News Matrix Insurance Group

Category: Uncategorized

Everything You Need to Know About Motor Trade Insurance
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.

New Hotel & Pub Website is launched!
New Hotel & Pub Website is launched!

Posted on March 08, 2019 | by Matrix Insurance Group | Posted in Uncategorized

We are excited to launch a new hotel and pub website. This will give further reach to all hotels and pubs across Australia who are looking to find better options for their hotel and pub insurance. We also aim to add a weather alert notification system in the near future, which further adds to our proactive risk management approach and will be in a position to alert clients across Australia when significant weather perils are known.

check it out here; &

Cyber Liability – Are you Protected?
Cyber Liability – Are you Protected?

Posted on March 08, 2019 | by Matrix Insurance Group | Posted in Uncategorized

cyber lock on blue for cyber liability insurance banner

No company is immune from the risks of cyber crime. In fact, this enterprise-wide issue affects small and large businesses alike.

The information age allows us to collect, store, and extract data around the globe 24/7, leaving companies more vulnerable than ever to cyber security threats.

When sensitive information gets in the wrong hands, it can result in significant out-of-pocket and reputational costs that can devastate the bottom line.

These events are a lot more common than you think.

Is your company prepared for:

  • Identity theft resulting from lost or stolen financial information of customers, credit card numbers, tax file numbers, or other confidential information?
  • A cyber extortion threat?
  • An e-business interruption, resulting from a security failure or internet virus?
  • Costs related to a privacy breach notification of clients private details?

Consider the following claim examples:

Example one

Profile: Diesel service and repair agents, 15 staff and $4M turnover

Background: An employee of the Insured opened a zip file attachment to an email that deployed a variant of ransomware malware. All the files used to open the attachment were encrypted as well as the Insured’s dropbox files in the Cloud, including HR files and employee personal data. Engineers were able to carry on with their operations however all administrative tasks at the Insureds ceased.

Outcome: $5,000 for loss of man hours and IT expenses to repair systems.

Example two

Profile: Accountant, 20 staff and $3.5M turnover

Background: A former IT contractor allegedly logged-in remotely without authorisation and deleted files on the Insured’s server. They also embedded spyware and downloaded viruses onto the server. However, when the police interviewed the individual, he advised that all of his computers were stolen before the Insured’s computers were hacked.

Outcome: $8,000 in costs incurred while restoring and repairing the server damage caused by this incident.

Example three

Profile: Online clothing retailer, 5 staff and $2M turnover

Background: On two occasions in one year, the Insured’s computer system was affected by a CryptoLocker virus, which prevented the Insured from being able to operate as usual.

Outcome: $14,000 in IT expenses to restore the Insured’s systems back to the position they were in before the virus.

Example four

Profile: Raw materials manufacturer, 28 staff and $7.5M turnover

Background: The Insured’s system was hacked via an email they received carrying a Ransomware virus. The virus prevented them from having any access to emails and their network. The hacker held the client’s system to ransom and would only release files if the client paid $12,500. The fact that the client had numerous file shares and common storage areas made their system particularly vulnerable to attack and made it easy for the hacker to encrypt nearly every file in their system.

Outcome: $12,500 in ransom plus an additional $25,000 in IT expenses related to diagnosing the problem, decommissioning the old servers and installing a new network.

So, what actually is Cyber Insurance?

Cyber insurance is designed to protect businesses against a wide range of liability cyber exposures from relying on the internet, email, websites, computer programs, data and from storing private information about their clients.

Who should have it?

Any business that is dependent on critical data stored on computer systems, which could expose them to a cyber attack. (Hint – that’s every business!)

The targets of cyber attacks span a multitude of industries and cyber criminals don’t care where they steal private information from.

The perpetrator could live halfway around the globe. Organised cyber crime rings operate worldwide, 24/7.

Existing insurance policies may be inadequate to respond to today’s digital exposures.

What does Cyber Insurance cover?

Cyber insurance is designed to respond to a variety of cyber risk exposures not covered under conventional insurances.

These include (but are not limited to):

  • The costs associated with notifying individuals that have been affected by a breach, including settling up a call centre and identity theft services.
  • Immediate expenses such as crisis management costs, hiring a public relations firm to manage the fallout from an incident, a forensic IT expert to identify how and where the breach occurred and legal services, including advice on legislative requirements following a breach.
  • Expenses to repair and restore computer systems (including data) and replace loss of business income resulting from the incident.
  • Expenses to deal with a cyber extortion threat and reward payments.
  • Costs to defend claims from third parties and eventual claim settlements, along with the costs of regulatory investigations and the payment of fines and penalties.
  • Multimedia liability claims, such as defamation or breach of copyright, which results from your electronic publishing.
Matrix Insurance Group support Homeless Connect
Matrix Insurance Group support Homeless Connect

Posted on December 07, 2018 | by Oliver Whittingham | Posted in Uncategorized


Matrix Insurance Group Directors, Oliver Whittingham & Nicholas MacDonald with Maureen from Homeless Connect donating toiletry essential bags, which will be distributed directly to rough sleepers. Homeless Connect do amazing work helping the less fortunate get access to vital services.

Matrix Insurance Perth help the Homeless Connect

Homeless Connect provide a free one stop shop for accommodation assistance; counselling; legal advice; employment services; free GP, dental, podiatry and optometry services; budget/financial counselling; identification (Births/Deaths/Marriages); massage & skin treatments; free shop facility with food, clothing, and toiletries; personal hygiene (haircuts and showers); meal service; sporting and arts activities. Homelessness cannot be solved in one day, but becoming reconnected into community can be achieved. Hundreds of services in Perth assist the homeless and those at risk of homelessness.

What makes Homeless Connect Perth innovative is that it brings these service providers directly to people, in one location in Perth, and on one day. Having hundreds of smiling volunteers are on hand to guide people around as hosts also makes Homeless Connect so special.

We look forward to continuing to donating to such a great cause.

Matrix Insurance Group awarded Corporate Authorised Insurance Broker of the Year for 2018
Matrix Insurance Group awarded Corporate Authorised Insurance Broker of the Year for 2018

Posted on December 03, 2018 | by Oliver Whittingham | Posted in Uncategorized


We are proud to announce that Matrix Insurance Group has been awarded the CBN Corporate Authorised Broker of the Year for 2018. This award recognises strong company growth, outstanding client service delivery, community involvement, product delivery, innovation and customer satisfaction. We would like to thank all our loyal clients for their support and of course our hard working team for their contribution. We would also like to extend a big thank you to the Community Broker Network and look forward to building on this with further success.

Request a FREE Quote