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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

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.