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How to Choose the Right Insurance Broker

Posted on February 16, 2021 | by Alex | Posted in Insurance

Insurance is more than a commodity – it is the very thing that can keep your business afloat should disaster strike. It also has bottom-line functions. It can increase investor appeal and help a company remain profitable during downturns. Proper insurance is more than just a requirement, it is an essential business decision that should be made with care and knowledge.

Selecting an insurance broker in Perth for your company’s risk management needs is akin to choosing a partner with whom you’ll have a business relationship. Cost may be a concern, but it should not be your primary concern. So what then should you look for when selecting a commercial broker? Here is a roundup of considerations

What Type of Carriers and Coverages do They Offer?

One of the best ways to decipher a quality broker is by studying the carriers they represent. Only the most responsible and fiscally sound brokers get contracts with the best carriers. Make sure they work with A-rated carriers.  Check out their financial stability rating on Credit rating bureaus such as Standard and Poor’s and A.M. Best.

Also, investigate what insurance products your broker offers. Do so with an eye toward the future. Today you may be looking for a run of the mill Business Owners Policy (BOP), but what are your insurance needs in the future? As your business grows and changes, your insurance needs will likely do the same. Start a relationship with a broker who has the products and expertise to grow and change with you.

Lastly, look for a broker who can provide you with international coverage policies. In today’s tech sector, international operations are often the standard. Make sure your broker has access to policies with worldwide coverage.

Does Your Broker Know Your Industry?

Today’s business world is more specialized than ever. Since a broker is like a partner in your business and risk management, it‘s essential they understand your industry. Like other professionals, brokers sometimes specialize in specific industries.

Broker expertise is required to secure the best insurance coverage at the best rates especially with emerging technology businesses involved in blockchain or micro-mobility solutions. Not every broker is an expert in every risk. Be sure your broker knows your business.

Look into Your Broker’s Licensing and Operations

Most states require brokers to have a license and maintain continuing education requirements to sell or service insurance. Look for a broker that has the appropriate licenses to deal with your company’s geographical operations. If you conduct business in multiple states, be sure your broker has the proper licenses to secure your coverage in those states.

The same logic applies if you conduct international operations. You need a broker who has the proper licensing and contracts to obtain global coverage for your business.

Technology Should Foster Ease and Efficiency

When it comes to your business, select a broker who can offer you digital solutions to your most pressing concerns. For example, investigate the broker’s application process. Can it be completed digitally? What is the time frame for the submission process? Can the broker supply digital quotes?

Next, consider policy documents. Can your broker offer digital policy documents and endorsements? Can you bind a policy electronically? Of most importance to many commercial operations is the process of obtaining a Certificate of Insurance (COI), look for a broker who can provide digital COIs promptly.

There is nothing more frustrating than holding a bid or contract while you’re waiting for your broker to complete a COI.

A Smooth Quote Process is a Good Sign

The quoting process can speak volumes about how a broker operates. A competitive and best rate quote depends on gathering the most applicable underwriting information. Are your broker’s questions regarding your operations and their scope relevant? Do they understand the nuances of your business? Is the online submission process easy to navigate?

Also, ask yourself if the quoting process is professional. Does the broker inspire trust and confidence?

Claims Expertise is Essential

Claim time is where the rubber meets the road. A broker with a good track record in claim handling is essential. Find out what kind of claim services the brokerage offers. Do they have an in house claims team to handle the details of your claim and make sure you get a proper settlement?

Ask your broker about past claims handling experience to get an idea of their claim practices and services.

Customer Service Requests

Often once a broker secures coverage for your business, they turn your file over to an account executive who handles your coverage throughout the term. As your business grows and changes, your insurance coverage will likely change too. You will need endorsements, certificates, and have questions about coverage during the policy term.

It is essential that your brokerage can respond to these requests quickly and efficiently. Before selecting your commercial broker, ask about their policy service procedures. You may even like to meet the other team members who service your account.

Investigate the Broker’s Reputation

In today’s connected world it’s easier than ever to find reviews and testimonials about brokers. Check out third-party reviews and discussion threads on sites like Reddit. You can also ask the broker for testimonials or case studies from clients whose businesses are like yours.

Motor Trade Insurance

Posted on February 16, 2021 | by Alex | Posted in Insurance

Motor trade insurance is the term used for a group of policies that provide cover for businesses who operate within the motor trade industry. Vehicle recovery agents, tyre fitters, valets, and mechanics face different risks, meaning they require tailor-made insurance policies to meet their specific needs.

Regardless of their work, each motor trader should have a comprehensive motor trade insurance cover in place. In this article, we’ll discuss the list of things that are covered by motor trade insurance so you can avail the right policy for your business.

Public liability for motor trades

One of the most important insurances available to motor traders is public liability insurance. The following questions can help you assess the level of cover you need for your business:

• Do you repair high value or luxury vehicles?
  
• Do you drive customer cars?
  
• Do you repair/service commercial vehicles with over 2 tonnes of load capacity?
  
• Do you repair earthmoving machinery and other mobile equipment?
  
• Do you have a repairs division within your business?

These factors are crucial in determining the appropriate cover for your business as some insurers tend to exclude liability on some of the vehicles mentioned.

Fire and specified perils

This type of insurance provides cover against unforeseen contingencies caused by accidental fires, explosion, and other forms of peril. The valuation of assets is made according to the market value of stock and customer vehicles/accessories.

You want to ensure that you’re insuring for the correct values as underinsurance penalties apply in case a claim is made and you’re underinsured.

Theft

Working in the motor trade industry requires plenty of tools and equipment, some of which are very expensive. This cover offers protection against theft due to forced entry. Things that are usually covered are:

• Tools
  
• Customer vehicles
  
• Accessories
  
• Stock
  
• Contents on inside and outside of business premises

Professional indemnity

Covers liabilities related to any forms you complete or any advice that you give. Some examples are pre-purchase inspections and certificate of roadworthiness (RWC). Keep in mind that claims made under professional indemnity are admissible on a claims-made basis, meaning it covers the claim made against you, not when it happened.

Business vehicle cover

Oftentimes motor traders use business vehicles or loan vehicles for customers. As such, you want to ensure these vehicles are covered for your safety and peace of mind. Business vehicles can be insured for either third-party property damage only or fully comprehensive cover.

Worker’s compensation

Worker’s compensation is compulsory in Australia to provide protection to workers in the event of a work-related injury. Here at Matrix Insurance, we can obtain competitive insurance premiums for you along with Australia’s biggest insurers to provide a proactive and efficient claims service.

We suggest that you check with your local state authority to find out if any of your subcontractors may be classed as employees under the Worker’s Compensation legislation and if you’re required by law to insure subbies under the insurance policy.

Machinery and electronic breakdown

This covers repair costs to machinery and electronic equipment in the event of a breakdown. It’s best to refer to your insurance provider for guidance by asking for the cost of insuring individual items instead of a blanket cover as some machines and electronic equipment can be quite expensive to repair.
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Prompt claim service

We understand how important it is to deal with claims as swiftly as possible. With Matrix Insurance, you receive top priority thanks to a team of dedicated members to support you with any claims you make. This ensures you receive your full entitlements quickly and efficiently.

General property

The general property covers mobile tools and equipment that are in transit and are away from your business premises. This is particularly helpful for mobile mechanics and employees who attend to customer vehicles away from their business premises. This is particularly relevant for mobile mechanics and for those who attend customers vehicle away from their premises.

Plate glass

This covers expenses for broken glasses, whether it be interior or exterior. If you are renting premises, you may want to check your rental agreement to determine who’s responsible for any glass breakage.

Employee dishonesty

This covers theft or misappropriation of business funds by employees. If you have an employee paying and collecting your bills, you should definitely consider this to reduce the risk of embezzlement and protect your company funds.

Motor trade insurance is vital for any motor trader. That said, it can sometimes feel overwhelming to understand the different levels of cover and policies. The last thing you want is to have an inadequate cover or pay for unnecessary insurance premiums. To eliminate the guesswork, it’s best to contact a reputable insurance broker to guide you every step of the way.

If you’re looking for motor trade insurance within the Perth area, then look no further than Matrix Insurance. Contact us today and let us attend to your insurance needs!

Public Liability Insurance: The Consequences of Having Inadequate Cover

Posted on January 27, 2021 | by Alex | Posted in Insurance

If your business activities involve dealing with third parties, it’s definitely worth investing in a comprehensive insurance package, such as Public Liability Insurance.

Why? Public Liability Insurance protects you and your business against the financial risks of being found liable to a third party for death or injury and loss or damage to property. If you don’t have this cover in place, then it will be up to you to find the money to fund the possible legal costs, and everything else that comes with it.

This is why having Public Liability Insurance for your business is so important. With that though, comes the importance of having the right cover in place. If you don’t have the right cover, there is potential for things to go seriously wrong.

So, what exactly does Public Liability Insurance cover and what could go wrong if I don’t have the right cover? Let’s take a look.

What is Public Liability Insurance?

In short, Public Liability Insurance protects you and your business against the financial risks of being found liable to a third party for death or injury and loss or damage to property.

Public Liability Insurance covers individuals, businesses, events, contractors and even a community building.

Examples of a public liability claim. A person tripping over and hurting themselves in your office reception area, or a tradesman, while working on a job, accidentally damaging a client’s property.

What could go wrong if I don’t have the right cover?

It’s all well and good to have insurances in place, but they need to be right for you and your business, to ensure they’re going to cover you adequately when the rubber hits the road.

So, what could go wrong? Well, here’s a couple of things that come to mind:

• You could lose credibility

Credibility could quite possibly be one of the most important aspects of your business. If you don’t have credibility, you don’t have clients, and of course, if you don’t have clients, you don’t have a business.

Depending on the type of business you run, the absence of Public Liability Insurance can, in fact, result in losing potential clients. Yes, some businesses simply will not deal with other businesses without this cover, particularly businesses which are considered to be more at risk.

Why risk your businesses’ credibility?

• You could lose more than just your business

Finances. Yet another major aspect of your business and of which without, your business will not operate.

The effects of recovering a claim without Public Liability Insurance could potentially be financially crippling, not just to your business, but your personal life as well. Think about it. How will you afford to pay out a claim worth hundreds of thousands of dollars? Will you have to claim bankruptcy? Perhaps even sell your family home?

It’s not something you ever want to have to think about, but you may very well have to if you don’t have the right insurance cover in place.

How do you know if you have the right cover?

So, how do you know if you have the right Public Liability Insurance cover? Or any insurance cover for that matter?

By seeking professional advice, of course.

At Matrix Insurance, we have years of experience in assessing the insurance needs of businesses and finding the right cover for them. We service the whole of Australia with a clear focus on business insurance.

Contact us and get the right insurance cover for your business, before it’s too late.

Must-Have Add-ons for Luxury Car Insurance

Posted on December 04, 2020 | by Alex | Posted in Insurance

If there’s one thing you need to purchase for your high-end vehicle, then it’s absolutely luxury car insurance. Luxury cars are very costly to maintain and one of the main issues with owning one is the expensive repairs. Even minor damages can set you back thousands of dollars which is why securing luxury car insurance should be one of your top priorities.

One thing to keep in mind when buying luxury car insurance is selecting the appropriate add-ons. Add-ons provide extra coverage for an additional premium, thus securing your vehicle from a wide range of possible scenarios and incidents.

Having a comprehensive cover with all the important features is most often recommended by experts. But don’t be tempted to splurge on all the heavily-promoted add-ons or else you’ll end up paying more for what you don’t need. With that in mind, here are the must-have add-ons that you should get for your luxury car insurance.

Engine protection cover

The engine protection cover is bought as an additional coverage along with the comprehensive car insurance policy. This provides extended coverage towards damages or losses to your luxury car. The add-on compensates you for the replacement of the vehicle’s engine and/or its parts. This includes lubricant oil leakage, damage to the pistons or gearbox, water ingress, and hydrostatic lock.

With a standard comprehensive policy, these parts are usually not covered and hence you’ll have to fork out money from your pocket if you don’t have engine protection cover. Generally, the cost of this add-on is around 2% of the luxury car’s current market value. The model of the vehicle also affects the add-on price as well.

By having your car’s engine under the additional coverage, you’ll be able to save a lot of money by not having to bear the engine repair bills with your own money.

Depreciation reimbursement

Car depreciation is inevitable. Over time, the parts and components wear out as you drive your luxury car. Owing to this, the value of the parts go down as well. This depreciation is directly linked to the vehicle’s age. Typically, the insurer calculates the value of your vehicle’s parts after factoring in the depreciation and from there, you get the settlement amount.

Depreciation reimbursement helps protect your luxury car against all physical damages without factoring in depreciation. Although standard car insurance covers you against damages or losses when you file for a claim settlement, a depreciation deduction is calculated before you receive the compensation.

With depreciation reimbursement, the entire claim amount is paid by the insurance company. While you will have to pay more for your premium, you do benefit from the additional coverage since it eliminates the possibility of any out-of-pocket expenses.

Roadside assistance

Luxury cars are complex vehicles and typically, roadside garages don’t come with the necessary experience or expertise to handle repairs. Servicing a high-performance car requires a certain skill set which is typically available only with company-authorised service centres. The last thing you want is to suffer a mechanical failure and you can’t get your luxury car repaired.

With roadside assistance, you can rest assured that in the event your vehicle breaks down, you can phone the insurance company and help will be on the way. Roadside assistance includes the following benefits like emergency towing, fuel delivery, tire changes, and more.

Considering that a luxury car is of immense value, you don’t want to entrust it to a private towing service which doesn’t provide the same level of care and assistance that an insurance company offers.

Consumables cover

Consumables are items that need to be replaced regularly due to wear and tear. There are many items in a car that fit this description and these are the engine oil, brake oil, lubricants, screws, nuts, and bolts.

In a standard car insurance policy, these small consumable expenses are usually not covered. This means you will have to shell out your own money to if you need to replace any of these parts. With a consumables cover, however, your insurer will make a payout for the value of the items you’ve consumed.

As the cost of consumables is much higher in luxury cars, having a consumables cover will help keep the costs down in maintaining your high-end vehicle.

No-claims bonus protection

In car insurance, a no-claims bonus (NCB), or no-claims discount pertains to the number of years that you haven’t claimed on your car insurance policy. The amount of the bonus varies depending on the insurer, but an NCB of more than 3-5 years is likely to give you a huge discount on your premium.

If you make a claim on your policy where your insurer pays out, expect to lose some (if not all) of your no-claims bonus. To avoid this, you’ll need no-claims bonus protection. What this does allow you to have a certain number of “at fault” accidents without affecting the bonus you’ve accumulated. So if you were to get caught in an accident, the NCB remains intact even if your insurer can’t claim their costs back

Underinsurance

Posted on December 04, 2020 | by Alex | Posted in Insurance

Are you underinsuring your business to save money?  

It’s not worth the risk! 

When times are tough, it’s common look at where we can cut costs in our lives. 

Unfortunately for some people with small businesses, one of the first areas they will  look at for cost-cutting will be their insurance. 

Do I really need insurance? Do I need so much insurance? How likely is it that  something bad will happen and I will need to make a claim? 

These are some rationalisations that business owners may ask themselves when  looking at ways of saving money during tough times. But while reducing your  insurance policies may save you money in the short term, it may cost you everything  in the long run. 

Being underinsured leaves businesses vulnerable. Nobody knows what may happen  tomorrow, next week or next month; and if you don’t have the right insurance cover,  it can be a disaster if something terrible happens to your business. 

Are you sufficiently covered? 

One in 10 Australian businesses have no insurance cover, and many more have  insufficient cover, meaning many businesses are being left vulnerable. If you are  questioning whether you are paying for cover that you could go without, ask  yourself if you are covered in the following circumstances: 

• Natural disaster: Anyone in Australia knows just how easy a natural disaster can  happen, and the dire impacts it can have on businesses. Catastrophic bushfires  followed by a global pandemic should be enough proof that some things are  out of our control, and that it’s a good idea to be covered against them. 

• Legal action: If a customer decides to take legal action against you, are you  sufficiently covered? If a customer, staff member or member of the public feels  they have a reasonable claim, and if your public liability insurance and public  indemnity insurance isn’t up to date, you could lose everything.  

• Damage to premises or stock: A simple break in at your premises could turn out  to be costly without sufficient insurance. A good business insurance package  includes business interruption cover, which is important during down-time while  your business closes to make repairs. Business insurance will cover you for  products that are damaged or stolen. 

• Staffing: If you have staff, you need adequate insurance for them also, including  Workers’ Compensation Insurance.

Time for an insurance check! 

If you think your business may be uninsured, the best thing to do is speak to a  professional broker. Likewise, if your business is going through a tough time and you  do need to save money, speak to your broker before you cancel any policies. They  can advise on ways you can save money while still having adequate cover, and will  look for the best insurance policy to suit your budget. 

Don’t risk it any longer, speak to Matrix Insurance today, the leading insurance broker in Perth.