Frequently asked questions

Why take out an insurance policy for your small business?

When you’re running a business, controlling your expenses is imperative and insurance may seem like an unnecessary cost. However can you afford not to be covered or not covered appropriately?? Cash can be very tight, particularly when starting out so this is when you are most vulnerable to suffering an uninsured loss. For a relatively small amount, you can help guarantee the survival of your business in the event of loss or damage.

Should I use an insurance broker?

You are the expert in your chosen field and we are the experts in insurance. Insurance brokers are experts who will represent your interests in tailoring cover to suit your specific requirements, sourcing quotes from multiple insurers and even assist you in the event you have to make a claim. Who do you think will be more likely to ensure you receive the full benefits of the insurance coverage you purchase, an employee at the insurance company you organised the cover with directly or your broker? We are there to represent you and don’t simply turn up to collect a wage each week. Melbourne Insurance Brokers has been going strong for forty years so we have a proven record of assisting many clients over the years.

What to insure and for how much?

When you’re running a business, controlling your expenses is imperative and insurance may seem like an unnecessary cost. However can you afford not to be covered appropriately?? It makes much more sense to ensure you obtain cover tailored to your specific requirements. That’s why we seek to organise a tailored package to suit your needs.

What is 'under-insurance'?

When you take out property insurance for a certain amount and it’s less than the replacement value of what’s being insured, the insurance company can (legally) reduce what it pays you for any claim. Effectively they will pay you a proportion of the amount claimed e.g. you insure for only 60% of the actual replacement cost so, in the event of a claim, the insurer will only pay you 60% of the loss suffered. Note this is a simplistic example but highlights why you should contact MIB today.

What insurance do I need by law?

If you employ staff, by law your business is required to obtain workers compensation insurance, known as WorkCover here in Victoria. This is the only mandatory cover however you might find potential customers or clients won’t use your services if you don’t hold Liability insurance for example.

Can you tailor a policy to suit your business?

We seek to organise insurance cover to suit your specific requirements. We will endeavour to obtain the relevant information to enable a program to be prepared to suit your situation. This can be achieved via a chat on the phone in most circumstances or if the case requires, organise to visit your premises, meet with you or your key team members.

Is packaging several policies together generally cheaper?

We all know the various adds promoting the merits or combining policies with the one insurer however our experience shows that it’s much more beneficial to deal with multiple insurers and source the best of mix of insurers for your requirements. This might involve having multiple insurers for your different policies however as we manage this process for you, in the event of a query, issue or claim, simply contact our office & we will have the information at our fingertips.

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