Australian Immigration Daily News

As a Migration Agent, when it comes to getting insurance sorted for your business it can be pretty straightforward - jump online, compare quotes and buy the insurance that suits your business.  However when it comes to your decision to take up business insurance there are a few things you want to keep in mind.

1. Your personal insurance doesn’t cover your business

A key thing to be aware of is that your personal insurance may not cover your business liabilities or property. If you are working from home it’s important to know that your home and contents insurance policy might not cover all the liabilities related to your business. As an example most home and contents policies do not cover you for bodily injury or property damage to a client or supplier that may occur at your home. The likelihood of a claim is low, but the implications could be extremely costly. The rule of thumb is “if the consequences are too severe to manage on your own, you should insure it.” However with a low probability of occurrence this simply means you will pay a lower premium – this is a small price to pay even if it is unlikely you will have a million dollar claim. 

Also note your business insurance may cover personal items. If you have cover for theft and there is a break in to your office, you may be able to claim for those personal items left in the office.

  1. Cover can be mandatory!

In many industries and occupation types business insurance is compulsory and this certainly is the case for Migration Agents where in Australia Migration Agents are required by law to hold Professional Indemnity insurance for $250,000 (section 292B of the Migration Act 1958). And of course, with BizCover’s offer to Migration Alliance members we make it even easier with our 38% discount – so you know you’re getting a good deal on your insurance.

  2. Make sure your policy stays relevant and on the move

Part of staying on top of your business means it’s wise to review and update your cover every year. Depending on how your business is going – and hopefully it’s growing and on the move - so your insurance needs will also be changing and you’ll want to make sure you have a policy that reflects where your business is now. You may need cover that you didn’t need previously, for example if you have acquired additional office equipment or have taken on staff, which makes reviewing your policies  a smart thing to do.

  3. Underinsurance could cost you more than you save!

There is often the temptation to undervalue your assets in order to save a little on the premium.  A short term gain which could cost you dearly in the long run.  When you go to make a claim the insurer could discount your claim by the amount of underinsurance, so for instance if your property is valued at $250,000 and you only insure it for $200,000 – you are effectively underinsured by 20%. Even if you put a claim in for $50,000, the insurer could potentially only pay out $40,000!

  4. You can save, save, save!

Whether you are buying your first policy or renewing your current policy, make sure you jump online and compare what’s in the market to ensure that you are getting the best rate for your insurance. And of course make sure you check out BizCover for that exclusive 38% discount on your Professional Indemnity Insurance – simply note MABIZ001 when you quote with us.

Copyright 2016 BizCover Pty Limited

BizCover Pty Ltd (ABN 68 127 707 975; AR 338440) is a corporate authorised representative of Mega Capital Pty Ltd (ABN 37 098 080 418; AFSL 238549). Please note that BizCover acts as the agent of the insurer in respect of the insurance products offered on this website and not as your agent. Any advice does not consider your individual needs. You should consider if the insurance is suitable for you and read the Product Disclosure Statement or policy wording before buying the insurance.