relationships with insurers. This means better negotiation capabilities, potentially securing more favourable terms, coverage, or premiums for your business.

Claims Handling Experience

In the unfortunate event of a claim, an experienced broker is essential. We can guide you through the claims process, ensuring a smoother resolution and advocating on your behalf to maximise the benefits of your policy.

Your needs, not our wallet

As an experienced broker, we prioritise providing sound advice over making a quick sale. We understand the importance of building long-term relationships and ensuring you have the right coverage for your specific needs. There are also instances where we turn away potential clients if their approach to insurance does not match ours.

Industry Knowledge

Different industries have unique insurance requirements. An experienced broker with knowledge of your industry can tailor policies to address specific risks and compliance needs.

 

While cost is a significant factor in choosing insurance, prioritising the broker's expertise and reputation is essential. As your Insurance Broker, we understand your business, have industry knowledge, and can provide reliable advice that can ultimately help you secure the most suitable coverage for your needs.


Inflation and the impacts on insurance premiums

Understanding how insurers collect premiums and the role that they play in providing insurance coverage

Insurers are important entities that provide peace of mind and protection for individuals, families, and businesses all across the world. One of the primary ways in which they fulfill this crucial function is by collecting premiums from policyholders - these are payments made by customers in exchange for insurance coverage, which can protect them from unexpected events, losses, and damages. The process of collecting these premiums is vital because it allows insurers to maintain financial stability and security, which, in turn, enables them to fulfill their commitments to policyholders. By understanding how insurers collect premiums and the role that they play in providing insurance coverage, individuals can have greater confidence in their ability to protect themselves and their assets in an unpredictable and ever-changing world.

Adjusting premiums to reflect the increased replacement costs

In the current economy, inflation is a looming concern that is causing the price of goods and services to rise. As a result, major insurance providers are taking proactive measures to ensure they can continue to offer adequate coverage and reliable service to their clients. A key part of this means adjusting premiums to reflect the increased replacement costs for homes and belongings.  Insurance providers must stay ahead of the rising cost of living to provide the best possible coverage and care to their valued customers. By doing so, they can help protect households and communities against the financial burdens that often arise in times of crisis.

Expenses for insurance companies

Insurance companies have to bear numerous expenses in the course of their operations. Besides the direct costs of underwriting policies and managing claims, they also incur other expenses such as administrative costs, employee salaries, marketing expenses, and other operational costs. These costs can directly impact the overall cost of premiums charged for insurance services.

The overall cost of insurance

Administrative costs include expenses such as rent, utilities, and technology infrastructure, among others, which are essential for running insurance operations. Salaries for employees including underwriters, agents, and customer service representatives, form another significant cost for insurance providers. Marketing, advertising, and promotional expenses are also crucial to insurers, as they help them attract new customers and retain existing ones. All in all, these necessary operational costs are essential for any insurance provider to operate effectively. Nonetheless, they form part of the overall cost of insurance and contribute to the premiums paid by policyholders.

The generation of additional income

The generation of additional income is crucial for insurers as it enables them to offset the costs of running their business. To achieve this, insurers invest a percentage of the premiums they receive from their clients. This is a common practice among insurance providers, as investing can provide a source of revenue that compliments their core business operations. As a result, investment decisions can greatly impact an insurer's financial performance. If investment returns are low, the insurer may have to rely more heavily on the premiums they charge their clients to generate income, which can ultimately lead to higher premium costs.

The world of insurance is highly complex

As everyone knows, the world of insurance is highly complex. One of the factors that plays a critical role in the calculation of premiums is the performance of an insurer's investment portfolio. A variety of economic conditions, such as changes in interest rates and market fluctuations, can have a significant impact on how a portfolio performs. This, in turn, can affect the amount that consumers ultimately pay to secure the coverage they need. Since insurance companies must rely on their portfolios to generate the necessary funds to pay out claims, it is essential for them to closely monitor and manage their investments so that they can remain financially stable and continue providing their customers with the peace of mind and protection they require.

Need help with your insurance? Contact Morgan Insurance Brokers today!


Care, Custody and Control Insurance

What does property in your physical and legal control/ care custody and control insurance cover?

re, Custody, and Control insurance or property in your physical or legal control insurance is usually an automatic sublimit under a public liability insurance policy.

It is designed to protect businesses that have temporary possession of someone else's property with the intent to be worked upon/part of your insured business activities.

Examples could include
- Phones that are left overnight at phone repair stores
- Jewellery or watch repair stores
- Bicycle repair stores
- Computer repair stores
- Storage Facilities

This extension can offer cover to your customers goods if they have been damaged accidently whilst in the possession and under the care of your business.

Standard exclusions under a public liability insurance policy will still apply to this additional benefit.
Exclusions such as damages to motor vehicles, faulty workmanship, and damage to your own goods are a few examples.

The automatic sublimit is standardly $250,000 but can fluctuate between different insurers and occupations

Some insurers depending on your occupation will exclude this completely.
For example, a removalist, courier or transport operator as standard would have this exclusion applied. It would then be in the best interest of transport operators to take out a transit policy to cover their customers goods whilst in their custody, and whilst in transit.
Another example is a storage facility. It is quite difficult to obtain this extension for storage facilities given the high values of items insured at one address.

Contact Morgan Insurance Brokers today to discuss your public liability insurance policy.


Why having a local Insurance Broker is important

Why having a local broker matters

Having a local insurance broker is a very important decision for your business. Choosing local means you share in, and have access to local insurance knowledge, industry trends and local service.

Local service is important, especially when it comes time to an insurance claim. Having a local insurance broker means that when it comes to a claim, your insurance broker has access to a network of trades that could expedite your repairs, especially in the event of a major Catastrophe where trades tend to be in high demand and are short of supply.

Running a business in Brisbane vs running a business in other areas, for example northern Queensland both come with greatly different insurance considerations. In Brisbane, you have to navigate negotiations with insurers regarding the risks for flooding. Whereas, in north Queensland, you have to navigate tough market conditions regarding cylones and monsoonal weather.

Both have different challenges and dealing with it on your own can be an impossible task. This is where a local broker has a better understanding and pull, rather than a broker situated in NSW for example. An Insurance Broker like Morgan Insurance Brokers located in Brisbane know exactly who to talk to, and where to search for affordable insurance for your business without the need to comprise your insurance coverage.

Morgan Insurance Brokers local presence in Brisbane allows for in person interactions, building trust and a deeper understanding of your insurance requirements.

By working with us, you can trust that we will protect your business as if it were our own.


What is a retroactive date?

What is a retroactive date?

A retroactive date in insurance, standardly when used within a Professional indemnity insurance policy refers to the date and time that your policy will respond to events that could arise in a claim.

Retroactive dates are also commonly used in Management Liability Insurance policies as well.

For example, if your retroactive date was today, then your Professional Indemnity Insurance policy would not cover you for claims made against you for actions or events that happened prior to today's date.
If a notification, or incident that could arise which would trigger your Professional Indemnity insurance policy, the policy would only respond to events that occured on or after the retroactive date.

Standardly, you have the option to choose an unlimited retroactive date or specify a specific date.

Is an unlimited retroactive date more expensive?

If you opt for an unlimited retroactive date to cover for any events in the past, the premium could be more expensive as it offers a greater level of protection for your business.

It is important to note that when you are transferring to a different insurer at any point in time, some insurers will request to see proof of your previous retroactive date before they will match your previous date - whether it be unlimited, or a specific date. A specific date could be the date where you first took out insurance.

Morgan Insurance Brokers can assess your cover requirements, along with your budget to provide you with comprehensive quotes that will protect your business from the risks they face. Contact us today.


Do I need Professional Indemnity Insurance?

What is professional indemnity insurance?

Professional indemnity insurance is a type of insurance coverage designed to protect professionals from claims that arise from errors, omissions, or negligence in their professional services that they've provided.

What industries need professional indemnity insurance?

Occupations and industries that provide professional services, and or give advice such as consultants, accountants, lawyers, architects, engineers. This is not an exhaustive list.

 

Do I need Professional Indemnity Insurance?

When professionals provide advice or services, there could be a risk that their work may result in financial losses. Professional indemnity insurance helps by protecting you and your business by providing coverage for legal costs and amounts claimed in compensation.

 

Examples of Professional indemnity claims

  • Professional negligence Breach of professional duty
  • Misrepresentation Defamation
  • Infringement of intellectual property rights.

These are a few examples that could be covered under a professional indemnity insurance.

How using Morgan Insurance Brokers can help your business

Morgan Insurance Brokers can help guide you through obtaining a Professional Indemnity insurance policy that is going to best protect your business. Professional indemnity insurance policies can have quite a few conditions and exclusions that are difficult to interpret. We also have access to a large panel of providers that you may not have access to directly.

Contact us today.


Does a demolition business need asbestos insurance?

Does a demolition business need asbestos insurance? 

If your business involves demolition, you have exposure to asbestos. Your exposure could be limited if you contract out 100% of the asbestos removal, however you could still face an exposure that could result in hefty legal fees to your business as a result of asbestos disturbance, or removal.

What is vicarious liability?

Vicarious liability is a legal concept that could find you responsible for the wrongdoing of your contractors (in this instance; asbestos removal contractor you've engaged) regardless if you were involved in the actual wrongdoing. In simple terms, if a client has engaged your services, the claim for damages will be first brought against you, rather than your subcontractor. Legal costs and penalties could be incurred as a result.

In conclusion, regardless if you contract out 100% of your asbestos work, you still have exposure. This financial exposure can be mitigated by ensuring that your public liability insurance has an asbestos extension.

 

Morgan Insurance Brokers can assist your business find the most affordable and comprehensive cover for your demolition business. We have access to a large panel of insurers that exclusively deal with brokers only, and that you don't have access to as a consumer.

Reach out today.

 


The importance of a policy review to protect your assets

Insurance Policy Review

In the current environment, the costs of sourcing material and labour has has increased substantially between 20-40% in the last 2 years as a result of the economic pressure COVID-19 put on the building industry which means it's more important now than ever to check if your insurance policy adequately reflects your situation.

How often should I review my sums insured on my insurance policy?

With the prompting from Morgan Insurance Brokers each year, we recommend, and can assist updating your insurance cover to adequately insure your property and assets for their true replacement cost.

How do I determine the replacement costs of my home or investment property?

Fortunately, there are many online tools that allow you to calculate the replacement cost of your buildings. These calculators take into consideration the construction material, size of the property (excluding the land size) and other features and provide a replacement cost. We are Home Insurance Broker specialists and Landlord Insurance Experts.

How do I determine the cost of my personal contents?

Similar to building insurance for your home, there are online contents calculator available. However, these figures do seem to be inflated. We suggest recording all the items in your home, and record what the cost would be to replace those items at today's retail price.

How do I determine the cost of replacement for my commercial property?

If you own a commercial property, online calculators may not be available to determine the cost of replacement for your building. Therefore, it is recommended that you contact a qualified builder, architect, or Surveyor to provide you with an accurate figure.

How do I determine the replacement cost of my business contents and stock?

To determine the cost of your contents/fitout, we suggest that you keep on record an asset register and have another document that has their replacement values as of today's date recorded. These figures need to reflect today's replacement cost for new, and not to take into consideration depreciation.

The importance of updating your sums insured annually

To avoid being penalised at claim time, we recommend reviewing your sums insured each year. For residential purpose properties such as a owner occupied homes and investment properties, there aren't any financial penalties imposed by the insurer, however, you could find yourself contributing to the loss/claim.
For commercial properties, including contents and stock claims, if you under insure which exceeds the insurer's threshold, then you could be heavily penalised - commonly known as co-insurance, or under-insurance clauses. This could be detrimental to your financial future.

With the help of Morgan Insurance Brokers, we can assist you in reviewing your sums each year to avoid any unexpected headaches if you were to experience a claim.

 


Does a Sole Trader Need Public Liability Insurance?

Sole Trader Public Liability Insurance

What is Public Liability Insurance?

Public Liability Insurance is insurance cover to protect individuals and businesses from legal claims brought against them by third parties such as customers, for bodily/personal injury or property damage as a result of their business activities, or their products that they sell.

What does Public Liability Insurance Cover?

Public Liability Insurance covers the costs of any legal fees, compensation demands, and other expenses when a third party has suffered a loss as a result of your neglience.

Do Sole Traders Need Public Liability Insurance?

Sole Traders may interact with customers or members of the public on site, for example if they are in the construction industry, or if they have clients visit their office. When there is activity that involves contact with customers, there is the risk that an injury or property damage could occur. Public Liability is crucial, especially for those industries that have a higher risk of bodily injury, such as businesses that sell/distribute/manufacture products, or are involved in the construction industry.

Contractual Requirements

Some of your customers may require you to hold a Public Liability Insurance policy before they engage your services. Standardly, if this is the case, they will require you to have $20,000,000 cover.

Obtaining Public Liability Insurance using the services of Morgan Insurance Brokers makes the process streamline, quick and efficient. We can assess your situation, your risk level, your budget, then provide a suitable cover to protect your business. Refer to our page "Public Liability for Sole Traders" for more information.

 


Professional Indenity for Engineers

Risks of Operating without Business Insurance

Operating a business without insurance exposes you to numerous risks that can lead to severe financial consequences. Running a business is a venture filled with excitement, challenges, and rewards. As an entrepreneur, you invest your time, effort, and resources into creating something meaningful. However, amidst the hustle and bustle of daily operations, there is one crucial aspect that can often be overlooked or underestimated: business insurance.

Insurance plays a critical role in effective risk management for businesses, providing protection against unforeseen events and liabilities. In this article, we will delve into the importance of various insurance types and how they safeguard your business's future.

  1. Public and Products Liability Insurance:
  • Protect your business from potential financial losses caused by injuries to third parties resulting from your negligence.
  • Cover costs associated with third-party property damage, such as accidental collisions or chemical spills.
  • Essential for retailers, wholesalers, manufacturers, and distributors as it provides coverage against product-related injuries to the public.
  1. Property Insurance:
  • Businesses with physical locations face risks like fires, severe weather events, and other unforeseen incidents that can damage premises.
  • Disruptions or complete shutdowns can significantly impact business turnover.
  • Adequate property insurance covers repair or replacement of physical assets, including contents and stock, and provides coverage for business interruption expenses, employee wages, and fixed business expenses during the rebuilding phase.
  1. Workers' Compensation Insurance:
  • Prioritize the safety and well-being of your employees, despite implementing safety measures.
  • Workers' compensation insurance is mandatory in all states and territories and provides coverage for employees and contractors in case of work-related injuries.
  • Protects your business from potential legal actions and financial liabilities arising from workplace injuries.
  1. Cyber Insurance:
  • In the digital age, businesses face a significant threat from cyber attacks.
  • Cyber insurance offers protection against financial consequences resulting from data breaches, ransomware attacks, and other cyber threats.
  • Costs of restoring computer systems, paying ransom fees, and hiring IT services can be substantial, making cyber insurance a crucial safeguard.

Safeguarding your business from potential risks is essential for its long-term success. Insurance coverage provides financial security by mitigating the impact of unforeseen events, liabilities, and cyber attacks. Working with an experienced insurance broker can help navigate the complex insurance landscape and identify the most suitable coverage for your business. Prioritizing insurance is a proactive step toward protecting your business's future and ensuring its resilience in the face of uncertainties.

FAQs

Q: What are the risks of operating a business without insurance?


Operating a business without insurance exposes you to various risks. These risks include financial losses due to liability claims from injuries to third parties, property damage costs, business interruption, legal actions resulting from workplace injuries, and cyber attacks that can disrupt operations and lead to significant financial consequences.

Q: What is public and products liability insurance?

Public and products liability insurance protects businesses from potential financial losses arising from injuries caused to third parties due to the business's negligence. It also covers costs associated with third-party property damage resulting from business operations.

Q: Why is public liability insurance important?

Public liability insurance is crucial because it provides financial protection in case a member of the public, such as a customer, contractor, or supplier, is injured due to the business's negligence. Without this insurance, the business may be liable for substantial compensation, potentially leading to financial ruin.

Q: What does property insurance cover for businesses?

Property insurance covers the physical assets of a business, including its contents, stock, and premises. It provides financial protection against damages caused by events such as fire, severe weather, theft, or other unforeseen incidents. Additionally, it offers coverage for business interruption expenses, employee wages, and fixed business expenses during the rebuilding or repair process.

Q: Why is workers' compensation insurance necessary?

Workers' compensation insurance is essential because it provides coverage for employees and contractors in case of work-related injuries or illnesses. It ensures that employees receive necessary medical treatment and compensation for lost wages while protecting businesses from potential legal actions and financial liabilities resulting from workplace injuries.

Q: What is cyber insurance and why is it important for businesses?

Cyber insurance is a type of coverage that protects businesses from the financial consequences of cyber attacks, data breaches, and other cyber threats. It covers costs associated with restoring computer systems, paying ransom fees, legal expenses, and hiring IT services to recover from a cyber attack. As cyber threats continue to rise, having cyber insurance is crucial to mitigate potential financial losses and protect sensitive business information.

Q: How can an insurance broker assist in obtaining suitable coverage?

An insurance broker is an expert in the insurance industry who can help businesses navigate the complexities of insurance policies. They can assess the specific needs of a business and provide jargon-free guidance, helping to identify the most suitable coverage options. An insurance broker can compare policies from different insurers, negotiate terms, and ensure that businesses have adequate protection against potential risks.