News Matrix Insurance Group

Talking Insurance: Is your business suitably covered for the Festive season?

Posted on December 23, 2019 | by | Posted in Uncategorized

For some businesses, the Festive season is their busiest time of year. For others, it’s welcome downtime. Whatever your situation is, it’s important to consider this question: Am I suitably insured for the Festive Season?

Business Insurance

If your business is gearing up ready for the busiest time of the year, you’ll want to be reassured that your Business Insurance covers all your needs.

If your business relies on physical stock, this time of year will no doubt see you ordering more stock to supply demand. It’s a good idea to make sure that you have adequate Business Insurance cover while you have more stock on hand. 

Having enough cash on hand is another issue to consider during these busy weeks. If you are dealing with high volumes of cash; you may need to consider insuring the cash also. Money cover is part of a Business Insurance pack and helps protect money belonging to your business that may be lost, stolen or damaged whilst in your custody, on your business premises, or in transit to or from your premises. 

Depending on the type of business you operate, you may require additional staff to assist with the increase in business. Update your Business Insurance to cover the needs of extra staff during the holiday period. 

Public Liability Insurance

During the summer months and the Festive season, many businesses see an increase of people visiting their premises.

In this instance, Public Liability Insurance should be at the forefront of your mind because the last thing you want is to end the year with an expensive liability claim. Public Liability Insurance is designed to protect your business from any risks which may arise from claims by a third party for accidental injury, loss or damage to their property. 

However, even for businesses who may not be frequented by the public, another consideration this time of year is being suitably insured for the office Christmas party!

The work Christmas party is a great chance for co-workers to come together and celebrate all of the hard work and achievements made over the past 12 months. But before you invite any external guests, make sure you have an active Public Liability Insurance in place. In fact even if you are hosting your staff Christmas party at an external location, you should consider whether the venue has Public Liability cover in place to cover your employees and invited guests; or if you are required to have your own policy. 

Building and Contents Insurance

It is inevitable that summer time brings potential hazards from bushfires and summer storms. 

If your business is located in a fire-prone area, it is important to make sure you are covered for a fire damage, especially if you own your business premises. This is where your Building and Contents Insurance comes into play. Double check your insurance policy wording to make sure you are covered for bushfires as some waiting periods and conditions may apply. 

In addition, take into consideration the cover for your business during downtime and while you are not there. Unfortunately break-ins do occur and thieves certainly will take advantage of the Festive season. For peace of mind, check your policies for theft are up to date.

Personal Insurance

If you are winding up your business for the year and ready to take a well-earned break, now could be the ideal time to take a personal insurance assessment. We all have personal insurances – car, home and contents, landlord insurance, caravan or motorhome, boat insurance etc. If it’s been a while since you’ve compared policies, consider taking the time this summer break to do some research. 

The team at Matrix Insurance are more than happy to discuss your insurance needs – both business and personal – and tailor packages to suit you. Get in touch with one of the leading insurance brokers in Perth to discuss your needs today!

Everything You Need to Know About Motor Trade Insurance

Posted on December 16, 2019 | by | Posted in Uncategorized

If you own a business within the motor trade industry, one of the first things you need to know about is motor trade insurance. Motor trade insurance is a type of policy that covers people who make a living through buying, selling, or repairing cars, motorbikes, and other vehicles from financial loss. Having a basic level of motor trade insurance is a legal requirement in most countries and if your business is your main source of income, then you have to have a good understanding of how it works.

This article will cover everything you need to know about motor trade insurance and why you should consider applying for one.

Types of motor trade insurance policies

There are three different types of motor trade insurance policies that you should know about. Each policy covers different areas and we’ll discuss each one below in complete detail.

1. Road Risk Only Motor Trade Insurance

This type of insurance policy is categorised into three different levels of cover which are:

I. Third Party Only

Third Party Only (TPO) is the most basic level of coverage and it’s intended to cover any third parties that are involved in an accident deemed to be your fault. For example, if you were involved in a crash and you damaged someone’s property, the insurance policy will only cover the damages the property owner suffered. This means that you will shoulder any repair/replacement costs for your vehicle and/or property.

Every motor trader is required by law to have TPO coverage considering it’s the minimum level of cover available to most motor traders.

II.Third Party Fire & Theft

This level of coverage works similarly to TPO, but with the added benefit of covering damages caused by fire, theft, and other accidents, provided that the damage wasn’t part of an accident involving you.

III. Comprehensive Policy

A comprehensive policy ensures that both you and your business are covered from any damage suffered from your vehicle(s), regardless of whose fault it is. This level of coverage also covers the motor trader from the aforementioned TPO, fire, and theft damages.

2. Liability Motor Trade Insurance

This type of insurance policy covers you from damages sustained by a third party due to your negligence or your actual business itself. This protects you from any legal fees should the third party involved decides to take you to court or expenses for hospital treatment.

For example, a customer came by and dropped off his vehicle for repairs. While stepping out of the vehicle, he stepped on a spill of engine oil, causing him to slip and suffer a head injury. There’s no doubt the customer will sue for medical treatment and other potential expenses. With this policy in place, you won’t have to cough up the money out of your own pocket to cover the expenses.

The law requires motor traders to apply for a liability motor trade insurance if their business employs one or more people. 

3. Combined Motor Trade Insurance

This type of insurance policy is the most extensive out of all the three policies and is aimed at large-scale motor trade businesses. If your business consists of a huge garage, a car showroom, and a forecourt, then you should definitely apply for a combined motor trade insurance. In general, this insurance policy covers you from the following (do note that each motor trade policy can differ slightly):

• Damages to machines and fittings
• Damages to stock vehicles and/or customer vehicles
• Theft of stock, money, equipment, and personal belongings of customers and employees
• Business interruptions
• Employers liability, service and sales indemnity, liability and public liability

While a combined motor trade insurance is extremely comprehensive, it does give the motor trader complete peace of mind knowing that they are fully covered from all kinds of eventualities.

Questions to ask about your motor trade insurance

It can be quite confusing to choose which motor trade insurance best fits your business. These three questions can help you make an informed decision and narrow down your choices accordingly.

1. Where do I operate?

Keep in mind that a Road Risks Only Motor Trade policy only covers damages sustained by third parties while you’re on the road. This means that if you’re running a car showroom or forecourt, you should apply for a Combined Motor Trade Insurance that covers vehicles that have sustained damage while kept at a business address.

2. What type of vehicles are you working with?

Some motor trade insurance policies have restrictions on the type of vehicle covered. If you’re working on performance cars, exotic vehicles, motorbikes, or agricultural vehicles, make sure these vehicles are covered on the insurance policy before applying.

3. How much cover do you need?

Most motor trade policies have a so-called indemnity level. This is the maximum amount an insurer would pay when you file a claim. If your claim’s value is higher than the indemnity level, you may have to pay for the remaining amount with your own money. Refer to your broker and have them assess the types of risks your business is prone to and check if the indemnity level can cover for all of these risks.

As a business owner in the motor trade industry, it is a legal requirement for you to have a motor trade insurance policy in place. Get in touch with Matrix Insurance today to find out more.