What to do if you’re not happy with your claim

Claims meeting

You might be surprised to know that insurance companies typically pay out on the overwhelming majority of claims made in Australia and New Zealand. However, if you are one of the very small percentage who has an insurance claim rejected each year, or if you are unhappy with the amount your insurer has deemed payable for a claim, it’s important that you know that there is a process in place through which you can make a complaint and seek an alternative resolution.

Here is everything you need to know about that process.

The law and the General Insurance Code of Practice

We recently discussed the various laws governing insurance in Australia (insert article here), as well as the Code of Practice by which all members of the Insurance Council of Australia must abide.

The laws and the Code are especially relevant where disputes and resolutions are concerned, as they lay out some steps and parameters of conduct. The Code is important here because it specifies that insurers must be fair and transparent with their customers — and this is especially pertinent where claims and complaints are concerned.

Meanwhile, the laws surrounding insurance in Australia make it compulsory for insurers to provide customers with an avenue to first make a complaint directly with the insurer (internal dispute resolution) and, then, if customers deem the outcome of the complaints process unsatisfactory, insurers are required to direct customers to an alternative outside avenue (external dispute resolution).

This may sound a bit convoluted, but it’s actually very straightforward when you break the two avenues down, which, as luck would have it, we are about to do

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Posted in Uncategorized

Medical indemnity for individuals

Australian medical practitioners in 2016 work differently to their predecessors and increasingly, doctors are starting their specialist career with a wide range of life experiences.

So while medicine remains a true vocation, expectations and plans for managing that medical career can be driven more by individual factors than tradition.

The increase of technology in day-today medicine has meant more doctors
are working through virtual rooms or using telemedicine as part of  standard practice.

Many are seeking a better work/ life balance through part-time or flexible hours. And involvement as a
volunteer to assist local communities or contribute to global health is increasingly important.

 

Click here to read more

Posted in Insurance for your Professional Life

Renovations and home insurance – Knock on your insurers door before knocking down a wall.

When renovations are finally completed, it can be a wonderful relief and all of the effort and disruption certainly seems worth it. However, when your home is in the process of undergoing renovations, it can be nothing short of a massive pain. But the only thing that can make the already-nightmarish experience of renovations even worse is having something go wrong and finding out that your home insurance is inadequate.

Before you begin any kind of renovations — be it the installation of a brand new kitchen or giving your bathroom a much-needed facelift, for example — it is of the utmost importance that you notify the provider through which you have home insurance.

Where renovations are concerned, there are also some key builder’s insurance considerations — regardless of whether you are employing a builder to carry out the renovations or whether you are conducting the renovations yourself as an owner builder.

Let’s have a look at these issues in further detail.

Renovations and home insurance

Assuming that any home insurance policy you have will automatically cover renovations can be a dangerous assumption to make. A great deal of home insurance policies are based on what is termed “regular usage” of the property and, therefore, renovations would fall outside that definition and wouldn’t be covered as part of your home insurance policy. This isn’t typically the case, but it’s incredibly important that you know whether or not your home insurance policy will cover the renovations you plan to undertake at all, let alone whether it will be sufficient to cover the volume of the renovations.

 

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Posted in Insurance for your Personal LIfe

Cyber Insurance – Almost 70% of Aussie businesses have experienced a cyber attack.

Did you know that almost seventy per cent of Australian businesses have experienced a cyber-attack in the last 12 months? With technology being so important to the way we work and with more attacks predicted in the near future, cyber insurance isn’t just a nice-to-have, it’s a necessity

 

Watch this video from Knowrisk to find out more

 

 

Posted in Insurance for your Professional Life

Cyber security: the big risk for small business

CyberInsurance

Stories of cyber security breaches are becoming so commonplace, many of us switch off when we hear them.

And the examples we tend to hear about are such high profile cases (Ashley Madison, anyone?) that we tend to see them as a problem for big businesses only, who have a lot at stake from losing client information.

But such a false sense of security is dangerous, because the largest proportion of victims to cyber crime are small and medium sized businesses.

Around 60% of all cyber attacks are targeted at SME businesses, costing an average of $275,000 to unsuspecting victims.[1] For many, more than a quarter of a million dollars in damage could be the difference between growing the business or shutting up shop for good.

The risk of cyber crime is so  high that almost one in five (18%) of Australian businesses is likely to suffer a cyber attack in the next two years.[2]

Cyber crime is used as an umbrella term to refer to an array of criminal activity including offences against computer data and systems, computer-related offences, content offences, and copyright offences.[3]

It can range from a data breach, where sensitive company information is stolen like customer details, banking and credit card information, identity theft and breach of passwords; to online access to a business’ bank details and theft of money; to falling victim to malware, such s the latest ransomware programs where sensitive data may be disabled, or worse, deleted until the victim pays a “ransom.”

“More than a quarter of a million dollars in damage could be the difference between growing the business or shutting up shop for good.”

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Posted in Insurance for your Professional Life

EOFY: the perfect time for an insurance health check

Many business owners are starting to think about the coming end of financial year on 30 June. 

Even if 30 June is not the end of financial year for your business, a large number of business owners renew their insurance on 30 June. This is the busiest time of the year for commercial insurance.

There are three key things to review when end of financial year and insurance renewal time approaches.

  • Firstly, do I have the right insurance cover for the business I am operating?
  • Secondly, do I have enough insurance cover to protect me if something goes wrong? Will I be able to recover and get back on my feet in the shortest possible time?
  • Thirdly, has anything changed since the last insurance renewal? Have you added a new line of business that was not there last year? Has the nature and level of your stock changed? Do you have valuable new equipment, tools, or other assets that need to be fully insured?

You should speak with your insurance broker about these matters, and this should happen well before the renewal process gets under way.

An important reason for getting advice about these matters is the fact that an insurance company will rely on the information you provide to it to determine the premium they believe they need to charge.

 

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Posted in Insurance for your Professional Life

Insurance brokers: your best friend at claims time

If you have ever had to try making an insurance claim, you’ll know it can be a complex and often frustrating process, full of forms and supplementary documents, sitting on hold on the phone for ages while claims staff fact-check with someone who seems constantly unavailable.

It can feel like the sands of time are ticking away when you have better things to do in your busy day, like run your business, or focus on recovering from whatever event has befallen you and caused you to claim on your insurance in the first place.

It doesn’t need to be that way.

When you purchase your insurance through a broker, they don’t simply take your money and leave you to it. Brokers work with you for the long term.”A broker understands the claims process, making it faster, more efficient and a darn sight less stressful for you.”

 

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Posted in Insurance for your Personal LIfe, Insurance for your Professional Life

Cyber security: the big risk for small business

Stories of cyber security breaches are becoming so commonplace, many of us switch off when we hear them.

And the examples we tend to hear about are such high profile cases (Ashley Madison, anyone?) that we tend to see them as a problem for big businesses only, who have a lot at stake from losing client information.

But such a false sense of security is dangerous, because the largest proportion of victims to cyber crime are small and medium sized businesses.

Around 60% of all cyber attacks are targeted at SME businesses, costing an average of $275,000 to unsuspecting victims.[1] For many, more than a quarter of a million dollars in damage could be the difference between growing the business or shutting up shop for good.

The risk of cyber crime is so  high that almost one in five (18%) of Australian businesses is likely to suffer a cyber attack in the next two years.[2]

Cyber crime is used as an umbrella term to refer to an array of criminal activity including offences against computer data and systems, computer-related offences, content offences, and copyright offences.[3]

It can range from a data breach, where sensitive company information is stolen like customer details, banking and credit card information, identity theft and breach of passwords; to online access to a business’ bank details and theft of money; to falling victim to malware, such s the latest ransomware programs where sensitive data may be disabled, or worse, deleted until the victim pays a “ransom.”

“More than a quarter of a million dollars in damage could be the difference between growing the business or shutting up shop for good.”

Click here to read more

Posted in Insurance for your Professional Life

Should I buy my insurance online?

Hopping online from the convenience of our laptops, tablets and phones has made life immeasurably more straightforward when we need to get things done no matter where we are.

Heck, if you’re that way inclined you could even buy your insurance online while you’re lounging by the pool-side at a luxurious getaway retreat.

But, as any Spidey fan will tell you, with great power comes great responsibility. Just because youcan do something doesn’t mean you should. Indeed, when it comes to buying insurance – whether for yourself, your possessions or your business –  a quick purchase could backfire spectacularly in the event of a claim if you find you’re not really covered for what you thought you were.

“If we’re being honest, most of us would admit that we don’t fully understand the risks we face at home and in business.”

Buying insurance should be a three-step process at least. And here’s how we recommend going about it.

 

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Posted in Insurance for your Personal LIfe

Business Interruption Insurance explained

Watch this video from LMI which will help you understand how Business Interruption insurance works

Posted in Insurance for your Professional Life

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