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Business Interruption Explained – NIBA TV Video

Learn all about Business Interruption Insurance

Business Interruption is generally taken (or should be!) as section 2 of a Business Pack policy, right beside the Property/Fire Section.

The prime purpose of business interruption insurance is to make sure that the financial position of your business returns to where it was before the loss. Your insurer will assess your profits and turnover, and factor in industry variations and trends to gain an understanding of your potential loss after an insured event.

You need to have a property policy in place (Section 1 Property/Fire) in order to be eligible for business interruption insurance, and the damage incurred must be of the type that would be covered under that property policy.

Business interruption insurance also covers various other elements. For example, if you have suffered a major interruption to your business, you might find that you need to spend extra money to get back up and running. You might have additional rent or you might have to pay for temporary premises, or extra costs of employing additional staff to assist in the clean-up process.

These can also all be covered by business interruption insurance, under what is called additional increased cost of working. Often an insurer will advance such monies to minimise downtime, and to ensure your business returns to normal as speedily as possible.

Is it worth taking?  You better believe it. It is NOT an expensive section, and we would be happy to discuss further.  Please contact us for all Business Interruption requirements and enjoy the video below.

 

 

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dawes motor insurance
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Steadfast Group in the News

A few recent press articles on the Steadfast Group…

 

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Gen Y not happy with Digital Insurance – News

Insurers across the globe are failing to keep up with the digital insurance demands of younger users, with overall positive customer experience interactions dropping below 30%, according to a new global report.

Capgemini’s World Insurance Report 2015 (WIR) found positive customer experience ratings dropped by 3.7% in 2014, with most of that drop stemming from Generation Y’s dissatisfaction.

The report also found that one in two Gen Y consumers are looking to interact with insurers through social media, online and mobile channels in the future, increasing pressure on the insurance industry to become more tech-savvy.

Capgemini Chief Sales and Marketing Officer Jean Lassignardie says the data show insurers need to adopt a customer-centric approach.  “Ongoing investments need to support all types of channels, at least for the foreseeable future,” he says.

“Insurers must strive to bring some of the qualities that define traditional channels to the newer channels and vice versa.  “Insurers that are able to blend traditional and digital channels in a seamless way will be the leading edge providers of the future.”

The research also showed the major future disruptions that face the insurance industry, with 78% of executives expecting Big Data Analytics to disrupt the industry, followed by regulatory changes at 46% and economic uncertainty at 42%.

The threat from new competitors from non-insurance backgrounds such as Google and Amazon came in at 22%.

Capgemini Insurance Report 2015

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The report provides interesting reading here at Statewide, and reinforces our multi-channel offerings across traditional face to face, specialist niche products, price sensitive direct consumers and our social profiles.

We look forward to continuing our product offerings, across all medium, and via all transactional methods.  To all clients, Gen Y included.

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Statewide Insurance Brokers New Website

Statewide Insurance Brokers

Learn about our new Website and Domain Name Change

No more statewideib.net.au or swib.com.au

Statewide Insurance Brokers now at statewideinsurance.com.au

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Insurance Companies – World Insurance Report 2015

Visit us on Slideshare  – StatewideIB

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Statewide acquires 2 x Business Insurance Brokers

From the Vault – April 2011

Statewide Insurance is pleased to announce the recent acquisition of Churchill Insurance Brokers Pty Ltd (AFS license no. 239544). Churchill was established in March 1999 to provide Western Australian Businesses with an Insurance Brokerage that was independent, experienced and service oriented with access to national and international markets.

The Company’s business activities cover a wide range of insurance services including corporate, commercial and personal insurance risks as well as managing industry and product schemes. Churchill has established working relationships with many W.A. and Australian Insurance companies as well as establishing a strong network of affiliates with Insurance groups in London, Singapore and throughout the Asia-Pacific Rim.

A great fit with Statewide’s beliefs and vision….we all look forward to continuing our services aims to all clients…both old and new.

Not just one, but 2 x Business Insurance Brokers added to the Statewide Group…

From the Vault – April 2011

Statewide Insurance is pleased to announce our recent acquisition of Vintage Insurance Brokers.

Vintage Insurance Brokers have been operating as licensed general insurance brokers, commencing business in January 1991, and operating out of Willetton, Perth. Their company motto has always been one of honesty, integrity and to deliver great service to all customers…..a great fit with Statewide’s existing principles.

We look forward to continuing our service aims to all clients, both new and old!

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The Value of Insurance Brokers

The Value of Insurance Brokers

The structure and protection provided by an effective insurance program are essential to business and community life.  Insurance brokers are vital components of the business process. We advise business owners and managers on the best ways to transfer the inevitable risks they carry as part of doing business.

The role of the broker is to understand the business, identify all the risks, find the best available cover through a range of insurers, assisting the client in understanding options and represent the client’s interests in any negotiation with insurers.

Brokers’ services enable businesses to plan ahead with the certainty of knowing they have financial protection against loss, injury or any threat to the well-being of their business.

Brokers also provide invaluable help in the event of a claim. They know and understand the system and can simplify a process that is often time-consuming and technically difficult.

And brokers act in the interests of the client, not the insurer.

The broker’s role to serve the client’s interests with integrity at all times is enshrined in legislation (the Financial Services Reform Act 2004 and the Corporations Act 2001) as well as the Insurance Brokers Code of Practice.

why choose statewide

Why Choose Statewide ?

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