How to find the best business insurance broker?
Like most small businesses, your knowledge of Insurance coverage and the policies that you require may be limited. Accordingly, this is where a Business Insurance Broker can assist you in sourcing an insurance policy that will protect your business at an affordable price for your budget
Purchasing an insurance policy directly with an insurer vs an Insurance Broker - what is right for you?
Insurance Broker
An Insurance Broker makes obtaining insurance easy. They do all the hard work for you. They approach a large panel of Australian-approved insurers with your requirements and do a multipoint review and comparison of the quotes that have been obtained. An Insurance Broker will put together their recommendation on their findings to ensure that the policy you purchase will protect your business. Insurance Brokers are your dedicated insurance advocate and your point of contact for all your insurance needs.
Direct through an Insurance Company
Insuring direct with an Insurance company can be a very quick and easy process through their portal and be covered within a matter of minutes. Purchasing an Insurance policy directly through an insurance company means you would need to do a thorough analysis of their cover, terms and conditions, and policy wording yourself, along with a comparison of other quotes you've obtained. This is especially important as some policies can have conditions that could impact your business if not understood correctly. If a claim were to occur, you would be representing yourself and have to liaise with the insurance company yourself.
A benefit of an Insurance Broker over insuring through an insurance company directly is that an Insurance Broker will manage all of your claims from lodgement through to settlement.
How to find the best Business Insurance Broker for my business
1. Ask for a referral
Asking qualified professionals such as your accountant, financial planner, or lawyer for a recommendation for a referral. These professions usually have a good relationship with an Insurance Broker.
2. Look locally
Start by looking online in your local area. There will be many Insurance brokers in your area to choose from. You can search using local directories such as Google maps and yellow pages.
3. Word of mouth
Ask your friends, family, or colleagues that are in the same industry as you how they manage their insurance and if they can recommend a good insurance broker.
Good Insurance Brokers like Morgan Insurance Brokers can save you time and money, and streamline your insurance policies so you can focus your time back on your business.
What to look for in a Business Insurance Broker?
Insuring your business does not need to be challenging. Insurance Brokers work by your side in obtaining an Insurance policy that will protect your business from unforeseen events. Here are some tips to help you choose the right Insurance Broker for your business.
Locality - Finding a broker local to your area
An Insurance Broker that is local to your area should be highly considered for many reasons. A local broker should know if your area is susceptible to flooding, and local and state regulations that could differ state by state. You could also have the opportunity to meet with your Insurance Broker in person so they can better understand your business.
Online reviews - Insurance Broker with great reviews
Word of mouth referrals are still a highly regarded way of transacting business. Still, the next best way to know if you've engaged a good Business Insurance Broker is to check first-party review platforms such as Google, Trust Pilot, Feefo etc. These, along with any testimonials that may be available can give you a good gauge on what type of service you could expect from your new Business Insurance Broker.
Does your Broker know your industry?
Insurance Brokers are specialists and are able to tailor insurance programs to suit your business needs. There are some complex occupations that require additional attention to detail, along with a thorough understanding of how your business operates in order to obtain the appropriate cover that will respond in the event of a claim. If your Insurance Broker primarily deals with construction businesses, they may not be well versed in Insuring professional service businesses such as Financial Planners. Both industries can be complex and have challenges to overcome when seeking insurance. It would be wise to seek an Insurance Broker that specialises in your industry.
Does the Insurance Broker deal with the type of insurance you need?
Similar to having a broker know your industry, you should also consider choosing an Insurance Broker that is familiar with the insurance product that you require.
Morgan Insurance Brokers are familiar with all insurance products but specialise in business insurance, Public Liability insurance, and motor fleet insurance.
What Industry experience does your Insurance Broker have?
When engaging a broker, you should ask them how long they've been in the industry. Having industry experience like the Brokers at Morgan Insurance Brokers assists us to accomplish our clients' objectives efficiently and effectively.
Fees - How much does the broker charge?
Insurance Brokers get paid by the insurer in the form of commission and at no additional cost to yourself. Some brokers however can charge a broker fee in addition to this which increases the cost of your insurance policy. Be sure to see if you are being charged a broker fee or not. If you're not comfortable with being charged an additional fee, most brokers will remove this from your policy.
How well do you get along with your Broker
Rapour, rapour, rapour! First impressions are everything. If you've finished your phone call with your Insurance Broker and you're happy with how the conversation went and had a positive experience, this sets the pace for the rest of your professional relationship with your new broker.
Qualifications - Is the Broker qualified?
Insurance Brokers now have to have a minimum requirement to be able to practice as an insurance broker; their diploma of insurance broking. Ensuring that your broker has these qualifications can provide you peace of mind that your broker is adequately trained to be able to provide you sound advice to you and your business.
You could find yourself contacting your insurance broker many times throughout the year. These tips can assist you in finding a business insurance broker that you enjoy speaking to, have trust in their service, and can rely on them to protect your business.
Tips on how to save money on your Commercial Motor Insurance
Motor insurance is one of the must-have insurances for all individuals and businesses. The statistics on car accidents make it clear that it's an insurance policy that you must have to avoid the financial burden of a car accident. But with the ever-increasing costs of living, running a business, and insurance, reducing your insurance premiums without sacrificing cover is a must.
How are motor insurance premiums calculated?
The insurers have rating metrics that they use to determine the cost of a motor vehicle insurance policy.
These factors include:
- The vehicle itself - the year, make and model - certain vehicles are more expensive to repair, others are riskier with performance engines
- The value of the vehicle - how much they would have to pay to replace the vehicle if it were written off
- The garaging address - the overnight address plays a role in determining the insurance premium as your postcode could have higher claim statistics (thefts, storms)
- The driver - The driver's age and driving history also weigh heavily in calculating insurance premiums - young drivers are particularly costly
All of the above are the main factors that the insurers use in calculating the cost of your insurance.
Reviewing your vehicle value
On a Commercial Motor Vehicle policy where you are insuring your truck, rigid vehicle, or prime mover for example, you will note that you have to select an amount that you insure your vehicle for. This amount is usually close to the market value of your vehicle. However, if you have not reviewed your vehicle value on your policy in quite some time, it's best that you do some research to determine if the amount your vehicle is insured for reflects the true value of your vehicle. You will note on your insurance policy that your vehicle could be insured for $XXX, "OR Market value - whichever is the lesser". What this means is that even though you have elected $XXXX to insure your vehicle, if you were to write your vehicle off, the insurer will only pay up to the market value if the figure of $XXX is higher than the market value. As there would be no rebate if you insured your vehicle for higher than the market value, it's important to review this figure annually. You can reduce your insurance premiums by ensuring that your vehicle value decreases on your policy to match depreciation.
NSW Stamp Duty Exemption
In NSW, if you are a small business turning over less than $2,000,000 you may be eligible for the NSW Stamp Duty Exemption. If eligible, this can be applied to your Commercial Motor Vehicle Insurance. This can reduce your premiums by close to 10%
To see if you are eligible for the NSW Stamp Duty Exemption, please refer to
Revenue NSW website:
- Revenue NSW “Small Business Exemption” heading in Frequently Asked Questions – http://revenue.nsw.gov.au/info/legislation/budget/201706/faq
- Insurance Duty- http://www.revenue.nsw.gov.au/taxes/insurance/factsheet/overview
Increasing your excesses
An excess is an amount you have to pay if you make a claim on your insurance policy. It’s a way of you sharing a small portion of the costs with the insurer. On most Commercial Motor policies the standard excess is usually $600. For larger higher value vehicles, you could see that your excess is 1% of the sum insured. Increasing your excess could reduce your premiums.
Adjusting your radius limit
The radius at which your vehicle is insured under your policy can have a big bearing on your insurance premium. If your radius is greater than the radius that you intend to travel, you should consider reducing this as it can lower your insurance premiums.
Reviewing your drivers
Specifically noting that you have under 25-year-olds driving your vehicles attracts a larger premium. If you have had staff members that were under 25 driving your vehicle but are no longer doing so, you should update your insurance policy to remove them as this will lower your insurance premium.
Reviewing your accessories that are listed
It's extremely important to note all of your vehicle accessories under your policy to ensure that if your vehicle was written off, you would be financially reimbursed adequately. Adding accessories to your policy is likely to increase your insurance premium. A solution on how to keep your insurance premiums low is by reviewing your commercial motor insurance policy coverage. Most commercial motor insurance policies offer automatic additional accessories to your policy up to a certain value ($5,000 is standard). If your insurer offers this cover, you won't need to list accessories that are automatically covered.
Paying your insurance premium annually, and not monthly
An easy way to lower your insurance premiums is not to opt for monthly instalments. Monthly Instalments tend to add around 10% extra to your motor vehicle insurance. However, the convenience of monthly instalments may be worth the additional cost to alleviate your cash flow.
Shopping around
One of the easiest ways to reduce your Commercial Motor vehicle Insurance is to engage Morgan Insurance Brokers. Morgan Insurance Broker has access to a large panel of approved insurers for your Motor Vehicle Insurance. We can approach close to 10 providers on your behalf to ensure that the premium you are receiving is the most competitive for your circumstances. View our fleet insurance brokers page for more information.
We do the hard work for you. We also understand that there is no need to be paying overs for insurance when it's simply not required.
NSW Introduces Mandatory requirements for all registered Design Practitioners, Principal Design Practitioners, and Professional Engineers
All registered Design Practitioners, Principal Design Practitioners, and Professional Engineers must have in place a Professional Indemnity Insurance Policy as of July 1st 2022 under NSW new fair trading mandatory requirements. (fairtrading.nsw.gov.au)
What is Professional Indemnity Insurance?
Professional indemnity insurance is an insurance policy that protects your business from claims brought against you for advice, recommendations, breach of professional duty, and alleged negligence that results in a financial loss to third parties.
Do I need Professional Indemnity Insurance?
As of July 1st in NSW, Professional Indemnity Insurance is mandatory for all registered Design Practitioners, Principal Design Practitioners, and Professional Engineers.
What information do I need to provide to obtain a Professional Indemnity policy?
In order to obtain a Professional Indemnity policy, a proposal form will be required to be completed. A proposal form is a document that the insurers request you complete in order to better understand your business and the activities you are looking to insure. They do not take long to complete.
How long does it take to obtain a Professional Indemnity policy?
As your Insurance Broker, we send your request out to a large panel of insurers on your behalf. Depending on if different insurers require additional information from you, you could expect a quote returned from the insurers within a few days.
How much does Professional Indemnity insurance cost?
As Professional Indemnity Insurance is an insurance policy that insures for your mistakes, we know that the mistakes in your industry could be catastrophic. The premiums are quite considerable. The main considerations for the insurers calculating your premiums are your business activities, your annual turnover, and how many employees you have.
How do I obtain Professional Indemnity Insurance?
Morgan Insurance Brokers takes the hard work out of the equation. We approach a large panel of approved insurers on your behalf and negotiate coverage and pricing for your business. We then provide you with the quote that we recommend that we believe will provide your business with the most protection. We are your main contact for all Insurance related queries, meaning you will never have to speak to any insurance company directly.
TESTIMONIALS
What our clients say
Peter Stapleton
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Lauren was awesome helping us to sort out our insurance incredibly quickly. Called her urgently in the morning as we needed the insurance by 5pm on the same day and she had organised a series of quotes and recommendations within a couple of hours. Would highly recommend her!
I dealt with Lauren and she was fantastic. She's very knowledgable and had all the answers. Would recommend reaching out to her if you need anything insurance related.
I have dealt with Lauren from MIB insurance for the last 3 years. Lauren’s attention to detail is incredible and she goes above and beyond in finding the best insurance cover for our business. I can not recommend Lauren highly enough. She has recently insured our second business as well. I recommend MIB to all of my business colleagues.
Lauren has been so helpful, accessible and efficient, helping us to insure our first home!
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Are my subcontractors covered by my insurance?
Will my Public Liability Insurance cover my subcontractor?
A Public Liability Insurance policy will not extend to cover the subcontractor’s for their negligence and as such, they will be required to hold their own Public Liability Insurance policy.
What is a Subcontractor?
A Subcontractor can be a sole trader, partnership, or business that is engaged to perform part, or all of the works of another’s contract.
Examples of a Subcontractor
- A builder has a contract with an individual to build their house. The builder decides that the painting works is best left to a qualified painter. The builder then engages a painter for the works and then pays them accordingly.
- An accountant may subcontract out their administration works to an individual or company to free up their time
Are subcontractors considered employees?
With regards to Public Liability Insurance, a subcontractor is not considered as an employee of the business.
What is Public Liability Insurance?
Public Liability Insurance will protect your business from claims brought against you for negligence by third parties for personal injury, property damage, and advertising liability.
Do Subcontractor’s need their own Public Liability Insurance?
It is always recommended that Subcontractor’s hold their own Public Liability Insurance when they are working for themselves, or contracting to other companies. Public Liability Insurance policies will not extend to a subcontractors negligence.
What happens if a Subcontractor causes damage, or injures someone on my site?
Subcontractor’s will need their own Public Liability Insurance to ensure that if the unexpected occurred, such as someone getting injured, or damage occurring, that they are financially protected from the costs associated with a Public Liability Claim.
If I engage a subcontractor, and a claim is brought against me for their negligence, am I covered?
It is important to disclose to your insurer if you are using subcontractors as part of your business. Ensuring that your insurance company are aware of this, your policy can respond to the vicarious liability and costs associated with claims brought against you due to your subcontractors negligence.
What is Vicarious Liability Insurance?
Vicarious liability insurance is when the principal is legally responsible for the acts of their employees, contractors, and other workers whilst undertaking their job.
Does it cost more to note subcontractors on your insurance policy?
Your Public Liability Insurance policy premium is based off many factors. The amount that you pay to your subcontractors each year is a factor in rating the premium. Some insurers have thresholds on the percentage that you can use. Insurers can decline to offer you a quote if the amount you pay subcontractors is higher than their allowable limits.
Our team of experienced Insurance Brokers are driven by customer satisfaction and are dedicated to each client, no matter the size. Contact us today for a quick quote.
What is Public Liability Insurance?
What is Public Liability Insurance?
Public Liability Insurance covers your legal liability to third parties for personal injury or property damage arising from your insured business activities.
Public Liability Insurance is designed to provide you with confidence to trade without having to worry about the burden and financial impact if injury, or damage was to occur outside of your control, in which you were found negligent.
No doubt if you’re in business for yourself, you’ve heard of Public Liability Insurance. Public Liability Insurance can protect all businesses, from sole traders, to small businesses, to ASX listed companies. No matter the size, no matter the industry, Public Liability Insurance is going to offer a level of protection for your business that you need. Without it, you could see yourself fronting the costs incurred if a claim were to be brought against you.
In this post, we’ll cover a few examples of how Public Liability Insurance can protect you, and how you can benefit from engaging Morgan Insurance Brokers to source cover that’s right for you.
Why is Public Liability Insurance Important?
To protect you from unexpected legal costs that could arise from Public Liability Claims against your business, it is important that you protect your business with a Public Liability Insurance policy that will cover all of your day-to-day business activities. Although usually not compulsory, businesses should consider safeguarding their financial future with an adequate Public Liability Insurance policy. We all know how expensive solicitors are, so imagine having to pay for legal representation to respond to the claim brought against you, whilst also having to potentially reimburse the claimant for their legal fees incurred, and compensation claim as well.
Between 2017-2021, there has been $2.31 Billion Dollars paid out in Public Liability claims in Australia. This highlights the importance of ensuring your business is protected with an adequate Public Liability Insurance policy.
Examples of Public Liability claims
Property Damage
ABC Lawnmowing is engaged to cut John Smith’s grass. A stone has flung up under the mower and damaged John Smith’s glass. ABC Lawnmowing is deemed liable for these damages and their Public Liability Insurance policy will pay for the repair of the glass.
Slip and Fall
Jane Doe has entered XYZ Supermarket and has slipped and injured herself on a puddle of water from a leaking freezer. XYZ Supermarket had known about the puddle but did not secure the area with appropriate signage to warn customers about water on the ground. XYZ Supermarket are found liable for Jane Doe’s medical expenses. XYZ Supermarket’s Public Liability Insurance policy will pay the legal and compensation costs in this instance.
Food Poisoning
Jack Jones visited his favourite buffet restaurant for dinner. A short time later, he came down with a bout of food poisoning. Jack Jones was unable to work for the follow days after, and also incurred medical costs. It was found that the buffet restaurant was liable for Jack Jones illness. The buffet restaurant engaged their Public Liability Insurance and the policy responded to the costs incurred.
Now we know how important insuring for Public Liability Insurance is for your business, so now is the perfect time to review your cover, or take out a new policy to protect yours, and your employees futures!
Not sure where to start? Contact Morgan Insurance Brokers for a tailored Public Liability Insurance policy for your needs. We do all the hard work, so you don’t have to. You’ll have faith knowing that we have your best interests at heart.
The Assurance of Insurance
The Assurance of Insurance
It is safe to say that Australians have had a hard time with it these past few years.
In the face of such uncertainty, we must pay the small cost of appropriate insurance, to protect ourselves from the far greater cost of being uninsured.
Is your residential investment secure?
Is your residential investment secure?
Purchasing an investment property is a very exciting time. Growing your portfolio can provide many financial benefits, from passive income to tax advantages, and are also a great long term wealth strategy if the value of the property increases during the period of ownership.
From the moment you sign the contract, are a whirlwind of tasks that need to be executed. Conveyancing, contracts, building and pests, loan approval, insurances, the list goes on.
With all the excitement and time pressure surrounding this process, it’s easy to see how purchasing insurance can become rushed, resulting in potentially inadequate cover.
Protecting your investment with Insurance
Protecting your investment with Insurance
Insurance is the most vital process when purchasing an investment. It will protect what you’re trying so hard to achieve – a positive rental income.
There are so many aspects to a Landlords Insurance policy than just insuring the building. These are explored below.
Rent default:
Rent default is when the tenant falls behind in their rental payments without giving any written or verbal nature. This section also can include legal and court costs to pursue recovery of the arrears.
Theft by Tenant:
Theft by Tenant will protect your contents items by theft from your tenants. If your property is leased unfurnished, it can protect your fixtures and fittings. Curtains/blinds etc.
Loss of Rent:
Loss of Rent will protect your rental income for 12 months where your insurer deems your property unfit for your tenants to live in.
Accidental damage:
An Accidental damage policy will extend to cover your property from Accidental damage caused by tenants. This not a standard cover for most insurers, however it is vital. Morgan Insurance Brokers offer this cover as our policies that we source have had this cover negotiated in.
Landlords Liability:
Public Liability Insurance comes standard in a Landlords Insurance policy. It covers the Landlord for costs associated with a personal injury or property damage claim that they’re found liable for. This cover also extends to the tenants and their guests.
Each insurer’s policies contain vastly different terms, conditions, sublimits, and excluded covers. Its extremely important to review each quote you obtain to ensure that the level of cover is going to protect your investment.
Pricing:
Pricing should not be a driving factor for a policy like this as you could find yourself under insured and out of pocket if you are selective with the important additional covers mentioned above.
Benefits of using a broker:
Engaging an insurance broker to guide you through this exciting time is going to provide you with sound advice and peace of mind that you’re adequately covered to minimise the financial impact if you ever suffered an insured event.
Brokers can source a comprehensive policy at a competitive price without having to forego these important covers.
What to do if you’re involved in a motor vehicle accident
What to do if you're involved in a motor vehicle accident
If you unfortunately find yourself in a car accident, below are some points of action that protect you financially.
Make sure everyone is safe
First of all, if you’ve been in an accident, make sure you’re safe and not injured, along with your passengers, and others in the other vehicle. If so, assess the injuries and make a determination if an ambulance should be called.
If there were no injuries to any person’s, then if it’s safe to exit the vehicle, do so.
Make sure the vehicle has moved into a safe area off the road to avoid any further damages or injuries.
Assess the damages
When you’ve exited the vehicle, assess the damages. Is it drivable? Will you need a tow truck? If you need a tow truck, call a local company and let them know your pick up destination. You can have them deliver your vehicle to a near by smash repairer, your home address, or their holding yard. Please note that holding yards can charge a daily storage fee.
Obtaining and recording the details of the accident
Now, here is the most important part. Obtaining the information of the other party. It is crucial (especially if you believe you were not at fault for the damages) that you document as much as possible, including the other vehicle and drivers details.
Important information check list
- Vehicle make and model
- Registration
- Driver name
- Driver telephone contact number
- Copy of the other drivers licence (take a photo front and back)
- Driver’s home address
- Driver’s contact number
- Photos of the other vehicle including registration plates in the photo
- Insurer Name and policy number (or claim number)
- Address of accident
- Write down a brief description of the events and who was at fault
Engaging your Insurance Company
With this information, your Insurance Company will be able to contact the other party and ask them for their insurance details, including who they are insured with and what their claim number is. This aids in a successful recovery of any claim amounts that your insurer paid for the repairs of your vehicle. Withthis information, your Insurance Company will be able to contact the other party and ask them for their insurance details, including who they are insured with and what their claim number is. This aids in a successful recovery of any claim amounts that your insurer paid for the repairs of your vehicle.
Without this information, your insurer may not waive your excess, and may find you technically “at fault” if there is an unsuccessful recovery in claim payments. This will go on your claims history and could impact your premiums for years to come.
Notifying your Insurance broker
If you are insured through a Broker, contact them and provide them with this information to enable them to lodge a claim on your behalf.
Getting your vehicle repaired
The next step is to have your vehicle repaired. Usually, you would have your vehicle quoted and assessed and then the repairs subsequently approved. Depending on when the repairer can book you in, you could be waiting for a few weeks until a repair date. If this is the case, contact your Insurance Broker to see if you’re eligible for a hire car under your policy. If you’re insured directly, contact your insurer and query your policy coverage for the use of a hire car.
Once your vehicle is repaired, ensure you’re happy with the quality of the work, then happy driving!
In summary, here are the action points
- Make sure everyone is safe
- Move vehicle to a safe area
- Organise a tow truck if needed
- Obtain drivers information
- Take photos
- Contact Broker or Insurer to lodge claim
- Take vehicle in for a quote for repairs
- Book in and attend repair date
Claims can be stressful and time consuming. You could have difficulties with dealing with the other parties, long wait times on hold with insurers, delays with repairs, and pressure finding alternative transport whilst your vehicle is getting fixed.
Our free claims handling would include the below services, but not limited to;
- Lodging the claim with the insurer
- Speaking to the third party driver
- Facilitating tow trucks and repairs of vehicle
- Organising hire car
Please contact Morgan Insurance Brokers for a Motor Vehicle Insurance quote.
We hope the above can assist in the event of a car accident.
The ins and outs of Business Insurance 2022
The ins and outs of Business Insurance
What is business insurance?
A business takes years to build – but an accident or disaster could destroy it all in minutes. That’s why businesses should help protect themselves with a quality business insurance pack.
With the right cover in place, owners can run their business with confidence, knowing that their premises, stock, equipment and reputation are protected by insurance.
Who should consider it?
Business owners can benefit from taking out an affordable and comprehensive business insurance pack to help protect them against the main risks involved in running a business.
What can it cover?
Business insurance packs can offer general protection for a business, which may include cover against:
Property Damage
Repair or replacement of property damaged.
Business interruption
Loss of trading profit following insured damage to property and additional costs and expenses incurred during a claim.
Theft
Repair or replacement of property stolen.
Money
Loss of money. Excludes electronic funds.
Public or products liability
Your liability to pay compensation for personal injury and property damage as well as the costs involved in defending a claim triggered by the policy.
Glass
For replacing glass inside or outside your premises, including your shopfront windows, mirrors or display cases.
Transit
For stock that is in transit on the road, in the air or by sea.
Electronic equipment breakdown
For repairing or replacing electronic equipment that breaks down.
Machinery breakdown
Cover for costs associated with machinery breakdown.
General property
To cover your tools of trade, including laptops and tools that you use for your profession or trade.
Tax audit
To cover the costs of being audited by the ATO.
Employee dishonesty
Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance.
“Having the right insurance will help protect your business and minimise its exposure to risk. This may include insuring your business, your income and your commercial risk.”
Contact one of our insurance specialists at Morgan Insurance Brokers for your tailored Business Insurance Quote.
