“Apartment life is only getting more popular as Australian cities get denser but many strata organisations are still purchasing their insurance without the benefit of an insurance broker’s advice. This short video explains how an insurance broker can be a vital ally for body corporates.”

The post Strata Insurance Explained – A must watch for members of a Body Corporate/Strata appeared first on Ballarat Insurance Brokers.

Please watch the following for clear info as to what to consider when comparing your broker to a direct online comparison website!!

The post Difference between Brokers Vs Comparison Websites appeared first on Ballarat Insurance Brokers.

Please take just under 2 minutes of your time to view the below video which explains the necessity of Business Interruption cover.

In 2014 it was reported by a local Insurer, that over 70% of Businesses fail after experiencing a Major Loss. To ensure your business doesn’t suffer the same fate; be sure to consider Business Interruption Insurance.

The post Business Interruption Explained appeared first on Ballarat Insurance Brokers.

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In all cases; please refer to your policy wording and contract for full details of cover.

Provided by our Senior Account Manager – Luke Prato

“I’ve almost polished off my thirteenth year providing insurance packages for businesses involved in operating quarries, earthmovers, demo contractors, concreters and the like. More often than not; when I’m contacted by a new client to obtain a quote on their gear, liability and so on; they’re surprised to hear the features they’re covered for as standard benefits. They may have already had cover for these things but weren’t provided the info from their previous intermediary.

At Ballarat Insurance Brokers we aim to provide regular information blogs in the hope to supply our connections and followers with an improved understanding of either the cover they have or the cover they can obtain.

Today, I provide this published info to assist you in understanding what features are available and what questions you should ask your insurance provider if cover is in place:

Am I covered for Agreed Value?

Traditionally; motor vehicle policies are structured as such to indemnify you; the insured party, for the Market Value at the time of the loss or the listed sum insured; elected by you. Claims are generally settled on the lessor amount subject to the benefits of the policy (i.e. Finance payout etc). Agreed Value can be offered at times; but proof of value are expected to be provided to justify the elected sum insured and need to be agreed by the insuring Underwriter. Unfortunately when it comes to insuring Trucks, Plant and Equipment the insurance industry does not have access to a “redbook” facility to determine a standard value for an item due to the need of having to consider; Number of hours worked, new tracks, rubber or metal tracks, condition and type of cab etc. Brokers should always suggest that you the policy holder review your sums insured to ensure their adequacy as they could quite easily appreciate or depreciate a significant amount even within a 12 month period.

Am I covered for my attachments?

Some specialist insurers in the current market offer benefits to cover unspecified attachments or accessories. Most of the time this is limited; we would always suggest you list your attachments or accessories to ensure you know what you have covered and are not affected if the benefit limit or sum insured is not sufficient.

Will the interest owed on my gear be paid if it’s a total loss?

Again, with the competitive climate currently affecting the earthmoving insurance market; most insurers are offering a few “bells and whistles” to their standard policy. One feature we’re seeing offered alot more is the finance payout. Although usually limited to a particular percentage; having this covered in the event of a loss can be of great aid to you and your business. It’s even better if your insurer offers it without you incurring additional premium costs.

What options are there if I need a temporary replacement machine?

Although some insurers offer loss of revenue as a result of damage to your vehicle or machine; having cover to hire in equipment will not only ensure your business can continue to operate it will also ensure you’re still able to perform for your customer, hopefully before they find need to seek alternative arrangements. Most insurers do not throw this in automatically and as such your broker may need to obtain info from you to arrange this additional cover.

I’m thinking of Dry Hiring my gear; how will this affect my insurance?

Most insurers don’t have an issue with you hiring out your machinery or vehicles as long as they get to view your Dry Hire agreement or info relating to “Damage Waivers”. Although we do see an increased chance of claim once a machine is hired out, cover can be specified to cover this exposure and in some cases a small increase in premium may need to be applied. Always be sure to obtain confirmation in writing from your insurer or broker to remove any uncertainty should a claim or loss occur.

What if I operate a Machine that I’ve hired on a dry hire basis?

In all cases you must refer to your policy benefits on your own policy contract; we are seeing an increase in insurers offering cover for machinery that are hired in by clients that they do not own. In most cases this will be limited to a sum similar to the sum insured offered for your own equipment. In all cases; it is strongly suggested that these items be specified to remove any uncertainty should I loss occur,

What if I decide to purchase a new machine after general business hours and need cover?

We’re now finding that most insurers who offer commercial and/or fleet motor insurance are now including automatic additions and deletions as part of their standard wording. Where this helps is; if you elect to purchase a machine after general operating hours and am unable to get written confirmation that covers’ in place. This ensures you have cover even if you leave insuring an new purchase item to the last minute subject to the limits specified in the policy; which in most cases varies from $100,000-$500,000.

We hope this info is of some assistance to you or your clients and we ask that you monitor your feed for more information blogs to come. The next one will provide free info on Liability Insurance.”

Thanks for connecting and reading,

Luke Prato – Mobile 0438 999 388 – Senior Account Manager & Earthmoving specialist

The information in this post is of a general nature only. It does not take your specific needs or circumstances into consideration and does not overrule policy conditions that you may have in place. You should look at your own personal situation and requirements before making any financial decisions.                          In all cases; please refer to your policy wording and contract for full details of cover.

The post Understanding Insurance for your Earthmoving Business – Vol. 1 appeared first on Ballarat Insurance Brokers.

The post Before the threat strikes appeared first on Ballarat Insurance Brokers.

This week we witnessed the launch of NTI (National Transport Insurance)’s new product tailored for businesses operating heavy plant and equipment specifically in the earthmoving and construction sector. Please refer to Yellow Cover Policy Wording here.

Some of the more valuable benefits under this policy are:

• Automatic $10,000 for unspecified working attachments (Buckets, rippers, augers etc)
• New Vehicle replacement for units upto 3 years old from original registration
• Finance payout upto 25%
• Appreciation upto 20%
• Emergency repairs upto $2,500
• Free trailer in control cover to $100,000
• Replacement of Locks and Keys $10,000
• Signwriting and windscreens to $5,000

For us brokers and clients, this is a welcome addition to the list of underwriters who offer tailored products specifically for civil construction, excavations etc. NTI have  won many awards in our industry, most notably Claims Service Provider of the Year and report they have a 99% satisfaction rating when it comes to the handling of claims. Please refer https://www.nti.com.au/about/nti/awards.php. The premiums have been extremely competitive also!!

NTI & Yellow cover are owned solely by CGU Insurance and Vero Insurance.

If you’re interested in discussing insurance for your Plant and Equipment and/or Public Liability; please contact our Senior Account Manager Luke Prato on 0438 999 388.

The post New Earthmoving, Plant and Equipment policy launched by NTI appeared first on Ballarat Insurance Brokers.

According to this report; Fire was the risk most feared by companies along with Cyber risk and the loss of key suppliers and customers. Almost outweighing the damage itself was the subsequent disruption caused to the everyday operation of said business.

Now; more than ever, there is an extreme importance to prepare for these types of disruptions to help reduce the potential damage to a business, it’s longevity and reputation.

What good is having cover for repair and replacement of material items when your Business has suffered greatly by not operating or not being able to provide a product or service to a client/customer?

To assist your company should an insurable loss cause an interruption to business here are some key points we at Ballarat Insurance Brokers believe you should consider:

Keep records – In the event of a claim; sometimes the most time consuming process is providing proof of loss. Backing up and generating such records could eliminate substantial delays that we witness quite often. Although you may think; “This will never happen to me”, it shouldn’t take alot of time and effort to record an inventory (with photos or scanning receipts) and backing this up with all other business records on a regular basis.

Consider any potential occurrence – If the recent catastrophes interstate and internationally can teach us something; that is:  Anything can and will happen. As a business owner reviewing the need for Business Interruption Insurance; you must ask yourself:

• If I suffer a loss; can I temporarily relocate to ensure business continues as usual?
• How will it impact my business if my customers or suppliers suffer as substantial loss and they’re unable to operate for a period of time?
• If I suffer a loss and my clients and customers are forced to consider using another supplier or service provider other than myself; how will this impact my business?
• If you know of a circumstance where another person or business has suffered a loss; whether great or small – what would your business need to survive such a loss? (Regardless of whether you’re confident it would never happen to you)

Have your insurance advisor explain this cover to you in complete detail (differences between Gross revenue vs Gross Profit etc) and provide multiple quotes not only on the section sums and sub-limits (Claims preparation fees & increased costs of working) but also the indemnity period. 12 months passes very quickly and if there is difficulty with council approval for reinstatement of property or issues with trade time restraints. You may even be surprised at the minimal impact it may have on your premium by being covered for 18-24 months.

Take the time to protect your business now and save yourself from the added pain later.

Finally; you must always remember when considering insurance for property and business interruption, that your insurer most likely has applied an underinsurance clause. Make sure your sums are accurate and comprehensive as this again can cripple any business if such conditions are tested and applied.

For more information or for free advice; please contact our office on (03)5333 5222 to discuss with an experienced account executive.

**Please note the above is general advice only and has not taken your own person insurance requirements into consideration**

The post Business Continuity appeared first on Ballarat Insurance Brokers.

Fortunately most businesses have the luxury of being able to re-perform works if needed without incurring significant costs. Some businesses; particularly manufacturers, wholesalers and even retailers are staring down the barrel of large expenses when having to recall a faulty product and replace it with sufficient goods. Even the cost of having to investigate a product that may have been tampered with can be not only costly through the process of recall; but the damage to a business’ reputation can be crippling.

If you’re a manufacturer, wholesaler and retailer or you have a client who is involved in such an operation please consider Product Recall and Tampering Insurance. You may even find that most retail chains may require it contractually in order for them to sell your’s or your client’s product.

Liberty Underwriting is one insurer that offers Product Recall Insurance and they issue a recall monitor regularly. Click on the below link and become familiar with the risk and how they’re traditionally handled.

Liberty UW Recall Monitor or refer to our information page – Product Recall and Tampering

Regards,

Luke Prato

m: 0438 999 388

e: luke@ballaratinsurancebrokers.com.au

The post Product Recall and Tampering appeared first on Ballarat Insurance Brokers.

At Ballarat Insurance Brokers we’re proud to announce the launch of our new website.

We expect that our high level of personal service will continue as we have for over 40 years.

Please feel free to have a thorough browse through our library of content and contact our office for any of your insurance needs.

Be sure to check in regularly as our blog will be updated regularly with industry and market specific news and information.

The post Our New Website! appeared first on Ballarat Insurance Brokers.