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Immigration Daily News The 'not so special' MIA/Fenton Green Professional Indemnity Insurance 'deal'Australian Immigration Daily News
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The 'not so special' MIA/Fenton Green Professional Indemnity Insurance 'deal'
We have been doing our research into the Professional Indemnity Insurance options offered by the MIA and Migration Alliance (MA), given that they are the two peak membership associations in the migration advice profession.
Let's start with the basics. MIA charge members (joint members of MA) an annual membership fee. Migration Alliance does not charge an annual membership fee.
Reason would have it that MIA members would then be given access to great savings and well-negotiated deals on essentials such as Professional Indemnity Insurance through their membership association. Nope.
Here are the results of our research on Professional Indemnity Insurance as at 21 May 2018:
MIGRATION ALLIANCE PI DEAL:
Provider: BizCover
$75,000 to $150,000 Salary
$250,000 of Professional Indemnity Insurance
Annually: 327.75 without the Migration Alliance discount (fees included in price)
Annually: $238.85 with the Migration Alliance discount (this price will vary depending on the State / Territory, revenue level, and number of employees) - updated 22 May
MIGRATION INSTITUTE OF AUSTRALIA PI DEAL
Provider: Fenton Green
$100,000 salary range (approximately)
Annually: $463.04 without discount
Annually: $403.04 with the MIA discount
Conclusion: Buy your Professional Indemnity Insurance through BizCover. Quote MABIZ001 to get your Migration Alliance discount. The Migration Alliance discount is 38% using the Code: MABIZ001. Please email This email address is being protected from spambots. You need JavaScript enabled to view it. .
Comments
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Monday, 21 May 2018What does the discounted amount of premium for Migration Alliance members include? Is it just the base premium before processing fees, stamp duty etc?
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Monday, 21 May 2018
Who in their right mind would take out PI for the minimum statutory amount of $250K?
The above comparison would be much better at the $1M mark -
Monday, 21 May 2018
I take out PI insurance at the minimum. After all, I have been operating for 15 years and not once have I ever had to pay out more than a few grand. Even courts would be hesitant to award a person $250K in damages. Most things can be settled without huge payouts. Most of my colleagues take out $250K PI option.
· Liana - Allan likes this comment. -
Monday, 21 May 2018
Who in their right money would take out PR for $1M? Why bother? For that amount of payout, and the extremely low chance it would ever happen.... you would just go into voluntary liquidation and re-open under a different name. That would be smarter than paying more for PI each year.
· Liana - Allan likes this comment. -
Monday, 21 May 2018
Bankruptcy means no RMA registration, most are sole traders. $1,000,000 is small bikkies in our world.
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Monday, 21 May 2018
Knowing the MIA the BizCover PI insurance at $1mil will be cheaper than the MIA/Fenton Green one at $250K. Let's see what they say when they provide an answer, which MA always do, because they actually care about RMAs and respond to them with the TRUTH
· Liana - Allan likes this comment. -
Monday, 21 May 2018
Does anyone have $500K or $1 million in insurance from either of these places? If so what is the premium?
· Liana - Allan likes this comment. -
Wednesday, 23 May 2018
I have $500K through Fenton Green. It cost me $724.90 in March this year - for some reason there was a 20% increase over the same policy taken out in March 2017; and 33% higher than the exact same policy in 2016!
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Monday, 21 May 2018
I also have the $250,000 minimum cover. If I need to pay more than this to a client I just go into receivership.
· Liana - Allan likes this comment. -
Monday, 21 May 2018
Why would Fenton Green be motivated to provide the best prices to MIA members if they already pay lots of money to the MIA as a MIA sponsor?
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Monday, 21 May 2018
Just checked my last year's invoice/receipts what I have paid with Bizcover:
PI: $252.31 ( Base Premium $154.38 + Stamp Duty $8.49 + Processing Fee $65.00) +GST
Business/Public Liability $296.11( Base Premium $152.78 + Stamp Duty $15.12 + Processing Fee $100.00) +GST
Don't know what are the processing fees? -
Monday, 21 May 2018Wei, I am pretty sure the quotes depend on your claims history, number of staff, turnover and State / Territory. And of course the amount you want covered. I think the best person to speak to for a breakdown and how you can save yourself money is Abhi at abhir@bizcover.com.au
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Monday, 21 May 2018
When I called Bizcover for a quote with above salary and insurance amount, they said its $238.85 but in above comparison its $174.97 only. Why is the difference? Can someone with similar experience clarify please?
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Tuesday, 22 May 2018
$174.97 is premium only, it does not include stamp duty, processing fee and GST, the out pocket is $238.85.
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Monday, 21 May 2018
Nab..... I am assuming that you are a migration agent and not a broker.
As far as I know the quotes depend on your annual turnover, number of employees, the state / territory that you live in. Also you need to ask for the MA discount! Best person to ask is Abhi on abhir@bizcover.com.au -
Monday, 21 May 2018
Of course, I am not a broker. My annual turnover and number of employees exactly match the one published on MIA page. Until now, my PI get automatically renewed by them and I did not bother much about how much they were charging. Out of curiosity, when I was updating my card details, I asked for the quote before renewing it so found the difference in price. Thanks Liana for your prompt reply.
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Monday, 21 May 2018
I just got a quote in writing for 1 million dollars in Professional Indemnity Insurance cover for $405.50 from BizCover as a test case. The quote is to me in my name, Liana Allan, as a 'Migration Agency Service'. I suggest you all contact Abhi on abhir@bizcover.com.au to get your own quotes. This is still cheaper than the Fenton Green quote.....and it is $1 mil in cover.
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Monday, 21 May 2018
Don't forget to use MABIZ001 to get your Migration Alliance discount from BizCover.
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Tuesday, 22 May 2018
Finally, the amount has been corrected.
Immigration blog
What about Bizcover with 500k cover and MA discount?