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Misconceptions and Myths about Insurance Brokers

Posted on September 25, 2023 | by | Posted in Insurance

Insurance brokers have somewhat of a questionable reputation. Many misconceptions and myths exist about how they go about their business, but this blog will strive to debunk them. Believe it or not, they are not out to earn massive commissions at your expense. Their job is one of service to the customer. The first and most important misconception to clarify immediately is the difference between insurance agents and insurance brokers: Agents represent insurers, while brokers represent the client. That’s you.

So what does a broker do? How can they help you? Brokers have access to hundreds of insurers and underwriters, putting them in a particularly unique position to advise new, existing or unusual businesses. Their aim is to work in your interests and secure the right plan for you.

There are three main misconceptions:

• Brokers work for insurance agencies, not you
• Brokers will impact your premiums
• Brokers will incur hidden costs

Brokers work for insurance agencies, not you

This is probably the most common myth and one that is most likely to put people off hiring a broker. Why would you if you thought they were only working for the insurance company? This is true for agents who represent a single insurance provider and for that reason are experts in the products and plans offered by that particular company. If you are shopping for plans from different companies, you will need a broker who can investigate the best deals tailored to you and your needs across a range of providers.

Brokers cost money that will impact your premiums

Most people are under the impression that working with a broker will increase their premiums. Not only is this illegal in most states, but it is simply not how brokers work. You may find that prices are a little higher than online, but insurance companies are upfront with these costs. Consider the satisfaction of working face-to-face with someone who cares about securing you the right deal, compared to filling out an online form. Some of them are designed to contain loopholes to trip you up further down the road, potentially incurring unexpected costs. Working with a broker provides peace of mind and comfort in knowing the job has been done right.

Brokers will incur hidden costs

Broker’s commissions average around 10-15% of the premium agreed on. Insurers will always be transparent with this fee, ensuring that there are no surprises when the final bill arrives. If, for example, you are insuring a plumbing company with no complications, a simple brokers fee of $30- $40 may be incurred, but if you are importing or exporting specialist goods, the broker will have to spend time researching and learning about the potential risks to your company and assets before providing you with a quote. It is this focus on you, the customer, and ensuring you receive the right cover that brokers specialise in, a service that the internet simply does not provide.

Let’s debunk some myths

1. Purchasing cover online is better

This may be more convenient for simple jobs like renewing your everyday car insurance as it does save time. If you are a business owner, however large or small, you’ll need a broker to ensure your cover is right for you. Don’t put your trust in an online form.

2. Using a broker limits your choice

Quite the opposite. Brokers are affiliated to you, the customer, not the insurers. They will make their position clear and strive to provide you with cover that is affordable and tailored.

3. Brokers can only advise on insurance

These days brokers are able to advise on documentation too. They will be able to assist you in acquiring the correct paperwork, such as lease agreements and purchase receipts, to ensure that the cover received is all-encompassing, meaning that they will advise you about which information needs to be passed to the insurer and how it is to be presented. If your company deals with import and export overseas, some insurance companies will require translations of documents from accredited providers. Your broker can provide advice on this as well.

4. Brokers cannot help with claims

Not true. Brokers are familiar with all aspects of insurance, from tailoring plans, calculating premiums and helping clients navigate claims. Having built a relationship while setting up an initial plan, it is a comfort to customers to know that they can deal with the same professional when making a claim. This can make the whole process less stressful, and quicker and secure the optimum pay-out. 

Matrix Insurance Group

Most importantly, brokers are here for you. Matrix Insurance Group is an insurance broker with access to over 120 insurers. We pride ourselves on trust and commitment to our clients, protecting their assets and delivering reliable, personalised plans that provide peace of mind.

Insurance Claims: Steps to Ensure a Successful Process

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

We all know that claiming insurance can be a long, daunting, and even frightening task. More often than not, we are unaware of the process, how it all works, and even the policy we have. Well, we are here to tell you that claiming can actually be a smooth process, but there are some things you need to understand first. Throughout this article, we will explain to you a few simple steps you can take to make your claim as easy as possible. Of course, every claim is different, and sometimes, it isn’t even worth claiming but being aware of these basic guidelines can help you when you need it most.

Don’t cut corners: Know your policy

This has to be the most important thing when you are claiming for your business. Everyone is aware of the outgoings when starting or running a business, but spending a little more can be worth it when there is an emergency. All of us like to be over-optimistic when purchasing our insurance, but the truth is, we have insurance for a reason.
It is crucial to understand the policy you are purchasing and if it will cover absolutely everything that can go wrong. From our years of experience, we will tell you that it is certainly worth paying a little extra. Also, before you pay, don’t just read the key points of your insurance. You need to take the time to read everything so that you are fully aware of when you can or can’t make that all-important claim.

Being honest is key

Over and over, we have encountered people attempting to claim more or give slight exaggerations when making their claims. This is an absolute no! When people try to do this, they will come across tremendous barriers and often, do not receive a pay out. Insurance companies are very aware that they need to give customers the compensation they have paid for, but when untruths are thrown in the mix, it never goes down well.

Keep everything logged

From the very moment you start your business, you should keep a detailed log of everything. This means that your insurance company will be aware of everything from the moment your policy begins. Having the correct information to hand will also save heaps of time if you need to make a claim. Also, if you haven’t accurately logged everything, you risk falling into the category of giving false information.

Understand the claim process

Another thing you should do before you purchase your insurance policy is to understand the claim process. As long as you are using a reputable company, it shouldn’t be too difficult, but it is still good to make sure you are happy before you pay. Not all companies have the same process, so make sure you find one that suits you and can be processed in the right amount of time.

Know when it is worth making a claim

Remember, every time you claim on your insurance, your premiums might increase, depending on the policy and your insurance provider. Before making a claim, it is worth running through it with your accountant and the insurance company first. Unfortunately, some claims just aren’t worth it. Again, this is something that should be considered when you are browsing the market to make sure you get a deal that suits your needs.

The right steps to take

To keep it brief, here are some steps that you should take to make sure your claiming process runs as smoothly as possible

• Understand your policy before you purchase it.
• Maintain proper documentation and record everything.
• Respond immediately to ensure the information you give is accurate.
• Document the damage to refer back to throughout the claim.
• Make necessary arrangements to prevent the damage from happening again. This can help prevent an increase in your premiums.
• Diligently fill out your claim form to avoid any mistakes that can slow down the process.
• Cooperate with your adjuster and give a detailed and honest response to any questions they might have.
• Keep records of all communication in case you need to refer back to it or want to change your insurance provider in the future.
• Review your claim before you submit it. If it doesn’t seem worth it, it might be worth withdrawing it.

Do you have any more questions?

If you need any tips on making an insurance claim or are looking for a new insurance policy for your small to medium-sized business, Matrix Insurance is a 100% Australian run insurance broker who is here to help you. With access to over 120 underwriters and insurers, we can find a policy that suits the needs of your business. Contact us today to find out how we can help you in those all-important times.

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