3 tips to save you money on your business insurance

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How we can save you money on your business insurance

Are you finding your insurance premiums are continually rising each year? Are you concerned that you are spending more on your insurance policies than your business can afford? There are a number of things that can impact your insurance premiums and there are many ways we can potentially reduce them too. We look at a few ways an insurance adviser can help keep the costs down for your business.

LARK Insurance save money on insurance premiums

Review your level of cover

What should my sum insured be? It seems like an obvious question, but for many people it isn’t. Depending on the type of policy, there are often a number of different limits and sums insured that can be altered to help reduce the overall cost of your insurance. During our risk-assessment process, we work with you to identify the amount of cover you need so you don’t have to worry about making sure you the limit is too high or too low. We offer complimentary risk assessments, so get in touch today.

Review your insurer

Have you been with the same insurer for years? Do you get the renewal via email/in the post and just pay it and move on? While most have the best intentions, it can be both time consuming and boring to source out new insurance quotes, not to mention knowing the worry of taking out a cheap and nasty policy.

The vast majority of insurance companies specialise in certain industries, As insurance advisers, we have relationships with a large panel of insurers, so we know who to go to get the right policy for you.

Review your policies

Have you got a range of different insurance policies all over the place? Do you find that its hard to keep track of direct debits as they come out all over the month? Often times when we meet new clients, we find they have this exact issue. It can lead to paying enormous amounts across the month/year without realising it.

We have found a great way to save our clients money on their insurance premiums is to group policies together where possible. For example, if your business has a few vehicles, we are able to put them all on the same policy and often times dramatically reduce your ongoing premiums.

If you are finding your insurances are all over the place or feel you are paying too much, get in touch with us today to talk about how we can reduce your business insurance premiums.

Landlord Insurance – 3 benefits of using an insurance adviser

LARK Insurance Landlord Insurance

3 reasons why you should use an insurance broker for your Landlord Insurance

Landlord insurance and insurance for your investment property is crucial in protecting the wealth you have worked so hard to accumulate.

LARK Insurance Landlord Insurance

There are plenty of policies that you can buy direct over the internet, but do you really know what you are buying? Do you know that it will be there to rely on when you need it most?

As insurance advisers we can help give you the peace of mind you need around protecting your investment property. Here are 3 benefits of using an insurance adviser for your landlord insurance.

Product benefits

As insurance advisers, we have access to a wide range of insurers. Many of which aren’t available directly to consumers. We will assess your individual needs and can source a number of insurance quotes for you.

Understanding what landlord insurance policies even cover can be confusing (you can learn more on that here). Most insurance policies that are bought online or over the phone offer very basic cover. The danger of these direct policies is that the poor standard of cover comes to light when you need it most and this can have devastating consequences.

Whether you’re looking for budget or premium cover, we can find the right insurance policy for you.

Service

How often have you purchased an insurance policy and renewed it year after year without reviewing it to see if its still appropriate for your situation? The truth is, this happens a lot. We discussed the benefits of an insurance review in a previous post.

We will meet with you before any renewal (and throughout the year if needed) to review your insurances and ensure that your cover continues to match your needs. As your circumstances change, your insurance policy may no longer be suitable. We can recommend new covers to continue to give you the peace of mind that you need.

Imagine having someone manage the protection plan for your investment properties. This will mean you don’t need to research new insurance policies and what coverage you really need.

Price

Price is always important. Clients are always looking at how they can reduce their insurance premiums.

If you have an insurance policy direct with an insurer, do you think they will let you know if another provider is offering a cheaper policy? Likely not.

As your insurance adviser, we will work to find you a cost effective insurance policy that won’t sacrifice the quality of cover. This means that you will have an expert working to make sure you aren’t overpaying on your insurance policy.

We would love the opportunity to review the covers for your investment property portfolio. We offer cost and obligation free appointments so talk to us today to see how we can help you.

5 Questions To Ask Your Business Insurance Adviser

LARK Insurance business interruption insurance

Here are 5 quick questions you should ask your business insurance adviser

5 Questions Business Insurance Adviser

Every business owner knows the importance of having the right business insurances in place to protect against natural disasters, liabilities, financial losses and lawsuits, etc. but its difficult to know which insurance policies are best for your needs. Often times, insurance policies that have been in place for a number of years, are no longer suitable. As insurance brokers, we see this far too often.

If your business insurances are coming up for renewal, here are five questions you should be asking:

1. What business insurance policies do I need?

Its a simple question that doesn’t always have a simple answer. As insurance advisers, we will get to know you and your business very well. To ensure you have the right insurances, we need to know the risks associated with your business activities and industry. We will help you identify the major risks to your business through our risk assessment process and then work through what policies you need. Without this professional advice, your business can be left under/over insured, or worse, have no cover at all.

2. Can my policies be tailored to my needs?

If you have sourced insurances yourself, there is a good chance you are paying for covers you don’t need. As insurance advisers we are able to find you a set of business insurance policies that match your exact needs. If there are exclusions or conditions on the policy, its our job to let you know when you take out the policy, not when you go to make a claim.

3. How much cover do I need?

The amount of cover you need depends on your situation, what you need cover for, and any legal requirements there may be. We can work through all of these requirements with you and recommend a set of policies that give you the peace of mind you need to run your business.

4. Is there anything my policy doesn’t cover?

Some insurance policies do have exclusions, depending on the insurance provider and policy. As your insurance adviser, we will discuss these exclusions and the potential impacts that they will have at claim time.

5. How can I reduce my premiums?

Insurance can be expensive, and without a full review with an insurance broker, the cost can really mount up on you over the years. Part of our job is to save you money wherever possible, without reducing the quality of your cover.

Part of our risk assessment process is to identify the risks associated to your business which can be reduced without using an insurance policy. This will help to reduce the risks your business faces without costing you money.

Talk to us about booking in your complimentary meeting where you can ask us these five questions about your business.

What business insurances do you need in your industry?

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Business insurances you need for your industry

How do you know what business insurance you need for what you’re doing? Did you do a quick Google search, buy a policy and put the paperwork in a drawer somewhere?

While it may be better to have an online policy than nothing at all, not knowing what you have or should have can lead to some very big risks if you need to make a claim.

Barber shop with bricked walls and three chairs

There are literally thousands of insurance policies available to you, some are very relevant (and mandatory), while some are just a waste of time and money. Have a read of some of the policies you definitely need and some of the policies that you may need based on your industry.

Insurance policies you need

Public Liability: This will cover you if actions by you or one of your employees cause damage or injury to someone else while conducting business. This type of insurance is almost always compulsory no matter what your business is.

Property Damage: This insurance policy will cover your business building, stock and contents from various damages including loss due to fire, vandalism, theft, etc.

Business Interruption: If something was to happen that meant you were unable, or greatly limited in your ability to operate your business, what would you do? Business Interruption Insurance will cover the ongoing expenses that still need to be paid, despite the impact to your ongoing revenue.

Insurance policies you should consider

Products Liability

Does your business make and sell its own products? Do you resell certain products from third parties? If one of those products caused damage or injury, do you know who is liable? If this sounds like you, you definitely need to consider Products Liability Insurance.

Professional Indemnity

This type of insurance is needed by a lot more businesses than people tend to think. If your business provides a professional service or advice, you will most likely need Professional Indemnity Insurance.

Plant & Equipment

A lot of businesses rely on machinery and equipment to carry out their day to day operations, but what if you were to lose that machinery and equipment in a fire or flood? Plant & Equipment insurance is vital in these circumstances.

Cyber Insurance

Does your business sell things online or store client information digitally? Just about every business has some form digital presence. Cyber Insurance will cover you in the event of a ransom attack, accidental breach of copy right or defamation, fines and penalties associated with loss of data. Given the amount of people working from home these days, cyber threats are becoming much more prevalent and it is crucial to consider having some cover in place.

If you are unsure what insurances your business needs, we are here to help. LARK Insurance can take you through our risk-assessment process to help identify where your exposures are and what policies we can use to help ensure that you have the right cover when you need it most. Talk to us today about your insurance needs.

General Advice Warning The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

Insurance renewal coming up? 3 reasons why you should get an insurance review.

LARK Insurance Newcastle Bogey Hole

Why you should review your business insurances today.

How often do you receive your insurance renewal in the mail and just go pay the invoice without even considering what you are actually covered for? The truth is, this happens quite a lot.

Newcastle Bogey Hole | LARK Insurance

The insurance market is always changing. Insurers’ risk appetites are changing, prices are changing, level of covers are changing, all of this can mean that you might have gotten the best deal when you took the policy out, but now you might have an expensive and inappropriate policy for your situation.

At LARK Insurance, we run through a risk assessment process that can help ensure that you have the right business insurance policy to suit your needs. Our clients have found this process has given them the peace of mind they really need around their business insurance.

Insurance brokers can save you money

Nobody likes to spend more than they need to, especially on insurance. We have access to a wide panel of insurers and can structure your covers to save you money. Part of our core business is looking to make sure that our clients have insurance policies that are competitively priced. We go through this process with every policy we put in force so you can rest assured you aren’t paying more than you need to.

We can get you a great policy

While those ads on TV always talk about cheaper policies, there is usually a reason why. We often find that cheaper policies mean gaps in cover and very long and painful claims processes. We are here to get you the cover you need to get the job done.

Insurance policies to match your needs

We can look at ways to make your insurances more manageable throughout the year, whether this is through pay-by-the-month options, adding extra items throughout the year, putting insured items on the same policies, we can make it work to get you what you need.

When your insurance renewal comes up, gives us a call or get in touch to find out how we can get you the most out of your policy.

Is it time to take control of your insurances? Let us help.

Cartoon shopping trolley

Take control of your business insurances to help you sleep easier.

Are your insurances are all over the place? Do you find that it is hard to keep up with where your policies are and what they actually cover? It’s something we see surprisingly often when we first meet with clients.

Besides the obvious additional stress this can have on your time and cashflow, there is a lot of extra risk associated with a mismanaged or non-existent insurance plan including assets being underinsured/uninsured, insurance provider relying on old information (this can lead to claims being denied), policies lapsing due to non-payment or not being renewed.

These impacts can have devastating consequences if something was to happen.

At LARK Insurance, we want to help give you a professional insurance plan so you can spend more time running your business and know that you have the right covers in place. Here’s the process we follow to help get your insurances sorted:

  • Comprehensive Risk Assessment: We will conduct a comprehensive risk assessment of your situation where we will look at what risks your business faces. This helps us to map out what covers your business needs as well as allowing us to reduce any potential risks without relying on an insurance policy (a good way to save you some money).
  • Insurance Review: We will perform a full review of your current insurance policies, researching existing providers and policies and looking at what else is available on the market to ensure that you have the right policy at the right price.
  • Insurance Management: We will look to ensure we have all of your policies due at the same time throughout the year. This means you won’t be reviewing covers multiple times throughout the year. We can use premium funding options to ensure that you pay one premium per month and any changes throughout the year can be added to this policy as well.
  • Professional service: LARK Insurance will be here to look after you. If you have any questions, concerns or changes you need to make, we are your first point of call. We also offer claims support, so if something does happen you can call us to ensure it is handled in a fast and efficient manner.

At LARK Insurance, we are here to make sure you have more time in your day to run your business without having to worry about where your insurances are, or what they cover. Speak to us today to book your complimentary appointment and take control of your insurances.

Protecting your business from wild weather

The insurance you need to protect your business from a storm

In the past few months, we have seen many news reports predicting that the El Niño Southern Oscillation (ENSO) will enter a cooling phase this year, changing from an El Niño to a La Niña season. These reports have been followed by more recent announcements that the drivers for this event have been fulfilled, meaning that the cooler La Niña phase is now active.

The result of a La Niña phase is that we can expect multiple extreme weather events across the Pacific and into the northern and eastern parts of Australia from now and well into 2021. Above average rains, flooding and more cyclones than normal, off the coast of Queensland, are forecast over the next few months.

Is your business ready for a storm?

Remember the Brisbane floods in January 2011? That was a La Niña event that caused massive flooding of the Brisbane River catchment, as well as Toowoomba and the Lockyer Creek catchments, Bremer River catchment and Brisbane city. The 2010-2011 La Niña phase led to one of the wettest periods on record, which didn’t last long (only two years) but resulted in the deaths of 23 people who were lost and drowned in the floods. So how can you protect your business from a La Niña event?

The right insurance for your business during a storm

With a La Niña now confirmed, it’s important that business owners work closely with their insurance advisers and ultimately, providers. Your focus should not only be to make sure you have the right type of cover, but also that the sums insured accurately reflect your replacement costs. Finding out that your policy only covers half the cost of replacing your warehouse (and doesn’t include demolishing it and removing the debris) might just be enough to push your business over the edge. The easy way to avoid this eventuality is to evaluate your policies with your insurance adviser now, before it becomes too late (keeping Business Continuity Insurance in mind as well).

How to reduce the damage a storm does to your business

Apart from evaluating your insurance cover, you should make sure that you have adequately mitigated potential damage where possible. Here are five more strategies that will help to protect your business in the event of wild weather.

  1. Check the roof: Make sure there are no loose tiles, cracked pointing, warped flashing or blocked gutters. It’s a good idea to have your roof checked annually, as this will prevent small repairs becoming large and expensive problems.
  2. Protect documents: Store all paper documents in water proof containers and backup everything to the cloud. This will allow you to get up and running very quickly after storm or flood damage.
  3. Lop or remove trees: If any trees are too close to the buildings, either remove them or lop off branches to reduce potential storm damage.
  4. Secure exterior signage: Regularly inspect and maintain your outdoor signage, ensuring that nothing is loose and all electrics are safe. Remove any loose signage prior to a storm event.
  5. Install a generator: Install a generator for your building as a backup if the power is cut during a storm. However, it’s important to test the generator regularly, as well as ensuring suitable ventilation and storing fuel safely and in accordance with Australian Standards.

With the right type of insurance cover and some proactive safety measures, your business will be better able to weather any La Niña storms that come your way. To review your business’ insurance cover and make sure that it’s sufficient for the La Niña season, talk to LARK Insurance today.

General Advice Warning The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

Insurance Review: How to start 2021 off the right way

Fireworks over a city

Why reviewing your insurances now can set your business up for success.

Like most of us, I’m sure you are happy to see the back of 2020. Unprecedented bushfires across most of the country followed by a global pandemic has a lot of Australian businesses hoping for a better 2021.

Ensuring that you have the right protection in place for whatever 2021 has in store for us can make a huge difference to how your business handles this year.

Here are 3 benefits of an insurance review:

Cover Review

Have you looked closely at your business insurances over the past few years? Has your business had changes to turnover, staff, operations, etc? Has the business acquired any new assets? These are all signs it might be time to have a review of your insurances with us.

Premium Review

Cost is always of concern to businesses and anywhere that savings can be made will help the bottom line. We work closely with a number of insurance providers and can help find you a better premium wherever we can.

Insurance Management

Often times we see clients with multiple insurance policies across multiple providers and premiums being deducted all over the place. We can work closely with you to ensure you have one renewal date throughout the year and premiums are drawn when it suits you and your business. This can take a lot of stress out of your cashflow and allow you to focus on running your business.

Talk to LARK Insurance today to arrange a complimentary review of your insurances and get your 2021 started off right.

4 key benefits of using an insurance broker

LARK Insurance - Insurance adviser

Why you should be using an insurance broker

In simple terms, insurance advisers act on behalf of their clients to help them understand their risks and purchase the appropriate insurances to cover those risks. As advisers, we work independently of any insurance companies and work in your best interests.

4 benefits of using an insurance broker:

Assess the risks your business faces

Risks can come in many shapes and forms and can impact every business differently. As insurance brokers, we can assist in identifying these risks and help you to understand how to mitigate them. At LARK Insurance, we like to take the approach of reducing risk without an insurance policy wherever possible, so this is where we start.

The right policy, the right price

When you purchased your last car insurance policy, did you read the policy and understand what you were actually covered for? What the exclusions were? Or did you look for the cheapest premium and hope for the best? The truth is, most people fall into this last category. Far too often, the policy with the cheap premium will have a long list of exclusions that you will only find out about when you go to make a claim. At LARK Insurance, we have a wide range of insurance companies we use so we can find you the right policy to meet your needs without blowing your budget.

Reviewing your insurances at each renewal

Circumstances change from time to time, particularly in business. You might have hired a few new staff to keep up with everything, or even started offering new services. These changes may have an impact on the risks facing your business and may require some changes to your insurance policies or providers. We can help you by recommending the appropriate changes to ensure if something happens, your business is covered.

Claims support

When it is time for a client to make an insurance claim, as advisers we can be guide you through the process and step in whenever needed. We will assist by preparing documents, continually follow up the insurer on your behalf, and help the claim progress to the desired outcome for you.

An insurance broker near you

LARK Insurance specialises in assisting clients with their business insurance. Speak to us today about how we can help you and your business.

What would your insurance cover in the event of a fire?

LARK Insurance Risk Assessment

Fire Insurance: what are you covered for?

We are fast approaching the end of the year. We are seeing the sun go down later, more and more Christmas lights up around neighbourhoods, people starting to organise their summer getaways. We are also starting to see a lot more hotter days. With these hotter days comes the dreaded bushfire season.

firefighters fighting bushfire

Last year, we saw one of the worst bushfire seasons on record. We saw over 18 million hectares of land scorched and nearly 6,000 buildings burnt to rubble. People were left stranded on beaches as entire towns were engulfed in flames. They watched as their houses and businesses burnt to the ground. Have you stopped to think what would happen to your business if it was impacted by a fire?

Do you have enough cover?

A lot of businesses will have some sort of insurance in place if their business is impacted by a fire. However, whether the cover is adequate or not is the big question. For example, if your workplace burnt down today, do you know if your current insurance policy will pay up to a specified sum insured for losses incurred or whether your policy will cover you for the amount it would cost to replace or repair the damaged building/contents back to the condition it was in just prior to the fires? If you answered yes to the first option, when was the last time you reviewed your policy? If it was a few years ago, there’s a good chance you won’t have enough to rebuild your home.

Book an cost and obligation free risk assessment with us at LARK Insurance. We can sit down with you to talk you through your insurance policy and exactly what you are and aren’t covered for.