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The Top Insurance Considerations for Home-Based Businesses: What to Know

Posted on September 08, 2023 | by | Posted in Insurance

As many companies transition towards predominantly basing themselves in and operating from smaller properties, especially employees’ homes, insurance requirements and trends have had to change. Insurance for home-based business solutions has some significant, obvious differences and some more subtle ones it is important to be aware of. It would be wrong to simply assume any business activities and equipment are already protected under your standard home insurance policy. You may even find that engaging in business activities is also detrimental to your home insurance policy and this needs to be addressed. This is when you need the services of a respected, professional insurance broker to get you up to speed on your coverage and what may be lacking. Look no further than Matrix Insurance Group.

Protecting yourself, your home, and your business

Any business involving some elements of working from home, even down to the storage of sensitive materials or expensive equipment, needs to look into the implications carefully, ensuring they are fully covered and protected at all times and from all angles. If businesses fail to disclose elements of businesses being run from residential properties and expect to claim for them after some unfortunate incident, they are going to get a nasty shock. The danger is it also impacts the existing homeowner’s insurance policy, even to the point of invalidating whole sections. This is where the team at Matrix Insurance Group steps up and shines.

Determining the right cover for your needs

Not as easy as it sounds at first, it is important to be systematic and thorough when determining the things you need insurance for a home-based business cover for. Matrix Insurance Group are past masters at this and will guide you through the following steps, questions, and considerations:

• Local government rules and regulations

Are there any and if so, how do they impact your policy? These types of regulations can be particularly stringent and unwavering for businesses creating food products, so it is crucial to fully understand your responsibilities in this case. There is no surer way to invalidate any insurance policy than by failing to comply with legally required practices, not to mention the troubles you will also have with the authorities. Stay alert to the rules and monitor any changes and fresh responsibilities.

• Will you manufacture or supply a product?
• Are business vehicles required, and if so, where are they kept?
• What business-specific equipment will be used, what is its value, and how will it be protected against theft and damage?
• Will business visitors come to the house for any reason?
• Will any stock be stored at the home?

This is just the tip of the giant, deliberately slippery iceberg of questions you can expect to face if you wish your home and business to be comprehensively protected. Imagine the feeling of letting a team of professionals take that weight and stress off your shoulders, guiding you through it and allowing you to focus on other aspects of your business.

Specific insurance for home-based business enterprises

Each is important for different kinds of business scenarios, and we will make sure you understand them and give you our best advice as to the insurance you require. Here are just some of the insurance types the team at Matrix Insurance Group will discuss with you:

• Public and products liability
• Property damage cover
• Personal injury insurance
• Portable and valuable items
• Business interruption insurance

There are some key elements of any insurance policy for a home-based business, and our experts will walk you through them all, ensuring there are no misunderstandings about what is required to keep your coverage where it needs to be, in complete accordance with any rules and regulations while maintaining full disclosure and transparency.

In conclusion

In the modern world, the restrictions and norms we might have expected to see in the past are slowly evolving and finding new levels. The age of businesses requiring vast, showy properties to display their wealth and success is fading as a new dawn of home-based, streamlined businesses emerges.

Modern communication is so efficient and seamless that the old methods no longer have the same relevance they once did. And in many ways, this is a huge step forward for the efficiency and minimalist values of the businesses themselves and a step in the right direction when it comes to reining in levels of energy consumption and waste. There can be no doubt working from home brings benefits and significant life-changing improvements, such as the disappearance of the miserable daily commute. But it must be prepared for and covered correctly to avoid creating issues and problems of its own.

Contact us

If this article has given you pause for thought about your own insurance for home-based business purposes, please get in touch with our knowledgeable, experienced team today. We will discuss every aspect of your unique circumstances. Matrix Insurance Group is 100% Australian-owned, and we pride ourselves on always employing the four pillars of our company mantra. You can trust us to:

• Be real and open, taking responsibility for our words and actions
• Treat every client with maximum respect and the same attention to detail. Everybody matters equally to us
• Approach your case with positivity and a desire to deliver simple, effective solutions
• Treat you and your company as we would expect to be treated ourselves, committing ourselves to forming strong, trusting client relationships and not just focusing on the bottom line

Business Insurance for Consultants and Professional Service Providers: Whay You Need to Know

Posted on June 12, 2023 | by | Posted in Insurance

Like anyone who provides a professional service, consultants and service providers should have adequate insurance to protect themselves and their businesses. Defending claims by disgruntled customers and paying compensation can make or break a business, so speaking to an experienced insurance broker before any client engagement makes good business sense.

Types of Insurance Policies

The type of insurance policies recommended for consultants and professional service providers depends on the field of work (and in some areas of work required by law) but some of the most common types of insurance include:

• Professional Indemnity Insurance – Professional Indemnity Insurance is designed to protect businesses from losses incurred from alleged or actual negligence in the provision of a business’s services. This type of insurance policy will generally cover any compensation to be paid, and the legal costs incurred in the defence of such claims. An experienced insurance broker will be able to provide additional information as to what areas of work this type of insurance is legally required for.
• Public Liability Insurance – Public Liability Insurance is essential for the vast majority of businesses across all sectors. It is purpose designed to safeguard your business against any claims brought about by clients, suppliers and members of the public in the event of injury or property damage because of negligent business activities. Although the chances of ever having to make a claim on this type of insurance are low for consultants, it is a legal requirement for almost all businesses with a physical location.
• Business Insurance – As a consultant or small service provider, business assets such as computers are absolutely crucial, so protecting them against damage/loss is essential. Theft, adverse weather conditions, fire and even accidental damage are usually covered by this type of policy, in addition to loss of revenue in certain circumstances.
• Cyber Liability Insurance – The modern business landscape revolves around IT systems for storing customer details and day-to-day operations. Although technological advancements have streamlined business operations massively, the systems themselves are vulnerable to attack by hackers and others with ill intent. Cyber Liability Insurance safeguards against financial losses incurred by theft/loss of customer personal information, cyber extortion, ransomware, and business interruption.

How do I know what insurance policies are best for my consultancy?

Many consultants and service providers know they need some type of insurance but are unsure which policies best fit their area of business. There are an infinite number of sectors, all with very different insurance needs, so it’s always a good idea to seek professional advice prior to buying a policy online. Independent insurance brokers such as Matrix Insurance Group, are well-placed to source bespoke policies that meet specific requirements related to the area of work or sector. Although there are many options on insurance comparison websites and the like, they will more often than not only display prices for generic policies rather than coverage for specific areas of work.

Insurance Costs

Like many things in life, it does pay to shop around a little before you buy any insurance policy but there are some advantages to be gained from buying all your business insurance products from one broker. The main advantage is you will only have one point of contact for all insurance queries and claims. Another potential advantage is that you may be able to save money by bundling your insurance policies, meaning you may get a discount by buying multiple policies from one broker. However, this is not always the case, so discuss this with your broker.

Whether you own a consultancy firm or are a professional service provider, Matrix Insurance Group is happy to provide you with a selection of options that will meet your insurance needs. We have extensive experience in providing comprehensive insurance for consultants from a plethora of sectors. To get a quotation, please get in touch and provide us with a basic outline of your area of work, and we’ll find you the policy or policies that meet your needs in full. We can also answer any questions you may have and address any concerns regarding premiums and recommended levels of coverage.

Importance of Insurance Coverage in Business Contracts

Posted on January 18, 2023 | by | Posted in Insurance

Certain types of insurance cover can be mandatory for businesses in Australia, such as public liability insurance, workers’ compensation insurance and third-party personal injury insurance. Other types of cover, including building and contents insurance, goods in transit insurance and machinery breakdown insurance, are normally optional. However, if you want to protect your business from unnecessary risk and ensure its future survival, you will not consider these additional policies as optional. A well-thought-out and comprehensive business insurance strategy is key to the survival of any modern commercial organisation. One area to which you should pay particular attention, and which is the focus of this article, is insurance against losses that your business may incur when entering into contracts, either with customers, suppliers or service providers.

Insuring Against Potential Losses in Business Contracts

All businesses enter into contracts in one form or another, whether they be for the supply of goods and services or for some other purpose. During the life of these contracts, your business may routinely expose itself to potential losses as a result of legal action on the part of customers or business partners. It is imperative to protect your business by obtaining adequate insurance against such losses, with policies that may be of one or more different types.

Below, we have listed 5 of the most important types of insurance policies that you can use to protect your business against potential losses deriving from its performance of contracts. The first two types are designed specifically for this purpose. The 3^rd, 4^th and 5^th types can be used to provide additional cover for losses that may arise as a result of your company’s performance of contracts or for losses incurred as a result of its day-to-day commercial activities.
Whether you are interested primarily in protecting your business with insurance in partnerships or protecting your business when entering into one-off contracts with third parties, all of the following types of insurance may be of benefit to your organisation.

1. Contractual Liability Insurance – This type of insurance was created especially to provide cover for the liabilities that a commercial organisation assumes when it enters into contracts, either with individuals or with other businesses. In addition to purchasing standalone contractual liability insurance policies, it is also possible to obtain this type of cover by including an exception to the normal exclusion of contractual liability that is present in most general liability insurance policies for businesses. However you obtain your contractual liability insurance, you need to be aware that it will only cover your business and its performance of legally binding contracts. Any contracts that are not legally binding will not be covered.

2. Professional Indemnity Insurance – Professional indemnity policies are most often used by individuals and organisations that provide professional consultancy services, such as lawyers and accountants. However, they are also useful to companies that make bespoke physical products, to provide cover for legal action that may be taken by customers in the event of delivery delays. For example, a company that builds boats may purchase professional indemnity insurance that covers claims by customers for losses incurred as a result of late delivery of sailing vessels. If you are in the process of researching insurance considerations for small business partnerships, professional indemnity insurance should be high on your list of policy types to investigate further.

3. Product Liability Insurance – Product liability insurance provides companies with cover for losses that may be incurred by customers as a result of manufacturing defects or design faults. These potential losses may include damage to property, injury or death. They may also include psychological damage sustained as a result of manufacturing defects or design faults. Such insurance should cover your business for losses that may occur during the life of a specific contract as well as for losses that may be incurred by end users who purchase your products from third-party suppliers.

4. Management Liability Insurance – A policy that includes management liability cover can be used to pay for losses that occur as a result of unethical or illegal acts committed by individual managers or directors of your company. If these acts cause contractual business partners to sustain losses, such a policy may cover these too.

5. Cyber Liability Insurance – This is a specific type of technology insurance that is designed to cover losses your business may sustain as a result of hacking or other forms of cybercrime. In the event a contracted business partner’s private data is exposed as a result of such activity, a cyber liability policy could cover any related financial losses sustained by the partner.

If you would like to learn more about the different types of business insurance available in Australia or you wish to discuss specific strategies for insuring against potential losses in business contracts, contact us now.

What Does the Insurance Broker Do When Filing a Claim?

Posted on November 28, 2022 | by | Posted in Insurance

Do you need to file an insurance claim because you’ve recently experienced a loss? Personal or professional, this is when the broker’s role in the claims process demonstrates its value. Brokers are valuable when purchasing an insurance policy and when it comes time to file a claim. Following an insured loss, it is the broker’s responsibility to ensure a smooth and stress free resolution. Throughout the claims process, numerous considerations must be made. Some are complicated, whereas others may be simpler. An experienced broker will guide you through the entire process. This is one of the most important benefits because they are there to serve you.

In this article, we will be answering the question; “What is the role of the insurance broker in the claims process?” so you can have peace of mind and focus on what’s important when facing a loss.

How can insurance brokers help in times of claim?

Dealing with a loss is stressful enough as it is, and we are fully aware of that. That is why we suggest hiring a broker to lessen the burden on your shoulders when handling a claim payout. Here, we provide you with the benefits that a broker can bring to the table, so you can better deal with your current situation:

1. They Will Help Guide You Through this Complex Process

Without an insurance broker, you will have to deal with the stress of the incident as well as the uncertainty of whether or not your insurance will fully cover the loss, liability, and medical costs, depending on the type of catastrophe you’re dealing with. Take into account the actual process of filing a claim. It is complicated and confusing, and you need to take the time to read the fine print on your insurance policy to avoid overlooking some crucial steps with costly results. Brokers are highly experienced claims handlers who know precisely what is required to file a claim in accordance with the policy. If you work with an insurance broker, you will only need to inform them; they will handle the rest. Notably, the broker will be aware of the specific details that the insurance company must include in the claim.

2. The Broker’s Main Focus is the Client

The client’s time is the most essential aspect that all brokers prioritise, especially after a tragic incident. The broker’s role in this process is to help you save time, money, and energy. Although the brokers have a relationship with the insurance provider, you, the client, are their primary concern. They will advocate for your needs and wait patiently on hold to obtain a quicker resolution. Clients value the empathy and emotional support they receive throughout this process, and all brokers keep this in mind. Typically, filing an insurance claim follows a negative occurrence. You will develop a sense of trust when you have access to an experienced broker who fully understands your situation.

3. They will Not Betray your Trust

There must be complete assurance between you and your broker. Ultimately, you will be placing your trust and future in their hands. The broker seeks to comprehend your position, resulting in enhanced communication and confidence. When a problem arises, the client should contact the broker. Having a personal relationship with your broker allows you to call them confidently, knowing they will solve your problem. If you purchase your insurance online or from a large, unknown entity, there is no reliable point of contact. With a broker, you always know who to contact, and it’s simple to explain the situation to them.

4. They Will Handle your Files and Organising your Paperwork

Part of why the claims process is so complex is that the insurance company takes elaborate steps to ensure they fully understand how the loss occurred and where liability must fall. With a lot of money at stake in liability claims and property replacement costs, you can bet they will want you to prove why your claim must be honoured. Your broker will know as soon as you notify them what evidence to collect. If it’s an auto accident, you will need to take as many photos as possible. The broker will help you document the incident in a manner that paints as clear a picture as possible to remove any potential of your claim getting rejected.

You need to understand that the adjuster who the insurance company will assign to investigate the accident primarily looks out for the insurer’s interests, not yours. Once they have researched, they will study your policy document to check for what can and shouldn’t be covered. Finally, they will inform you of the claim payout.

5. They will Ensure a Favourable Payout

It is preferable to have an insurance broker handle the process to increase the likelihood of a quicker and more favourable claim settlement. 

A promising claim payout for a client is a reflection of the ability of their broker to present a convincing argument to the insurance company. 

Insurers concur that clients who involve brokers in the claims process are more likely to receive higher claims payouts. They have more experience dealing with insurance adjusters. They are also skilled at arranging your files to obtain the maximum payout possible.

On your own, the numerous, complicated forms and lengthy procedures will exhaust you to the point that you will accept whatever the insurer decides to pay out. Therefore, an insurance broker will assist you in selecting the best insurance products for your needs and ensuring that the policy pays out in the unfortunate event of a claim.

Bottom Line

Working with an insurance broker can guarantee that you are protected against the risks you face. The broker handles everything for the client, from assisting with forms to compiling the required documents and information to support the claim. This simplifies an otherwise overwhelming process, thereby directing the client in the right direction. The broker is accountable for reading the crucial details and simplifying them for you. The role of the broker in the claim process is to advise the client on reporting procedures and advocate for the client if the claim handling does not meet the client’s expectations. While a broker is unable to become a claims adjuster, it is practical for them to look into the situation and introduce convincing alternatives to the insurance company.

In Need of A Trustworthy Broker?

If you are in search of an insurance broker in Perth that you can rely on, then Matrix Insurance is the team you have been looking for! Our primary business focus is arranging and consulting business insurance for small and medium-sized enterprises. Since we have access to more than 120 different underwriters and insurers, we can find the best coverage at a low price. We are passionate about insurance and dedicated to making the entire insurance procedure a pleasant experience for all the parties involved.

How to Modify Your Insurance Requirements as Your Company Develops?

Posted on October 20, 2022 | by | Posted in Insurance

There is no doubt that your company has developed and evolved since its beginning when your small business ambitions have finally become a reality. You have invested so much of your time, effort, and own money to make your business successful, so it’s only fitting that you would do anything and everything to keep it safe. Remember that as your company grows, requirements adjust, and what you may have considered reasonable in the early stages may no longer be appropriate for the current state of your business. As companies expand and change, their commercial insurance requirements and risk management considerations also start to change. As a result of expansion, property modifications, staff adjustments, or industry-specific changes, businesses may be compelled to amend their business insurance coverage throughout the years for a number of reasons.

In this article, we will be going over how you can modify your insurance requirements as your company develops to ensure that your business will be protected from any threats or future risks.

How to adapt your insurance needs as your business grows?

Change and expansion are inevitable – in both biological organisms and in the brutal world of business. Thus, it would be best to prepare yourself and your company for this inevitable transformation to achieve success. As your business expands, so do the associated dangers. Your best bet is to have a plan or system in place to adjust to these changes. Therefore, it is essential to update your business’s insurance policy on a regular basis to ensure that it is protected against the risks it faces. Consider that the policies you already possess may no longer meet your evolving demands.

1. Adjusting your insurance according to the size of your business

As a small business owner, you will frequently encounter new chances during the course of your business journey. For instance, you may have begun as a small family-owned restaurant and are now expanding into event catering or setting up new branches across the city. These new changes are exciting and beneficial to your business, but they can also pose problems if you do not have the proper insurance coverage. Now is the time to check your current business insurance coverage to ensure that you are protected from all of your business procedures and that your coverage types are still suitable for today’s standards.

Once your business generates a respectable amount of income, you should consider purchasing additional insurance to protect your hard work from unforeseen disasters. In the highly competitive world of small business, even a minor setback can throw you into a spiral. The majority of small business owners believe they are prepared for life’s challenges by insuring their property, employees, and equipment. Business Interruption Insurance covers your loss in gross profits caused by the unforeseen interruption of a business due to an insured occurrence, helps pay ongoing costs, and safeguards profit margins until the company is back on its feet and operating at its pre-interruption profit level.

2. Getting ready for any scenario within your business

It will always be a good idea to be prepared for the worst-case scenario, especially if it happens within your business. When you open your doors to patrons, someone may get wounded or cause an accident on your property sooner or later. Visit enough client offices, and you will eventually break or bump into something. Work with enough contractors and vendors; someone may take something you say the wrong way. Regardless of your industry, these are key business risks that you should always be on the lookout for. The majority of business owners acquire General Liability Insurance to manage these risks. 

3. Protecting your investments and equipment

As your business grows, your inventory, investments, equipment, and tools may also increase. It can be comparable to moving into a brand new home. Initially, you will have all the needed office furniture and equipment, as well as ample room. However, over time, you will inevitably fill your office with additional furniture, tools, and other items. When your firm expands, you will realise that you have invested a substantial amount of money in the physical property if you take a step back in this situation. Therefore, it would be pretty expensive to repair all the pieces and equipment – for instance, if a fire destroyed your residence. We recommend that you must engage in Commercial Property Insurance before encountering such a crisis, which will safeguard both the building and the equipment.

4. Allowing yourself to legally expand your workforce

Two hands are better than one, as the old saying goes. Depending on your business’s unique circumstances, you may need to consider purchasing an insurance policy for Employment Practises Liability. Suppose you currently operate as a single proprietor and wish to add people in order to develop an effective workforce. In that case, this policy will help make you legally eligible to hire the people you need. As an employer, this reduces the risk and potential cost of claims brought against you by employees alleging discrimination, unjust termination, or sexual or workplace harassment.

5. Being able to cover for any damages towards your employees

Now that your business is expanding and you are legally eligible to acquire employees, you have begun hiring team members to further your business’s potential. Since you are going to be directly accountable for any workplace accidents or injuries, you must modify your insurance coverage accordingly. Therefore, it would be prudent to obtain Workers’ Compensation Insurance in order to protect oneself from any future unwelcome or unexpected claims. You are legally accountable for medical expenses and lost income when an employee is hurt on the job. Workers’ compensation pays for these expenses.

Additionally, it provides some legal protection against litigation. When your coverage covers occupational injuries, an employee’s ability to sue you is diminished. Therefore, it’s a win-win for you and your employees. Their damages are covered, and your danger of being sued is reduced.

Bottom line

If you run a business, you should discuss your insurance needs in depth with a seasoned insurance agent or broker, and be entirely honest about the current state of your company, so that the coverage you purchase will be beneficial to the growth and protection of your business. In order to be protected from financial loss in the event of unforeseen events, it is crucial to have the proper insurance in place. Ensure you understand what is and is not covered, and check your coverage as your business evolves. Once you have determined the coverage or policies your business requires, you may compare quotes from several insurance providers to find the most outstanding value.

If you are in search of a trustworthy insurance broker in Perth that you can discuss the current state of your insurance policy with, Matrix Insurance Group is the team that you need to get in contact with! Matrix Insurance Group is a national insurance brokerage that is wholly owned and operated in Australia. Our primary business focus is arranging and consulting business insurance for small and medium-sized enterprises. Since we have access to more than 120 different underwriters and insurers, we can find the best coverage at a low price. We have a passion for insurance and are dedicated to making the entire insurance procedure as smooth as possible!