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Top 8 Ways Business Insurance Can Significantly Help Your Business
Top 8 Ways Business Insurance Can Significantly Help Your Business

Posted on February 15, 2022 | by | Posted in Uncategorized

Before you consider starting a business, it’s important to understand what business insurance is. While not all types of companies are compelled to obtain one, you should have at least the fundamental insight into this concept. This article will discuss several ways that business insurance can help your business. 

1. Businesses with employees are required by law to provide specific forms of insurance.

There is a required and suggested insurance for all types of businesses. Moreover, many small business owners begin with a Business Owner’s Policy (BOP). This coverage combines commercial property and commercial liability insurance into a single commercial insurance policy. 

The Australian government requires all businesses to offer workers’ compensation to their employees. Workers’ compensation is considered social insurance since it is based on a social contract between management and labour. Furthermore, this insurance protects firms from the true cost of medical expenditures and lost pay incurred by an employee due to a workplace injury or illness.

However, workers’ compensation is not the only coverage you need for a business. Depending on your product or service and the size of your business, other types of insurance available include general liability insurance, commercial property insurance, and product liability insurance.

2. Business insurance mitigates financial risks.

The danger of losing money on an investment or business endeavour is referred to as financial risk. Insurance aids with loss control. This entails risk identification and the voluntary or mandatory activities that a policyholder should take to mitigate risk. Loss controls save insurance companies money by limiting the frequency and severity of covered losses. 

Furthermore, insurance works by essentially transferring the risk to the insurance provider. Your business will be required to pay an insurance premium for a specified amount of time. And in the event that you meet unforeseeable circumstances such as property damage, the insurance will pay a portion of the damage to keep you from suffering a greater loss. 

3. Insurance coverage for your business enables you to care for your staff.

Managing a business has some risks, such as an employee being injured on the job. Your employees are your most precious asset, and it pays to safeguard them during moments of emergency. There are various insurance options offered for this purpose, including workers’ compensation and group health insurance.

As previously stated, the government will compel you to obtain workers’ compensation. You may, however, also consider disability coverage. Disability insurance provides income protection if a business owner or employee is unable to work due to an illness or accident sustained while on the job.

4. Business insurance demonstrates reliability to prospective clients and customers.

More clients will want to work with you if they are assured that you have insurance to protect your assets and employees. Furthermore, having business insurance also demonstrates credibility. When you demonstrate proof of insurance to your clients or customers, you provide them with peace of mind. 

5. Business insurance protects your property.

Business property insurance can protect your buildings, their contents, and revenue loss. Specifically, this coverage is referred to as commercial property insurance. The amount of commercial property insurance you will pay is mainly determined by the worth of all of your business assets, including your building. However, other criteria like construction materials, location, and occupancy can also be considered. Furthermore, commercial property insurance can cover assets inside the building like inventory, important documents, furniture, and computers. 

6. Your insurance will cover unprecedented events.

Moving on, commercial property insurance safeguards the physical assets of your business against fire, explosions, theft, and vandalism. Therefore, this is important because it is almost impossible to predict the future, and having a safety net during those times is critical to keep your business running. Commercial insurance is also key to helping you get back on track after natural disasters.

7. Some contracts require business insurance.

The insurance coverage your contract will require will depend on the type of business you are running. For example, a loan agreement will almost certainly include a requirement for insurance if you are looking to fund real estate, equipment, or operations.  

Meanwhile, product liability insurance is for manufacturing, retail, and wholesale businesses. This safeguards against financial loss resulting from accident or bodily harm caused by a defective product. While product liability insurance is not required by law, companies will require it before working with you. 

8. Insurance for your business enables you to plan for the future.

Overall, insurance removes some of the uncertainty, allowing business owners to focus their efforts on growing their enterprises rather than developing methods to deal with improbable situations. We have already established that business insurance will help safeguard your property and products. 

Besides that, business insurance can help protect your organisation against malpractice and negligence in the provision of services to your clients. General liability insurance is another coverage you can acquire for your business that will help you add a safety net for unforeseen future events. This will safeguard your business from claims for bodily injury, property damage, medical bills, libel, slander, and settlement bonds.

Do you need business insurance? 

The Matrix Insurance Group is the premier insurance broker in Western Australia, providing insurance solutions to small and medium-sized businesses throughout the state and throughout Australia. As a business owner, you should consider business interruption, general property, machinery breakdown, and customers vehicles coverages. If required, we can arrange coverage for workers’ compensation and motor fleet insurance, allowing you to maintain all of your insurances under one roof.

Motor Trade Insurance: A Comprehensive Guide
Motor Trade Insurance: A Comprehensive Guide

Posted on January 19, 2022 | by | Posted in Uncategorized

Motor trade insurance protects businesses against liability when they work on and drive their customers’ vehicles as well as their own. This will safeguard you against any unexpected expenditures associated with property damage and any unpredicted events that may occur. 

While many people can benefit from motor trade insurance, others remain confused. In this article, we are going into detail about motor trade insurance and how it works. 

What is motor trade insurance? 

When you have motor trade insurance, you can insure vehicles that you have purchased with the intention of reselling them to others, as well as vehicles that belong to clients. Even if you are not required to drive your clients’ automobiles, you will need some type of motor trade insurance coverage to protect you against unintentional damage or other dangers that may come from your job duties. 

Who needs motor trade insurance? 

In general, everyone involved in the purchase and sale of automobiles and the maintaining, repairing, restoring, or transportation of vehicles requires motor trade insurance. Moreover, even if you just sell a few automobiles per year to earn a profit, you must have a traders’ insurance coverage to keep your business operating legally. This is due to the fact that operating a motor trade business necessitates the insurance of the automobiles in your possession. 

What is the importance of motor trade insurance? 

Automobile trade insurance, as previously stated, protects you against unintentional damage or other dangers that may occur. Thus, if you cause injury to another person’s property or injure a third party while on your premises or at events that you attend as part of your business activities, you will be covered under the policy’s personal liability insurance coverage.

Furthermore, this type of insurance is less expensive than other company insurance since automotive tradespeople can purchase a considerably simpler policy and cover fewer risks.

What does motor trade insurance cover? 

Motor trade insurance is a broad term that encompasses all operations carried out by individuals or firms engaged in the trade. To be more specific, these insurance policies often cover three key areas: 

Liability Motor Trade Insurance

In general, a trade insurance policy will typically cover your public liability, employers’ liability, equipment, inventory, and other items. A liability motor trade insurance coverage is created specifically for motor traders who will be hosting members of the general public in their establishment.

Road Risk Only Motor Trade Insurance

Having a road risk insurance policy permits motor traders to drive any vehicle in their possession or control to conduct motor trade activity. Furthermore, when a motor trader has a large number of customers’ vehicles, as well as stock vehicles, under their care, this coverage is essential. This is further subdivided into three categories: 

  1. Third-Party Fire and Theft: If you are engaged in an accident, this insurance will compensate you for any damage you inflict to a third party or their property, as well as for any damage to your vehicle if it is damaged by fire or stolen. Overall, a third party only motor trade insurance policy provides the most fundamental level of protection, protecting a motor trader against third-party injury, property damage, and death caused by any vehicle associated with his business.
  2. Third-Party Only: This covers damages incurred to the motor trader as a result of fire, accidents, or theft of cars utilised in the trade, in addition to the third party coverage described above.
  3. Comprehensive: A comprehensive automobile insurance policy protects the insured against both personal injury and third-party liability. Personal injury liability insurance protects you and your family members against bodily harm and property damage caused by others for whom you or your family members are legally liable. Third-party liability insurance, on the other hand, protects the first party against a legal obligation to a third party involved in the transaction.

Combined Motor Trade Insurance

It is possible to obtain a combined motor trade insurance policy if you operate your business from a specific business location rather than your home. It is also possible to acquire a combined motor trade insurance policy if you run your business from your home. Every motor trader will require an insurance policy for motor traders, regardless of whether they repair vehicles, sell automobiles, or clean vehicles. They merely need to select the policy that best meets their company’s needs and, as a result, lets them perform their operations with the least amount of risk. 

How can I acquire motor trade insurance? 

Insurance for those involved in the motor trade is custom-tailored insurance coverage specifically created for individuals and enterprises engaged in the motor trade. Therefore, to be qualified for motor trader insurance, you must prove that you are involved in the automotive trade industry. 

How long will motor trade insurance last? 

Motor trader insurance is often renewed on a yearly basis, similar to private automobile coverage. However, some larger enterprises can profit from lower rates by taking out combined trade insurance for longer. 

Get a quote from the Matrix Insurance Group!

Matrix Insurance Brokers Perth is a leading insurance broker in Western Australia, providing insurance solutions to small to medium-sized businesses across the state and beyond Australia. We genuinely care about our clients and pride ourselves on providing a customised service founded on trust and respect.

Whether you own a car dealership, a smash repair shop, a motorbike dealership, a panel beater, a spray painter, a car wrecker, or a scrapyard, your Matrix’s motor trade insurance package can be customised to your specific needs. 

6 Key Reasons Why You Need an Insurance Broker
6 Key Reasons Why You Need an Insurance Broker

Posted on January 19, 2022 | by | Posted in Uncategorized

Insurance is a crucial aspect of your company’s risk management strategy since it provides financial protection in the event that something goes wrong. However, finding the most suitable insurance provider is not as easy as it looks. Many company owners struggle to find the time to do so. 

If you’re having trouble navigating the often confusing world of insurance, ask for help. A competent and licensed insurance broker can give you the assistance you need.

A broker is a specialist in the insurance sector who may offer professional advice. They work on your behalf to make the process of obtaining business insurance much more manageable.

This article will discuss the main reasons why it would be best for your company to hire an insurance broker. 

1. They give expert advice.

Give your insurance broker a call if you want to double-check if you have the proper amount of coverage. When it comes to these matters, you should never assume. 

Many businesses have already gotten in deep trouble because they were not diligent when it comes to the paperwork of their insurance policies. Often, they find out about deficiencies when it is already too late. Do not make the same mistake.

A broker also has the proper training to answer inquiries relating to inclusions, exclusions, and rates. They have the expertise to provide professional insurance advice, and you can be confident that you have the appropriate amount of coverage in place.

Some people would often remark that all the answers are already online, so why bother paying a broker? Well, not all information on the Internet is accurate. Also, you will not get a specific answer online. A broker who knows your situation can answer your queries based on your needs.

2. You will save more time and money.

You know you have a sound insurance package when you have high-quality coverage at a reasonable price. Naturally, you do not want to waste your hard-earned money on something that will not be favourable for your business.

Having a broker by your side will ensure that you only get the most cost-effective coverage. This does not automatically mean that they will offer you the lowest rates. Being affordable does not automatically mean the best option for you in the long term.

In addition, brokers help save you time because they perform all the research and paperwork. All that you need to do is decide and sign papers. This is favourable for business owners because they already have so much on their plate.

3. They assess your risks.

When your business has insurance, it covers your areas of risk. This means that your finances are secure even when untoward incidents happen.

That’s why entrepreneurs must understand their risks, so they know exactly what to do by the time they file a claim. Research says that a lot of businesses are underinsured. As a result, owners encounter problems when they eventually find out that many risks are not fully covered.

Insurance brokers know the ins and outs of the industry. They can advise you based on your specific set of circumstances to get the best deal possible. Since they have deep knowledge of various policies, they can give you a heads-up on areas you need to prioritize.

4. They facilitate a smooth claiming process.

Your insurance broker can ensure a hassle-free transaction for you and your business when filing for a claim. Doing this yourself means that you need to study all the details and fine print. It also means you need to go through many processes, which can be taxing for a busy entrepreneur.

With a broker, you just need to supply all the information they need, and they can file all the paperwork for you. Since they already know the process, you will get results much sooner as well.

5. They can negotiate for better insurance deals.

If you are a business owner, your priority is running your business to earn money for you and its stakeholders. Most entrepreneurs renew their insurance annually without looking at updates or better deals. This happens because they do not have the time to study new policies.

This is unfortunate because they do not get to maximize their policies. 

An insurance broker can be your advocate in this area. They know how to spot affordable deals and negotiate for better quality coverage. 

6. They provide customized service.

In insurance, there is no such thing as one size fits all. Various plans are available for different kinds of customers and businesses. Getting the most out of them entails knowledge about the industry and your business.

Your insurance broker’s job is to assess available offers based on your business and preference. To do this, they study your company, including its risks and opportunities. You will also have a say on what kind of coverage you want. In the end, both your inputs will lead to a policy that will benefit you and your company.

Without a broker, you will most likely get cookie-cutter answers to your questions. Sadly, generic templates do not address the special considerations that your company needs.
If you are looking for quality service, there are insurance brokers in Perth that can assist you from start to finish. You just need to research their credibility and track record so that you can get the best company that can take care of you and your business insurance needs.

What You Need to Know About  Luxury and Exotic Car Insurance and How to Get the Best Deals
What You Need to Know About Luxury and Exotic Car Insurance and How to Get the Best Deals

Posted on November 25, 2021 | by | Posted in Uncategorized

Having car insurance will safeguard you and your family against hefty charges. In essence, this is a “pay now, save later” concept. Furthermore, acquiring adequate auto insurance will make dealing with repairs, towing, and replacements substantially easier. 

Is insurance for exotic and luxury cars different? 

Unlike the other cars, luxury and exotic cars do not depreciate. In some cases, these cars can even appreciate in value. Therefore, insurance prices are considerably higher for luxury and exotic cars. To be more precise, the average annual insurance premium for a luxury car is around 18% higher than the cost of insuring a mid-priced sedan.

What is luxury car insurance? 

Luxury cars render high-end features that exceed the typical requirements for comfort, style, and quality. Some examples of luxury cars include Audi S5, Mercedes-Benz C43 AMG, Genesis G90, and the BMW 750. Your luxury car insurance premium is essentially a down payment on any losses that may occur. When choosing the best deal, consider purchasing low-mileage coverage or increasing your deductible.

These vehicles have comparable coverage choices as standard vehicles. Since this will require you to provide a substantial sum of money, you should seek professional assistance. We are Australia’s best luxury car insurance provider who will ensure that you have liability, collision, medical, and replacement coverage. 

  1. Liability coverage: Liability coverage is a section of your auto insurance policy that assists in covering the other driver’s expenditures in the event of a car accident caused by you. Specifically, it pays the costs of any bodily injury or property damage sustained by the opposing party. It may also reimburse lost wages and legal fees in certain instances if the injured party files a lawsuit.
  2. Collision coverage: Meanwhile, having collision coverage will help you pay for the expense of any damage incurred if your car gets in a collision with another vehicle. 
  3. Medical coverage: As the name suggests, this will cover the medical expenses of any passenger that may have been injured in an accident. Furthermore, it may pay for surgeries, x-rays, doctor visits, ambulance fees, and more. 
  4. Replacement coverage: Finally, replacement coverage will compensate you for the cost of a brand new vehicle of the same make and model. When you obtain a replacement, you will receive the original purchase price of the car, not its depreciated value.

What is exotic car insurance? 

An exotic car portrays more unusual or extraordinary features sold by well-known brands like Bugatti, Lamborghini, Ferrari, and Porsche. Exotic automobiles can also be manufactured by mainstream brands like the Acura NSX, Audi R8, and the 2020 Chevrolet Corvette. Furthermore, these types of vehicles often only accommodate two passengers and portray brilliant and unique colours.

While often interchanged, exotic cars differ from luxury cars. Luxury automobiles place a premium on personalised looks and features. Exotic automobiles, on the other hand, are characterised by their speed and performance.

Insuring an exotic vehicle is definitely an expensive investment. In fact, insurance for the majority of production supercars will cost several thousand dollars each year. Additionally, just as with a luxury car, you must maintain at least the state’s minimum liability limitations. 

In cases like this, you should be careful in selecting the insurance firm you will work with. Among all the insurance brokers in Perth, WA, we have contacts with over 120 insurers and underwriters, providing our clients with a long list of options. With our help, you can find the best professionals you can trust with your exotic vehicle. Moreover, just like luxury cars, you will also have to look for the following coverages: 

  1. Automobilia coverage: Automobilia is a term that refers to collectible automobile-related products. Given that the majority of owners of exotic cars also collect other rare materials, it is critical to include them in your insurance. This category comprises ornaments and license plates. 
  2. Agreed value coverage: On the other hand, agreed value coverage will provide insurance holders with a mutually agreed amount if an accident occurs. 
  3. Tools coverage: You may also have some tools inside your vehicles that you may want to include in your insurance policy. If offered by your chosen insurance company, this option covers accessories, storage cabinets, toolboxes, and more. 

How can you get the best insurance deals for your luxury or exotic vehicle?

To insure your car, the best course of action is to choose a firm that specialises in your make and model and has a reputable company image. Your best course of action is to also consult with professionals. Besides this, exotic car stores and owners of such vehicles can also help give exclusive information that is not available online.

Comparing many rates is also critical to ensure you’re not overpaying. This is why having a list of alternatives is really advantageous.

Multi-line discounts are one approach to get a decent deal. This is essentially a policy that bundles many coverage types. Specifically, if you already have a policy with the same company, you may qualify for a discount on your auto insurance.

Before choosing an insurance policy, review the coverage limits to ensure they meet or surpass your anticipated risks. Another crucial step is to cut down the number of drivers listed on the insurance, as having high-risk drivers might result in an increase in the cost of the policy. Additionally, if you do not intend to drive your car frequently, it would be advisable to only keep the comprehensive or collision coverage on your insurance.

What Insurance Brokers Do and Who Benefits from Their Services
What Insurance Brokers Do and Who Benefits from Their Services

Posted on November 25, 2021 | by | Posted in Uncategorized

Insurance companies help you in protecting yourself, your family, your vehicles, your valuables, your property, and other assets. When you buy coverage, you are essentially transferring the financial burden of a potential loss to the insurance provider in exchange for a premium. 

To obtain the greatest insurance policy for you, you will also need to get in contact with the best insurance broker in the Perth area. An insurance broker operates as an intermediary for you and the insurance company you want to work with. 

Who are insurance brokers? 

As mentioned earlier, an insurance broker is a specialist that acts as an intermediary between a consumer and an insurance business.

Brokers are independent contractors who sell insurance rather than working for specific insurance corporations. They shop around to a number of different insurance firms on their customers’ behalf.  

What do insurance brokers do?

The primary responsibility of an insurance broker is to find their clients the most appropriate insurance coverage at the most reasonable price. Some brokers work on their own, while others collaborate with other brokers in brokerage firms. They can also specialise in a specific sort of insurance or business or provide guidance on a wide range of insurance products.

A broker will search through insurance products from numerous firms to discover the best match for your needs when you work with them. Therefore, they can assist you in purchasing any form of insurance, including health, homeownership, auto insurance, life insurance, and annuities. 

Even after the insurance transaction has been completed, brokers can continue to provide information and help. These professionals can assist their clients in coordinating premium payments, request policy adjustments, and make recommendations when it comes time to renew their policies.

Insurance brokers vs. insurance agents 

Essentially, insurance agents and brokers serve as intermediaries between you and your insurance companies. The primary job of a professional insurance agent is to market an insurance company’s policies to consumers in exchange for a commission. They assist consumers in selecting the most appropriate insurance to purchase, but they also represent the insurance business in the transaction. An insurance agent serves as an extension of the insurer. Furthermore, while independent agents deal with various insurers, they have contracts with specific companies and are often restricted to selling particular products.

A broker, on the other hand, represents the interests of the insurance buyer. Since these individuals work directly with the insurance buyer, they can provide you with expert advice when you require it the most. An insurance broker applies their knowledge and experience to assist you in determining your specific insurance needs, locating the best coverage and value, and helping you in the event of a claim. 

Getting an insurance broker vs. working directly with an insurance company 

It is not always more cost-effective to purchase insurance directly from the company. Insurance companies give cheaper rates to brokers because they recognise that brokers assist their clients in selecting the most appropriate policy with the proper level of coverage.

One further advantage of working with a broker is that they may provide more personalised service, considering your specific requirements. Not only that, but brokers will provide you with more selections from a broader range of providers, allowing you to choose the best offers.

Moreover, when a broker places your business with an insurance company, the insurance company pays the broker a commission. A broker does not have any financial motive to recommend one insurance provider over another because there is no explicit financial reason to do so. If you cancel your insurance or cease making payments during the first few years of coverage, the broker may be required to reimburse the insurer for the commission they received. The only reason your broker has to choose a specific business is if that firm is the best fit for your insurance needs. 

Since insurance brokers receive a commission from each company with which they do business, whatever advice you are receiving from them is genuine and expert opinion. 

Who benefits from insurance brokers? 

In general, an insurance broker assists both individuals and businesses obtain the appropriate insurance coverage for themselves, their homes, their enterprises, and their families. If you fall into one of the following categories, you may profit from the services of an insurance broker:

  1. You own numerous properties and vehicles. 
  2. You want to know about the different features of a specific insurance policy.
  3. If you do not know which policy is right for you. 
  4. When you need an insurance policy for your business. 
  5. When you want to compare the rates of different insurance providers.

How you can find the best insurance broker in town

As a business owner, asking for referrals from your network of other business owners and associates is one of the most effective methods of finding an established and trustworthy insurance brokerage firm. You can also go online to look for advice or recommendations from other people who have experience working with insurance brokers. 

When looking around for brokers, you can ask for their qualifications, experience, if they know how to meet you or your business needs, and more. Besides talking to them, you should also ask around to find more about their reputation and personality when working with people. 

Lastly, when purchasing a policy, you want individualised counsel from your broker tailored to your industry, company, and expectations. Therefore, your broker should be able to respond to the topics that are essential to you in a thorough and educated manner, according to your preferences.

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