How does insurance coverage differ between insurance companies/insurers?

Insurance coverage can vary between insurance companies or insurers due to several factors. Here are some key aspects that can differ:

1. Policy Terms and Conditions: Insurance companies may offer different terms and conditions within their policies. This includes the specific events or perils covered, the circumstances under which coverage applies, and any exclusions or limitations. For example, one insurer may offer broader coverage for natural disasters in a homeowners policy, while another may have more restrictive terms.
2. Coverage Limits: Insurance companies set limits on the maximum amount they will pay for a covered claim. These limits can vary between insurers. For instance, one auto insurance policy may have a higher liability limit than another, offering more financial protection in case of an accident.
3. Excesses: An excess is the amount you must pay out of pocket before the insurance coverage kicks in. Different insurers may offer varying excess    options. A higher excess often leads to lower premium costs, but it means you'll have to pay more upfront before receiving insurance benefits.
4. Premiums: Insurance premiums are the regular payments you make to maintain coverage. Premium amounts can differ between insurers based on their risk assessment, claims experience, and the coverage they provide. Insurance companies use various factors, such as age, location, and driving record, to calculate premiums. It's important to compare premiums from different insurers to find the best balance between cost and coverage.
5. Additional Coverage Options: Insurers may offer additional coverage options, known as riders or endorsements, that can be added to a base policy to enhance protection. These may include coverage for specific valuables, extended liability protection, or extra benefits for an additional cost. The availability and terms of these optional coverages can vary between insurance companies.
6. Customer Service and Claims Handling: The level of customer service and claims handling can differ between insurance companies. Some insurers may have a reputation for prompt and efficient claims processing, while others might have a slower or more complex claims settlement process. Reading reviews and researching an insurer's customer service track record can provide insights into their performance in this area.

When selecting an insurance policy, it's important to compare coverage options, limits, excesses, and premiums from multiple insurers. This allows you to assess which company best meets your specific needs and provides the most comprehensive coverage for your assets and financial protection.  This is where using a qualified insurance broker can help.  Insurance brokers take the time to understand your business, your needs and objectives, before tailoring an insurance solution fit for YOUR business.  

If you're looking at insurance for your business, call the friendly professionals at Westralian Insurance today!  Call (08) 9302 1388, or visit www.westralianinsurance.com.au

 

 

Business insurance for carpenters?  

A carpenter’s primary must-have policy is public liability, covering third party personal injury or damage to property during the course of their work.  They should also consider insuring their tools of trade anywhere in Australia.  A good tools policy will include theft from the open air and theft from unattended motor vehicles, which is a common occurrence in the construction industry. 

Workers Compensation insurance must also be taken out for any carpenters with employees.  Carpenters should also include any sole trader subcontractors who work for them under their Workers Compensation policy, as sole traders are not able to obtain Workers Compensation for themselves.

If you're a carpenter, or a tradie of any kind, Westralian Insurance can help with your insurance needs, and answer any questions you may have.  Call the friendly professionals today on (08) 9302 1388, or visit www.westralianinsurance.com.au

How do insurance policies help protect your assets and finances?

Insurance policies play a crucial role in protecting your assets and finances by mitigating potential risks and providing financial assistance in the event of unexpected events or losses. Here are several ways in which insurance policies offer protection:

1. Property Protection: Property insurance, such as homeowners or renters insurance, safeguards your physical assets, such as your home, belongings, or business property, against perils like fire, theft, vandalism, or natural disasters. If a covered event occurs, the insurance company may compensate you for the loss, helping you recover and rebuild.

2. Liability Coverage: Liability insurance protects you from legal responsibilities and financial obligations if you are found legally liable for causing harm or damage to someone else's property or injuring someone. It covers legal costs, court judgments, and settlements, safeguarding your assets from being seized to satisfy such obligations.

3. Health Coverage: Health insurance shields you from high medical costs, providing financial assistance for medical treatments, hospitalisation, prescription medications, and preventive care. It safeguards your savings and assets by reducing your out-of-pocket expenses and ensuring you receive necessary healthcare without incurring substantial debts.

4. Car Insurance: Car insurance safeguards your vehicle and finances by providing coverage for damages to your car, injuries to yourself or others, and liability for property damage caused by an accident. It also offers protection against theft, vandalism, or other non-collision incidents.

5. Business Insurance: Business owners can protect their assets and finances with various types of insurance. For example, commercial property insurance protects business premises and assets, while liability insurance covers legal claims against the business. Additionally, business interruption insurance helps compensate for lost income during unforeseen disruptions, like natural disasters or equipment breakdowns.

6. Life Insurance: Life insurance provides a financial safety net for your loved ones in the event of your death. It pays out a death benefit to your beneficiaries, helping them cover expenses, debts, and maintain their financial well-being. It can help protect your family's assets and provide financial stability during a difficult time.

By having appropriate insurance coverage, you transfer the risk to the insurance company. It helps shield your assets and finances from significant financial setbacks, allowing you to handle unforeseen circumstances and maintain financial security. However, it's essential to carefully review insurance policies, understand the coverage limits, deductibles, and exclusions to ensure you have adequate protection for your specific needs.

For more information on insurance for your business, call the friendly professionals at Westralian Insurance.  Call (08) 9302 1388 or visit www.westralianinsurance.com.au

Does my business need Professional Indemnity insurance?

Any business that designs or provides advice, has a Professional Indemnity exposure.  Wrongful advice and design errors are claims that would be excluded by a Public Liability policy, but covered by Professional Indemnity. 

Examples of professions that would need Professional Indemnity insurance are solicitors, architects, management consultants and building surveyors.

If you're considering Professional Indemnity cover, or just have some questions which need answering, call the friendly professionals at Westralian Insurance.  Call (08) 9302 1388 today, or visit www.westralianinsurance.com.au