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How to Modify Your Insurance Requirements as Your Company Develops?

Posted on October 20, 2022 | by | Posted in Insurance

There is no doubt that your company has developed and evolved since its beginning when your small business ambitions have finally become a reality. You have invested so much of your time, effort, and own money to make your business successful, so it’s only fitting that you would do anything and everything to keep it safe. Remember that as your company grows, requirements adjust, and what you may have considered reasonable in the early stages may no longer be appropriate for the current state of your business. As companies expand and change, their commercial insurance requirements and risk management considerations also start to change. As a result of expansion, property modifications, staff adjustments, or industry-specific changes, businesses may be compelled to amend their business insurance coverage throughout the years for a number of reasons.

In this article, we will be going over how you can modify your insurance requirements as your company develops to ensure that your business will be protected from any threats or future risks.

How to adapt your insurance needs as your business grows?

Change and expansion are inevitable – in both biological organisms and in the brutal world of business. Thus, it would be best to prepare yourself and your company for this inevitable transformation to achieve success. As your business expands, so do the associated dangers. Your best bet is to have a plan or system in place to adjust to these changes. Therefore, it is essential to update your business’s insurance policy on a regular basis to ensure that it is protected against the risks it faces. Consider that the policies you already possess may no longer meet your evolving demands.

1. Adjusting your insurance according to the size of your business

As a small business owner, you will frequently encounter new chances during the course of your business journey. For instance, you may have begun as a small family-owned restaurant and are now expanding into event catering or setting up new branches across the city. These new changes are exciting and beneficial to your business, but they can also pose problems if you do not have the proper insurance coverage. Now is the time to check your current business insurance coverage to ensure that you are protected from all of your business procedures and that your coverage types are still suitable for today’s standards.

Once your business generates a respectable amount of income, you should consider purchasing additional insurance to protect your hard work from unforeseen disasters. In the highly competitive world of small business, even a minor setback can throw you into a spiral. The majority of small business owners believe they are prepared for life’s challenges by insuring their property, employees, and equipment. Business Interruption Insurance covers your loss in gross profits caused by the unforeseen interruption of a business due to an insured occurrence, helps pay ongoing costs, and safeguards profit margins until the company is back on its feet and operating at its pre-interruption profit level.

2. Getting ready for any scenario within your business

It will always be a good idea to be prepared for the worst-case scenario, especially if it happens within your business. When you open your doors to patrons, someone may get wounded or cause an accident on your property sooner or later. Visit enough client offices, and you will eventually break or bump into something. Work with enough contractors and vendors; someone may take something you say the wrong way. Regardless of your industry, these are key business risks that you should always be on the lookout for. The majority of business owners acquire General Liability Insurance to manage these risks. 

3. Protecting your investments and equipment

As your business grows, your inventory, investments, equipment, and tools may also increase. It can be comparable to moving into a brand new home. Initially, you will have all the needed office furniture and equipment, as well as ample room. However, over time, you will inevitably fill your office with additional furniture, tools, and other items. When your firm expands, you will realise that you have invested a substantial amount of money in the physical property if you take a step back in this situation. Therefore, it would be pretty expensive to repair all the pieces and equipment – for instance, if a fire destroyed your residence. We recommend that you must engage in Commercial Property Insurance before encountering such a crisis, which will safeguard both the building and the equipment.

4. Allowing yourself to legally expand your workforce

Two hands are better than one, as the old saying goes. Depending on your business’s unique circumstances, you may need to consider purchasing an insurance policy for Employment Practises Liability. Suppose you currently operate as a single proprietor and wish to add people in order to develop an effective workforce. In that case, this policy will help make you legally eligible to hire the people you need. As an employer, this reduces the risk and potential cost of claims brought against you by employees alleging discrimination, unjust termination, or sexual or workplace harassment.

5. Being able to cover for any damages towards your employees

Now that your business is expanding and you are legally eligible to acquire employees, you have begun hiring team members to further your business’s potential. Since you are going to be directly accountable for any workplace accidents or injuries, you must modify your insurance coverage accordingly. Therefore, it would be prudent to obtain Workers’ Compensation Insurance in order to protect oneself from any future unwelcome or unexpected claims. You are legally accountable for medical expenses and lost income when an employee is hurt on the job. Workers’ compensation pays for these expenses.

Additionally, it provides some legal protection against litigation. When your coverage covers occupational injuries, an employee’s ability to sue you is diminished. Therefore, it’s a win-win for you and your employees. Their damages are covered, and your danger of being sued is reduced.

Bottom line

If you run a business, you should discuss your insurance needs in depth with a seasoned insurance agent or broker, and be entirely honest about the current state of your company, so that the coverage you purchase will be beneficial to the growth and protection of your business. In order to be protected from financial loss in the event of unforeseen events, it is crucial to have the proper insurance in place. Ensure you understand what is and is not covered, and check your coverage as your business evolves. Once you have determined the coverage or policies your business requires, you may compare quotes from several insurance providers to find the most outstanding value.

If you are in search of a trustworthy insurance broker in Perth that you can discuss the current state of your insurance policy with, Matrix Insurance Group is the team that you need to get in contact with! Matrix Insurance Group is a national insurance brokerage that is wholly owned and operated in Australia. 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 have a passion for insurance and are dedicated to making the entire insurance procedure as smooth as possible!

Here’s What You Need to Know About Luxury Cars 

Posted on May 26, 2022 | by | Posted in Insurance

Luxury cars symbolise decades of history and craftsmanship, which sets them apart from other vehicles. Collectors and enthusiasts alike have been amassing collections of luxury automobiles from the early twentieth century to the present day. The cult following of various brands and models has distinguished luxury automobiles from regular everyday vehicles since their conception. Are you interested in owning one for yourself? We are here to help you make that decision! In this article, we will be presenting what you need to know about luxury cars!

Where did it all begin?

The history of luxury automobiles is concise yet has a lot of memorable moments. About one hundred years ago, the first modern luxury automobiles were produced. Henry Ford was the inventor of the very first high-end automobile. He made a notable transition from manufacturing horse-drawn buggies to manufacturing horseless carriages, or cars, as they are more commonly known today in modern language. The Ford Motor Company quickly became one of the most recognisable names in the history of the automobile industry.

What makes luxury cars different?

The pricing is the most apparent and first distinction between luxury cars and other vehicles that people observe. While you may be able to purchase a midsize car base model for less than $20,000 or an SUV for less than $40,000, a luxury vehicle can cost well over $100,000. Moreover, premium vehicles are typically constructed with superior materials. Luxury automobiles typically employ wood trim in place of plastic covers for elements such as cup holders and storage bins. In addition, many luxury vehicles feature electrical components that ordinary vehicles lack. These additional high-quality extra features are the main differentiator between your Lamborghinis and your Corollas. 

What is the impact of luxury cars?

Luxury automobiles are a hallmark in pop culture. They feature in films and on television to illustrate the luxurious lifestyles of the characters. The legendary DeLorean DMC-12 from the 1985 film “Back to the Future” is a prime example. The DMC – 12 may resemble a chrome-plated Monster at first glance. However, it is the offspring of John DeLorean, and in addition to its mad scientist look, it features a 130-hp, 2.9-litre V-6 engine. However, its ability to travel through time, which in the 1980s was considered a piece of futuristic technology, makes it an icon. Automobile manufacturers frequently donate vehicles to the production crew for free advertising within the project.

Are they worth their high price point?

Despite their hefty price tags, luxury automobiles are well worth the additional safety, comfort, and speed they offer. Considering maintenance and fuel costs, a premium vehicle could save you money in the long run. Obviously, that depends on how frequently you drive or use your cars. If you primarily use your vehicle to commute to work and run errands, a premium car may not be worthwhile due to its higher cost per mile. Suppose, however, you need your vehicle to be as secure as possible, or you need to move from one location to another as quickly and efficiently as possible. It makes sense to own a luxury vehicle due to the numerous safety features not accessible on regular cars.

How do I know if a luxury car is right for me?

Several considerations will assist you in determining if a luxury vehicle is ideal for you when you are considering purchasing one. Consider how frequently you use your car and for what purposes. If the majority of your driving is on city streets or highways, a luxury vehicle may not be worth the greater fuel consumption and insurance prices. Suppose, however, that you frequently drive for business or pleasure. In this instance, it may be worthwhile to invest in a larger car with additional features that enhance the driving experience and make the daily journey more comfortable. 

What features make luxury cars distinct? 

The majority of automobiles on the market today are designed to make driving more manageable and convenient. The variety of amenities might vary significantly between models and manufacturers, but some features are standard in luxury vehicles. Current supercars typically include scissor doors or inward-opening doors. This is reflected in the Lamborghini Aventador’s unique design. The doors open upward to eliminate the need for additional space in the parking lot and allow the driver to see out the door while reversing, as these automobiles typically have inadequate rearview capabilities. The Aventador is equipped with miniature explosives in the door hinges to release the doors in an accident in which the vehicle is inverted. This enables the driver to exit the car when the doors are otherwise impassable.

Are luxury cars hard to maintain?

As a result of their numerous premium amenities, luxury vehicles may be more expensive to maintain than standard vehicles. This may involve replacing high-quality tyres, fuel pumps, airflow sensors, and many more components that need replacing from time to time. If you drive a luxury vehicle for an extended period, it may be more expensive to replace it than if you had bought a new car after two years. It is suggested that you invest in high-quality tyres from well-known manufacturers so that your vehicle operates optimally and lasts longer. You should also set aside funds for unexpected expenses because luxury vehicles are constructed to higher standards, and maintenance might be costly as you can expect. Interested in getting insurance? Feel free to visit Matrix Insurance if you need luxury car insurance for your luxury vehicle needs!

7 Profit-Enhancing Strategies for Automobile Dealerships

Posted on May 26, 2022 | by | Posted in Insurance

At first glance, the business of car dealerships undoubtedly appears extremely lucrative. Car keys are exchanged between owners and customers every day, and expensive vehicles are driven off dealerships just as much. However, those highly involved with the retail automotive industry are aware that dealership profitability in the current economic context is precarious. That’s where we come in! In this article, we will be going over our profit-enhancing strategies for automobile dealerships!

1. Work within your locality

Many aspects of service marketing are now within the hands of manufacturers and not the car owners. Because this business technique assures brand uniformity across the country, it makes sense for the factories to utilise this. On the other hand, a one-size-fits-all approach isn’t always feasible at the local level, as you’ve probably experienced for yourself. You can use text or call them, or use social media direct messaging to provide messages to specific service customers in today’s ultra-connected digital world. 

With the correct technologies and a thorough grasp of the ownership cycle, you’ll be better positioned to win the next service call. Your dealership’s ability to compete with surrounding franchises and aftermarket service centres depends on tailoring your service marketing to your customers’ vehicle ownership lifecycles, from new owners to pre-owned owners to value-based owners.

2. Improve your management

The profitability of a dealership and the calibre of its employees go hand in hand. When you have the right team in place, your dealership reaps the benefits of top workers who excel at sales and customer service-oriented technicians. In contrast, when a high employee turnover rate plagues your dealership, you suffer ongoing costs associated with acquiring new employees. 

Develop a strategy that will allow you to recruit and retain exceptional and top tier people. Incorporate a systematic recruiting procedure that attracts good employees. Execute rigorous new-hire training that encourages employee retention, and seek to instil a dealership culture that recognises and rewards successful team members who will benefit your business in the long run.

3. Make sure all your cars are clean

Rising customer demands make vehicle refurbishment a must in car dealerships. Improving the appearance of your automobiles boosts your chances of selling one. You wouldn’t purchase a piece of furniture with stains all over it and crumbs between the cushions, so why should a used automobile be any different? Ensure that you hire someone who can make all your vehicles eye-catching. You will never go wrong if each car is entirely retail-ready!

4. Utilising the internet 

In recent years, the automobile dealership experience has experienced a fundamental shift, with potential car-buyers increasingly substituting online automobile evaluations and vehicle history data for dealership visits and test drives. People spend a reasonable amount of time on the Internet to research before making a vehicle purchase. There are currently a variety of innovative systems available to dealers, all of which are geared to assist purchasers in researching inventory online and completing the majority of the transaction from the convenience of their desktop or mobile device.

Since you can no longer rely on automobile buyers physically visiting dealerships in their leisure time, you must engage them on their preferred platform. Enhance the online car-buying experience on your dealership’s website and communicate with potential clients. You can also utilise social media to answer inquiries and address customer issues before they become negative reviews. Achieving an impactful online presence will positively affect the profitability of your dealership.

5. Find other avenues for revenue

Consistent revenue will always be the top priority for every enterprise. Adapting and discovering alternative revenue streams can help you sustain your dealership. With an eye toward the future, auto parts retailers may want to consider selling auto parts online as a profitable way to generate sales from both existing and new consumers. You can use your company’s website to construct an effective order-buy system that you can offer to your current clientele. Start by concentrating on high-turnover items and best-sellers. As you experiment with parts supply and various marketing communications techniques, use your parts store as a catapult to advertise your dealership’s vehicle inventory and service facility to potential customers.

6. Offer online F&I services

Dealerships are empowered to interact and cooperate with clients before they even approach the dealership by allowing them to begin the F&I process online. The first step is to offer a wide range of cutting-edge F&I goods that match the needs of your consumers. The openness of the online experience allows consumers to access relevant information and modern digital tools such as films, infographics, and references to grasp the value of F&I products better.

Customers must be educated about the condition and worth of F&I items before making an informed decision. You can’t control your consumers’ access to knowledge in F&I, but you may help them investigate and fulfil their demands. Online F&I processes must be instructive and instructional so that when customers get to the dealership, they are ready to work with a sales consultant.

7. Invest in maintenance 

The most important part of owning a car dealership is making sure all your vehicles are ready to hit the asphalt as soon as they’re purchased. In this day and age, our modern cars are often filled with complex pieces of technology. About 10,000 parts and components are needed to manufacture today. Besides the hardware, it also contains many features that revolve around its software. A good car should work perfectly in any weather and be reliable any day of the week. To guarantee your customer a fully functioning automobile, you must invest in maintenance. 

Are you interested in getting your car insured as well? Feel free to contact Matrix Insurance to have access to the best motor trade insurance brokers who will be glad to assist you in getting the best insurance package.

How to Take Care of Your Luxury Automobile

Posted on April 20, 2022 | by | Posted in Insurance

Regardless of the type of vehicle you possess, it requires routine maintenance and proper care. However, purchasing a luxury car is a significant investment of your hard-earned money, so the level of care needed increases exponentially. Also, you will need to learn additional maintenance tips and tricks to help care for and protect their unique features. In this article, we elaborate on how to take care of your luxury vehicle! 

1. Consistent maintenance

Maintaining a premium vehicle is more expensive and laborious as compared to a non-luxury car. Each luxury car is designed with the assistance of highly skilled engineers and mechanics. Due to their complex features, they frequently require more in-depth maintenance than other standard automobiles. After all, if your dream sports car breaks down unexpectedly and requires a fortune to repair, it will break your heart and your savings account.

While you may be able to put off routine maintenance, such as oil changes in a regular automobile, you must replace your oil according to the manufacturer’s recommendations to ensure that all components of your luxury car operate at peak performance. It contains more moving parts than a standard motor, necessitating more maintenance to keep it in top shape. For example, the high-performance engine beneath the hood of a Lamborghini involves more complex mechanical engineering as compared to a factory-grade Honda civic. As a result, it makes sense to strictly follow the manufacturer’s recommended schedule to let a professional inform you if your luxury car works optimally.

2. Be mindful of the interior

Regardless of how frequently you drive your luxury car, make a point of vacuuming the interior every other week. There may be spills of beverages, crums, leftovers, and even clothing on the seats, giving the vehicle a dirty appearance and obscuring the splendour of the leather seat covers.

Cleaning the seats discourages the growth of mould or the invitation of unwanted insects. Moreover, don’t forget to vacuum the doors, consoles, mats, and floor mats. While you’re at it, you can also polish the windshield and windows, revive your car’s leather upholstery with specialised leather cleaner, and even improve the aroma of your vehicle with brand new fresheners. 

3. Keep the exterior clean

Of course, maintaining and servicing the exterior is equally as crucial as important as cleaning the interior is for you and your passengers. Luxury cars are conceptualised and made to be eye-catching. They can attract anyone’s attention while you’re driving down the street, which is why they must constantly be shining and gorgeous.  

If your luxury vehicle is not washed regularly, its delicate design and exotic appearance will be lost beneath a layer of road dust and dirt. Therefore, you should consider washing your automobile regularly to remove any dirt or debris that builds over the week, maintain its appearance, or get a car wash membership. Cleaning your car yourself is also a good option, allowing you to acquire the best cleaning materials and give your vehicle the proper care it needs.

4. Be very careful while driving

A large part of keeping your luxury vehicles in top shape is by being a careful driver on the road. While your luxury vehicle may have plenty of horsepower and performance, you should avoid putting yourself at risk by driving carelessly. Being responsible with your car and following the street signs breaks the stigma of luxury car owners being obnoxious. Additionally, while you may take care to protect your prized automobile, other motorists may not be as considerate. 

Therefore, when driving a luxury car, it is critical to follow all traffic laws and drive cautiously to protect yourself and your investment from the potential reckless actions of others. Even if the weather is perfect, the sun is shining, and there is no cloud in the entire sky, always be cautious of your surroundings when driving. 

5. Check the air pressure of your tyres

If you ride a car regularly, you probably understand how critical it is to check the air pressure of your tyres and balance the wheels at the same time. Maintaining optimum tyre air pressure is essential for extending the life of your tyres, providing a safe ride, and maximising fuel economy. Therefore, get the air pressure checked anytime you’re up at a fuel station. 

It should be second nature to check the air pressure in your tyres whenever you fill up your vehicle with petrol. The more you drive, the balder your tyres become, increasing the likelihood of an accident. Therefore, regularly check the air pressure and the vehicle’s current state to prevent further issues.

6. Contact a professional for a second opinion

It isn’t easy to diagnose a luxury car’s sophisticated system. Many people believe they can repair their own car and save money by doing so. However, this is very untrue, quite the opposite in fact. It may even end up costing you more. Thus, if you feel your car needs some repairs, you should contact a professional to help you fix it. The primary reason to engage with an experienced auto mechanic is that they have years of experience working on luxury vehicles.

7. Get a luxury car insurance 

Since luxury cars do not have standard features, they require special insurance. A luxury car insurance policy provides coverage that other types of policies, such as comprehensive or collision, frequently do not. Consider purchasing low-mileage coverage or increasing your deductible to receive affordable auto insurance for these types of automobiles. 

Tips For Starting And Operating A Profitable Automotive Trade Business

Posted on April 20, 2022 | by | Posted in Insurance

We have all dreamed of starting a business and being our own boss. Doing what you want, when you want, and how you want without having to follow orders definitely sounds like a dream. Furthermore, like everything else in life, being a business owner starts with coming up with proper and thorough planning. This stage includes the most crucial steps to help you create and maintain your desired line of trade. 

If you are considering starting your own automotive trade business, this article is for you. Not only will we give you an overview of how to get the ball rolling, but we will also reveal some tips that will help you grow a profitable company. 

Finalising the line of business

There are countless business ideas you can choose from, but it is ideal that you pursue one that you know and understand deeply. You should also be more specific with the operations you want to have. The automobile industry comprises a lot of business models, so you need to specify which one you will follow. 

For example, will you buy and sell automobiles or do repairs and replacements? Overall, it is imperative that you have a particular knowledge of the business you are to start to save you from stress. In addition, select the one you enjoy and that you’ve grown to love. 

Securing your capital

Sometimes, your line of business will be dependent on the availability of funds. Since the automobile trade industry involves pricey vehicles, you will definitely need to raise enough funds for your capital. In cases like this, you can apply for a loan from the bank or even ask for help from trusted family or friends. Some business owners also attempt to raise funds by seeking willing investors who believe in your company’s vision. 

Writing your business plan

A blueprint is required to build a house, and this is the same for businesses. Your business plan describes your company, its products or services, and how and to whom you will sell. It outlines how to market your company, grow it, reduce risks, and make money. 

Furthermore, this is helpful to keep you on track with your goals and objectives. You can use it to analyse your plan’s results and make appropriate adjustments. 

Knowing the laws and codes 

Being familiar with and knowing the different regulations, policies, standards and practices, warranty codes, and repair codes applicable in your jurisdiction is imperative when working in the motor trade industry. Knowing their ins and outs will help you avoid litigation and eventual lawsuit expenses. 

Getting insurance and trade license plate

It is also essential to apply for motor trade insurance. Not only is this a legal requirement, but it will also help you get covered from both public and employer liability. Furthermore, it will protect you from severe financial damages that you may face down the road. 

Matrix Insurance will create a motor trade insurance in Perth tailored to the Motor Trades industry and allows you to customise the coverage you require for your business. 

You should also apply for a trade license plate to save you from the hassle of registering and being taxed for every vehicle that comes in your possession. This is especially helpful when you sell, repair, and conduct test driving.

Knowing what cars to buy and sell

What we want can differ from what our clients want. Therefore, in planning what cars to sell, buy what you think your clients would love to own and not those of your personal preferences. Do your research to help you look for automobiles in demand in the market. 

You may also want to buy second-hand cars and then sell them. This is another business model that can help you gain a lot of profit. If this is something you want to pursue, you can learn from attending auctions. These events provide opportunities for you to observe and learn about the trade. 

Doing marketing and advertisements

Once you have set up your line of business, vision, brand, and target audience, it is time to market. Your customers are your lifeblood, so you should put a lot of effort into reaching and accommodating them. 

In any business you do, it is a must that you know how to advertise and attract clients. Once you acquire them, you should also know how to keep them coming back. 

Therefore, you should always have a budget for marketing and advertisements. Fortunately, there are a lot of ways you can do this. You can advertise online, in newspapers, in magazines, on TV or radio. If you want to keep up with social media, you can start by setting up a website or Facebook page. 

Additional tips on growing your motor trade business

1. Choose experienced marketers who know about sales, social media, copywriting, and branding.  
2. Keep track of your income and expenses. If possible, employ an accountant or utilise online accounting tools. 
3. Keep training and learning. Attend training and seminars to fill the gap on things you are not so adept with your motor trade business. 
4. Take other loans or financing options if you want to expand your business. However, choose those with the lowest risk. 

Overall, putting up a business is challenging and risky. This is not a smooth and upwards road filled with wins. There are a lot of growth and high-income opportunities in the automotive trade business. However, you first need to plan appropriately and ensure you are working with the best team.