With MIB celebrating forty years of serving and looking after our clients, our track record and longevity is testamount to the fact we put the interests of our clients first. How do we achieve this? We take the time to gather relevant information from you about your business, source quotes from multiple insurers to find the best fit for your requirements and of course we are there to hold your hand in the event something untoward occurs and you need to make a claim.
We understand that dealing with and sorting out your insurance issues doesn’t excite you as it can be both time-consuming and complicated. We represent you in dealing with the insurers on your behalf, saving you both angst and your precious time, be that through sourcing quotes, liaising with insurers at claim time or even obtaining important documentation critical to the timely operation of your business, such as certificates of currency.
Of course if your business journey is just commencing, we are there to guide & assist you, making you aware of the exposures you face and presenting you with options to minimse those exposures. Insurance is a vital component to any business, particulary new businesses as with limited resources in the early stages of your businesss, you can least afford to suffer a loss which could be potentially a fatal blow.
Melbourne Insurance Brokers allows you to concentrate on building your business by delivering the complete support and service you need, regardless if you a long standing business or just starting out.
We are members of the Steadfast Group a top 200 on the ASX and Australia’s largest insurance broker group. By combining forces with over 300 other broking businesses in Australia and overseas, coupled with the management nous of the executive team in Sydney, Steadfast provides multiple benefits to both brokers & our clients. This is achieved via a number of ways including sourcing new insurers to the market to provide competive alternatives to the exisitng insurers operating in Australia; negotiating wider & broader coverages to ensure cleints receive “more bang for their buck” and introducing cutting edge technology to assist brokers source quotes far more quickly & reduce transactional costs.
By combining the above factors, we can find the right insurance solution for you. Put us to the test today!
Get the Coverage You Need
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. 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 so we can obtain all the relevant information to enable a program to be prepared to suit your situation.
Tailored insurance cover can be organised no matter what industry you are involved in. Whether you’re a barber, a photographer, an accountant, a dentist or whatever your business is, we will organise insurance cover specifically for you & your requirements. After all, no two businesses are exactly the same so why should we expect that they all use a one-size-fits-all insurance package.
What covers do most businesses require?
Most people would be familiar with Home & Contents cover, where you take out insurance & are covered against most of the common scenaros, such as damage due to fire, storm, vandalism & theft. Business insurance works differently in that you nee dot select thecover that you require. See the following for a brief run through of the more common types of cover businesses would include.
Liability insurance combining both public & products liaibilty is the cornerstone to most insurance covers for businesses. In fact many of your customers or clients may requrest evidence of this insurance cover prior to proceeding with your services, which is provided via a certificate of currency. Liability insurance protects you in the event a third party alleges you caused injury or damage to their property. A third party does not include your staff who are protected via workers compensation cover, known as Workcover here in Victoria.
A simplistic way to think of public liability is protection against ”slips & trips” where as products liability stems from the goods you sell/distiubtue or manudfacture. A couple of key common misunderstandings relating to liability insurance:
Property insurance protects your assets, such as building, plant & equipment including other contents and stock against loss or damage due to fire, storm, vandalism, water (but not always flood), impact & different type of accidental damage. Again a common misunderstood concept is flood, which arises from a body of water bursting or overflowing it’s banks. Flood does not include water damage due to issues with drains or arising from heavy downpours, so these secanrios are covered as part of oyur standard property insurance cover.
Business interruption (BI) protects the cashflow of oyur business following an insurance event, such as a fire, storm etc. Thinkk of it as income protection for oyur business. This cover is vital to ensure the survival of oyur business folollowing a substantial insurance event. Think about it for a moment - how do you maintain the current level of revenue if part of your premises/stock/equipment is damaged by fire, storm or vandals? How do you meet your ongoing commitments such as rent, lease payments, or even pay your staff let alone yourself?
BI cover can be organised for an extended period to compensate you for lost revenue whilst repairs are made, equipment or stock repurchased and even the sortfall that might still exist despite the business returning to normal operations. It is a widely known fact that over 80% business will fail without this type of cover in the event of a substantial insurance event.
With business income interruption, you can save your business.
Burglary & /or Money cover – if you are new to organsing insurance for your business, it might surprise you to read that burglary cover is not automatic & you need to select this cover. Whilst more & more people use alterniatve payments methods, there are still many businesses that handle substantial amounts of cash so protecting this can be imperative.
Glass – pretty self explainaotry but covers the cost of replacing broken wondows including signwriting, Temporary protect ion and the like.
Spoilage - why does equipment breakdown when it can hurt you the most? This cover will compensate you in the event your stock is ruined due to refrigeration equipment breking down; ocver can only be otbtained if you take out
Machinery Breakdown cover- this could include all forms of equipment involved in your business, from refrigeration equipment for the café or fruit & vegetable business to air conditioning equipment to other forms of equipment vital to therunning of oyur business.
There are additional covers that different insurers can provide as part of their standard offering which probably makes it even clearer you why you should contact Melbourne Insurance Brokers to help tailor cover specific to oyur requirements.
Call us now at (03) 9686 0688 to speak to an experienced business insurance broker.