What insurance do I need as a sole trader?

The type of insurance you will require as a sole trader will vary, and depend on your occupation.  For example, are you a mobile tradesman, a salesperson or do you own a business premise?  Are you a property owner, importer/exporter or a professional providing specialist advice?  The list of potential insurance policies you may require, based on your individual circumstances, is exhaustive.  It is best that you speak with an expert insurance broker to ascertain which policies you should consider, when protecting yourself and your business. 

 

Westralian Insurance would love to help!  Call one of our professional and friendly, full qualified insurance brokers on (08) 9302 1388 or visit www.westralianinsurance.com.au today!

 

What are the types of business insurance?

There are many types of business insurance, and most can be included on a 'business package' policy, in order to reduce cost and increase efficiency.  Some of the many types of business insurance include contents, buildings, stock, machinery breakdown, theft, glass, public liability and professional indemnity amongst others.

When deciding what's right for your business, it's best to speak with a fully qualified insurance broker.  Call the friendly, local professionals at Westralian Insurance today, on (08) 9302 1388 or visit www.westralianinsurance.com.au

What is Business Interruption insurance?

Business interruption cover is designed to replace the income of a business in the event of a loss that renders them unable to trade.  It can be calculated on the turnover or gross profit of the business and it is usually triggered by a material damage claim such as a fire or storm, which prevents the business from trading temporarily.  The property damage claim is covered separately and the business interruption cover is usually engaged afterwards in order to replace the income caused by the interruption in normal trade.

If you have business insurance questions or need insurance, Westralian Insurance can help.  Our professional and friendly staff are full qualified and here to help.  Call (08) 9302 1388 or visit www.westralianinsurance.com.au

What is Cyber Insurance?

Cyber Insurance is designed to protect businesses from the financial impact of computer hacking or data breaches.  It can provide cover for many potential losses including Business Interruption, Cyber Extortion, Electronic Data Replacement and Crisis Management expenses amongst others.

Technology continues to move forward at an astonishing rate, with most businesses relying on computers to manage much of their business information.

Isn't it time you looked at Cyber Insurance for your business?

Call Westralian Insurance today on (08) 9302 1388, or visit www.westralianinsurance.com.au

Persistence and perseverance eventually pay off in a real battle of a claim.

A couple of years ago, a long-term client who was a truck driver, took out a Personal Accident and Illness policy with Westralian Insurance.

What happened

Early one night at home, he fell down his stairs and injured his leg.  At the time, he didn’t think he had done anything serious.  The pain was extreme, however he assumed he just had a minor injury. 

He had dinner and a beer, but with the pain becoming increasingly worse, his wife decided to drive him to the Emergency Department of his local hospital. 

Shortly after, scans revealed that he had in fact broken his leg and would need at least three months off work to recover.

On admission to the hospital, the doctor had noted he could smell alcohol on our client’s breath, so the Personal Accident insurer immediately declined the claim.   We argued that alcohol was consumed AFTER the accident and the hospital had never undertaken a blood test or breathalyser to prove he was intoxicated.

The insurer once again declined the claim.

We then had the matter referred to the insurers Internal Disputes Facility and their management also declined the claim.

The outcome

Not happy with this decision, we involved AFCA (Australian Financial Complaints Authority) who in turned agreed with us and forced the insurer to pay the claim.

The client was extremely happy that he had an insurance broker on his side, armed with knowledge and the facts, in order to push the claim decline further and further, until all options had been exhausted.

The insurer agreed to pay out the claim and we are happy to report that our client has made a full recovery and is back working again.

This true story is another demonstration of our commitment to our clients, and an example of why you should engage a professional insurance broker.

Call Westralian Insurance today on (08) 9302 1388, or visit www.westralianinsurance.com.au 

 Are you looking to diversify within your business?

Whilst we are all going through this period of economic uncertainty, many businesses will be looking to diversify, in order to maximise their ability to generate a profit.  Diversification is a great way of adding an alternative revenue stream and could, in some cases, mean the difference between the business’s success and failure. 

However, changing the direction in which the business is going or modifying the way the business operates, is not without its pitfalls.  From an insurance point of view, you could fall into the trap of becoming uninsured if your new operating structure hasn’t been approved by your insurer.  This is where an insurance broker can be invaluable.

An insurance broker can offer advice on updating your policies to accurately reflect the new business model and avoid the dangers associated with non-disclosure. They can deal with the insurer on your behalf and make sure your insurance policies cover everything you need them to, taking into account all changes to the structure of the business.

For more information and friendly, professional advice, call Westralian Insurance, on (08) 9302 1388, or visit www.westralianinsurance.com.au

Do I need cyber insurance?

Any business today should consider cyber insurance, as it is an increasingly large risk.  If your business has a website, emails or electronic records, you’re vulnerable to cyber hacks or social engineering attacks. 

A cyber attack can cost you money, threaten your intellectual property and put your customers’ personal information at risk, which can cause untold damage to your reputation.

For more information on cyber insurance and whether it's right for your business, call the friendly professionals today.  Westralian Insurance is a locally owned and operated business who pride themselves on finding the right insurance solution for your business.

Call (08) 9302 1388 or visit www.westralianinsurance.com.au

Is my business underinsured?

Underinsurance is a concern for businesses as well as homeowners.  The results of underinsurance can be catastrophic for a business who makes a claim for property damage or business interruption.  Some insurers apply an 'average' or 'co-insurance' clause on their policies, which means if you insure for less than the full value of the property (or less than your full annual turnover or gross profit in the case of business interruption claims), a claim can be reduced in proportion to the amount of the underinsurance. 

Consequently, an underinsured business can be left with a fraction of the true claim cost in the event of a loss. The best way to avoid underinsurance is to get a survey of your building or appraisal of your goods by a professional, who will advise you of the correct value to insure for.  An accountant can offer the same service for your turnover and gross profit figures, in order to avoid underinsuring for business interruption.

If you've got questions about underinsurance, Westralian Insurance can help!  Call our friendly and knowledgeable staff today, on (08) 9302 1388 or visit www.westralianinsurance.com.au

Do I need special insurance to be a delivery driver?

Motor insurance for couriers and delivery drivers has to be with a specialist commercial motor insurer, who is able to insure vehicles used for deliveries.

Public Liability should also be taken to cover any potential claims for third party property damage or personal injury.  It is also a legal requirement for courier and delivery businesses with employees to have a current Workers Compensation policy in force.

For more information on insurance cover you may need, call the friendly professionals at Westralian Insurance today, on (08) 9302 1388 or visit www.westralianinsurance.com.au

If I already have Income Protection insurance, do I need Workers Compensation?

If you have employees or contractors, or anyone to whom you pay a wage, then you have a legal obligation to take out Workers Compensation insurance to cover them.  If you are a working director and have already covered yourself with an Income Protection policy, then you may wish to exclude yourself from the Workers Compensation policy as there is no legal obligation to insure directors.

However, there are some differences between Income Protection and Workers Compensation insurance which should be researched before making a decision.  A couple of examples are, that Income Protection covers you both during working hours and outside of working hours, whereas Workers Compensation only covers you whilst you are working.  Also, Workers Compensation covers both loss of income and medical expenses, whereas Income Protection only covers loss of income.

If you've got insurance questions, Westralian Insurance can help!  Call us today on (08) 9302 1388 and speak with our friendly, knowledgeable and local brokers, or visit www.westralianinsurance.com.au

Can I get Public Liability insurance for a 1 day event?
There are some insurers who will provide Public Liability insurance at a small cost for a 1 day event. They are normally direct insurers who transact these low-cost policies online. 

Many general insurance brokers typically only provide 12 month Public Liability policies.  

If you're looking at Public or Product Liability insurance for your small to medium business, Westralian Insurance can help.

We are a local, family owned business, and pride ourselves on our friendly, knowledgeable and honest service and advice.

Call Westralian Insurance today on (08) 9302 1388 or visit www.westralianinsurance.com.au

What is a Certificate of Currency?

A Certificate of Currency is issued by your Insurer as proof that you have an active policy in place.  It is a document on Insurer letterhead, which outlines your cover and your policy period. In order to obtain a Certificate of Currency from your Insurer, the policy must be either paid in full or paid via monthly instalments.

A Certificate of Currency can only be issued once an insurance policy has been bound and paid for in full.  An insurance broker with the required binding authority can issue a Certificate of Currency on behalf of an insurer (called a Certificate of Insurance) as soon as payment for the policy has been received. Some brokers also offer Certificates of Insurance to their clients for a non-refundable deposit payment, typically around $100.

If you need a fast Certificate of Currency, Westralian Insurance can help.  Call our knowledgeable, fully qualified team today on (08) 9302 1388 or visit www.westralianinsurance.com.au

These days, many of us will be aware of just how easy it is to purchase home and contents insurance online.

However, getting the RIGHT home and contents insurance for your most valued asset, is not!

Just ask the possums…

Last Winter, a long-term retail client of Westralian Insurance, headed away to the South West of Western Australia, for a well-deserved holiday with her family.  Whilst she was enjoying some rest and relaxation, a family of possums were busy moving into her house in the hills.

Upon returning, our client quickly realised she had some unwanted guests, who were very unwilling to leave.  Due to them being locked in the house for a week or so, the possum family had also caused a significant amount of damage, especially to some valued antiques…damage to the value of more than $16,000!

As you can imagine, our client was quite distressed when she made the call to us, especially as she had never made an insurance claim before.  Her Account Manager ensured the process remained as stress free as possible, talking her through the course of action and assisting with paperwork.

The Account Manager also arranged for a clean-up/make safe team to attend the property as soon as possible.

Originally, the insurer denied the claim, declaring possums as vermin and therefore not being covered in the client’s insurance policy. 

However, after extensive research by the broker, it was confirmed that possums are indeed NOT classified as vermin in WA, and the claim was covered in full.  The client’s home is also now fully possum proof! 

The client was thrilled with the outcome and we look forward to being of service in the future.

This true story clearly demonstrates the value of engaging an insurance broker for your insurance needs – we are your claims advocate and will always have your back.

Call Westralian Insurance today on (08) 9302 1338, or visit www.westralianinsurance.com.au

I don’t have any employees so do I need workers compensation?

There is no legal requirement to have Workers Compensation insurance unless you have employees or contractors, or someone to whom you pay a wage.  If you are a Pty Ltd company, you can choose to insure yourself for Workers Compensation, however there is no legal requirement to do so.

If you've got questions about business insurance, Westralian Insurance is here to help.  Our staff are fully qualified, and remain up-to-date with all legislation changes and industry requirements.  

Call our friendly, knowledgeable team today on (08) 9302 1388, or visit www.westralianinsurance.com.au

Do I have to cover Sub-Contractors?

It is a legal requirement to have a Workers Compensation policy in place, if you are employing or using Sub-Contractors, unless the Sub-Contractors have their own Workers Compensation policy in place.

A Sole Trader is unable to take out a policy to cover themselves, so any Sole Trader Sub-Contractors will not be able to have their own policy, therefore it is your responsibility to have a policy in place, to cover them whilst they perform work on your behalf.

Westralian Insurance are here to help.  For more information, or to answer any queries you may have, call the friendly professionals at Westralian Insurance today, on (08) 9302 1388 or visit www.westralianinsurance.com.au

Do I need special insurance to be a delivery driver?
Motor insurance for couriers and delivery drivers has to be with a specialist commercial motor insurer, who is able to insure vehicles used for deliveries.

Public Liability should also be taken to cover any potential claims for third party property damage or personal injury.  It is also a legal requirement for courier and delivery businesses with employees to have a current Workers Compensation policy in force.

With many cafes and restaurants turning to takeaway in an effort keep their business running, it's never been more important to ensure your business and staff are fully protected.

Westralian Insurance is here to help!  Call our office today and speak with one of our friendly, professional, fully qualified staff today...or visit www.westralianinsurance.com.au

Do I need a Certificate of Currency (COC) to get onto a worksite?

In most cases you would need to provide a Certificate of Currency for Public Liability (and also Workers Compensation if necessary) to the principal contractor, prior to entering a worksite.  We can email these certificates to you or directly to the main contractor if required, as long as the premium has been paid.

The team at Westralian Insurance receive plenty of questions regarding Certificates of Currency, so if you have a query, call us today, on (08) 9302 1388 or visit www.westralianinsurance.com.au

What insurance do I need to deliver takeaways?

Commercial motor insurance is vitally important for a takeaway business, with the option of open driving for all delivery drivers.  Public Liability is also important in order to cover any potential claims for third party property damage or personal injury.  It is also a legal requirement for takeaways with employees to have a current Workers Compensation policy in force.

With the current climate, it's never been more important for businesses providing takeaway food and drinks, to ensure they are fully insured.

Westralian Insurance is here to help.  Call our friendly, knowledgeable staff today on (08) 9302 1388, or visit www.westralianinsurance.com.au

There’s a saying along the lines of,
your insurance is only as good as your last claim…

This saying rung very true recently for one of our clients with a difficult claim.

A successful Perth-based technology company operating for over 20 years and a client of Westralian Insurance for the past 10 years, this small to medium enterprise operates in a niche technology sector and is growing consistently every year.

What happened?

In the summer of 2018, cyber criminals hacked into the emails of a trusted customer of our client. The criminals then impersonated the customer and placed a large order of goods for immediate delivery.  Not thinking anything was wrong (as the email appeared to come from the customer), our client dispatched the goods the same day.  The error was not picked up until our client chased their customer for payment and discovered that no authentic order was ever placed.

The order contained high value equipment totalling $50,000 in value and potentially could have put the client out of business.

After paperwork was lodged, the insurers originally rejected the claim on the basis that it was a “first party loss”, meaning that no third party was making a claim against our client.  However, after a thorough review of the Professional Indemnity and Cyber Insurance sections of our client’s policy wording by our insurance broker, we were able to successfully overturn the original decision and the claim was paid out in full.

Interestingly, the third-party trigger for the claim became the client’s supplier who had not been paid for the equipment which was shipped to the criminals.  Their demands to our client for payment became the third-party trigger for the claim.  This would have been a difficult claim for the company to deal with directly and clearly shows the value of engaging an insurance broker for your Business Insurance.

Call Westralian Insurance today on (08) 9302 1388, or visit www.westralianinsurance.com.au

Do I need to complete a proposal form for Public Liability?

In many cases, all the information needed for a simple Public Liability quotation can be obtained over the phone.  The insurance broker would then send out a pre-populated proposal form (after binding cover), based on the answers given, which just requires a signature.  

Some higher risk occupations do require a proposal form to be completed prior to obtaining a quote.  Occupations such as solicitors and chemical manufacturers would fall into this category.

Westralian Insurance can assist with your business insurance questions.  Call us today on (08) 9302 1388 or visit www.westralianinsurance.com.au

Do I have to cover sub-contractors for Workers Compensation?

In many cases, subcontractors have to be covered for Workers Compensation in exactly the same way as direct employees.  Although some subcontractors may be large businesses with all of their own insurance policies in place, some contractors may be sole traders who are ineligible for Workers Compensation. These types of subcontractors would have to be included on your Workers Compensation policy every year.

If you have Workers Compensation queries or would like a quote for your small business, call the team at Westralian Insurance today on (08) 9302 1388, or visit www.westralianinsurance.com.au

Business insurance for photographers?

Public Liability insurance is a good idea as it protects you against claims for third party property damage or personal injury.  A General Property policy can also provide Australia-wide cover for your camera and photographic equipment.

For more information on protecting your business and equipment, call the friendly professionals at Westralian Insurance today!  Call (08) 9302 1388 or visit www.westralianinsurance.com.au