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The Key to Having Complete Confidence in Your Small Business Insurance

Posted on October 28, 2022 | by | Posted in Uncategorized

As a small business owner, you are aware that you need to take risks from time to time in order to stay afloat. However, when it comes to safeguarding your business from the unexpected, having insurance that is not particularly customised to your firm’s needs is of little use. Using your insurance to protect your assets and work-life balance demonstrates that you have the business’s best interests at heart. This involves having confidence in your small business’s insurance coverage. Please take a good look at your current coverage and ensure that it provides the necessary protections for your enterprise, specific business demands, and employees.

In this article, we will be taking a look at the key factors to having complete confidence in your small business insurance so you can avoid any unexpected legal problems or altercations.

What exactly is small business insurance?

Small business insurance is a safety net that safeguards your enterprise from calamity and unforeseen events. A small business insurance coverage protects its assets, property, and income. When acquiring company insurance, it is essential to get the appropriate quantity. It provides insurance coverage for a variety of risks that may have a detrimental impact on numerous parts of your business, including sales, operations, and even brand value. For example, professional liability insurance can protect your organisation against the detrimental effects of work-related mistakes.

It will assist you in compensating dissatisfied customers, allowing you to regain their trust in your organisation. A small business insurance coverage can also protect your company from unfavourable events such as theft, fire, natural disasters, workplace risks, and harm caused by human error. It might provide much-needed financial assistance if your firm cannot operate due to unforeseen and unavoidable circumstances.

Why should small businesses get insurance?

Insurance is essential for all organisations, not just small enterprises, due to its protection. Trying to do business in today’s environment entails tremendous risk, and your company requires protection against this risk to prevent bankruptcy. Some hazards, such as fire or theft damage, are outside of your control. Insurance protects against these risks, allowing your firm to continue operations even if the unexpected occurs.

Ensure that your organisation is neither over- nor underinsured. List all of your company’s assets, including real estate, equipment, and inventory, to determine the amount of property insurance you need. You can purchase property insurance based on either the property’s confirmed value or its replacement value. Insurance coverage is also industry- and needs-specific, so you can choose the exact policy that meets your business’s requirements.

How to be confident you have the right insurance for your small business

1. Speak to an Expert Broker

As experts in business insurance, brokers can help you find the policies that best correspond to your company’s needs. An independent insurance agent understands the needs of your business since they also operate a business. Contacting a local insurance expert is a great way to assess the vital policies that your business needs. They are licensed persons or organisations who operate as mediators between insurers and business owners in insurance policy contract negotiations.

Brokers are frequently seen as trustworthy professionals who can provide businesses with strategic risk management. In addition, they can assist business owners in niche industries with specialised insurance demands that may not be covered in their current package. They know where to look and what to look for, resulting in insurance policies that could save your business from any unexpected legal problems in the future.

2. Review all of your Organisation’s Services

 You’d be surprised by the number of business owners that fail to consider all of their services when looking for insurance. For instance, a restaurant that utilises mobile kitchens. Although they may only use their food trucks for a portion of the year, the trucks and equipment must be insured. Insurance that solely includes coverage for their restaurant may not extend to their food trucks. Restaurants and food trucks require specialised coverages that must be included in their insurance policies.

Therefore, take the time to examine your services or consult an expert. Nobody wants to make a claim only to discover that a portion of their business’s services was not covered. Discuss the matter with an independent agent. In some instances, the agent will be able to include your company’s services in the same policy.

3. Remember to get Liability Coverage for your business

Liability coverage is essential for any business. Injuries and deceptive advertising are two instances in which your company will be thankful for liability insurance. Given the diversity of these circumstances and legal actions, it is difficult to assign a price. Again, we advise that you address potential liability issues with your independent agent. Typically, contractors’ responsibility limits are stipulated in their contracts. Always remember that any business can be sued.

Individuals may assert that your company ruined their experience as a customer due to, for instance, a faulty product, a mistake by the service crew, or a disregard for the customers’ belongings. Alternatively, someone may claim that you created a toxic atmosphere or spoke to them in a rude manner. Your liability insurance covers damages for which you are found accountable, as well as attorneys’ fees and other legal defence expenditures, up to the policy limits. It also covers medical expenses for anyone that got hurt within your business.

Bottom Line

Choosing the appropriate insurance policy for your business can protect you from a variety of unforeseen situations, such as a lawsuit, office fire, equipment theft, or the need for emergency surgery. All of these threats can, unfortunately, stop an enterprise in its tracks. In actuality, the cost of insurance is negligible when compared to the danger of financial exposure. Remember that every business is unique, including yours. Make a list of all your company insurance needs, calculate the worth of everything you’re insuring, and then decide if your existing coverage is adequate – don’t simply go with the cheapest choice.

If you are in search of a knowledgeable business insurance broker in Perth, 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.

How Do You Claim Motor Trade Insurance ?

Posted on July 25, 2022 | by | Posted in Uncategorized

Unpredictable incidents or accidents will require you to file a claim under your motor trade insurance. Essentially, an insurance claim is a formal request for reimbursement from your insurance company for losses covered by your insurance policy.

Claims service is crucial for ensuring that the insured receive what is justly deemed necessary to restore normalcy. In this article, we will go into detail on how to submit a claim for your motor trade insurance.

#1 Provide your personal information

Of course, you must first confirm that everyone in your vehicle and in the other affected vehicles is okay before doing anything further. Immediately call for an ambulance and the police if anyone is hurt. Additionally, the police should be notified if the vehicles involved in the collision are blocking the roadway.

After this, it is recommended that you review the details included under your personal information. Below is a list of all the information your insurance provider may need from you: 

1. Your name, address and contact details
2. Your policy number
3. Driving license copy
4. Time, date, and location of the accident
5. Your car make, colour and model

#2 Gather their party information

If another driver is involved, you should also gather information like:

1. Name, address, and contact number of the driver
2. Driving licence and vehicle registration number
3. Make, colour and model of the car
4. Insurance company and policy number

Additionally, you should inform your insurance company of the accident’s date and time. If there are any witnesses, get their names, addresses, and phone numbers. Also, make sure to take note of the name and number of any police officers who attend. 

#3 Gather evidence

Gathering evidence quickly can help protect your legal rights, especially if you get involved in a car accident. Take close-up and far-away photos to show the impact of the accident. It would also be best if you can gather evidence on how the car accident happened, how fast the drivers were going, and who was at fault.

Witness accounts and CCTV footage also matter, so make sure you find anything you can that will help you file a claim. 

#4 Proceed to make a claim

Overall, there are different rules and regulations when filing a claim. Therefore, it is best if you first examine the claims procedure on the website of your insurer. 

When filing the claim, you must include your and the third party’s personal information, photographs of the damaged property, receipts for repairs, and copies of police statements.

#5 Communicate with your insurance provider 

Get into contact with your insurer so that they can walk you through the necessary steps to complete your claim. Your insurer will be the one to communicate with the other party’s insurance company to resolve the claim.

Following filing a claim, the insurer must contact you within ten business days. If it can be demonstrated that the accident was not your company’s fault, your insurance company may be able to recover the excess from the other driver’s insurance. 

Final thoughts

Owning and operating a vehicle involves more than just sitting behind the wheel. You are responsible for being extremely cautious of your surroundings to avoid being involved in an accident. 

Matrix Insurance can provide a motor trade insurance plan that provides specially-tailored insurance coverage for the Motor Trades industry and allows you to adapt the coverage to your business’s exact needs. Get in touch, and we will present you with the best motor trade insurance package. 

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

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

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.