Insurance FAQ, General Insurance FAQ

FAQ's

Why do I need insurance?

What sort of insurance policies do I need?

What is an Insurance Broker?

Why use an Insurance Broker?

Do Brokers have the cheapest policies?

How often should I review my insurances?

Why do I need a Financial Services Guide (FSG)?

What is a Product Disclosure Statement (PDS)?

Why do I need insurance?

Insurance is there to protect you from large, potentially devastating losses. By purchasing an insurance policy, the premium you pay is pooled together with the premiums of other clients. These funds are then available to assist with possible claims. You can protect yourself, your family, your assets and your business by getting advice on the right level of cover for you.

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What sort of insurance policies do I need?

This depends on the level of risk you are exposed to, and what assets you wish to protect.

Insurance For Business - A Checklist

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What is an Insurance Broker?

A Broker can provide advice on your risk and insurance requirements, as well as advice on the insurance market available to you.

All insurance Brokers are required to be licensed by the Australian Securities and Investments Corporation (ASIC). Brokers must comply with the requirements of their Australian Financial Services Licence, and their conduct is regulated by ASIC.

McKenzie Ross is a member of the National Insurance Brokers Association (NIBA). NIBA has an additional Insurance Brokers Code of Practice which sets out further standards of customer care that must be complied with.

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Why should I use a Broker?

Brokers provide advice and assistance to help you to be properly protected. A Broker's role is to represent your interests. A Broker will assist you through the claims process, should the situation arise.

Part of a Broker's role is to understand your requirements carefully and to explain the level of cover you are purchasing. As a client, you do not want to be paying for cover you don't need, nor do you want to be without cover you really do need.

Brokers deal with many, varied insurance companies and underwriters, and are aware of the differences between policies - the costs, benefits and limitations involved.

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Do Brokers have the cheapest policies?

Sometimes! Broking houses can negotiate very good deals with underwriters, and some policies are available only through brokers, which means clients benefit from using the services of a broker.

However, cheap policies may not always meet all of your requirements if important cover is not included.

Brokers are obliged to advise you of the fees charged for services provided to you.

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How often should I review my insurance?

At least annually, when you receive your renewal notices, but remember you have a duty of disclosure to tell your Insurer in a timely manner of any changes which may affect their decision to offer you cover.

Keeping your policies updated ensures you are not paying too much or too little in premiums.

Contact us here at McKenzie Ross & Co. We are here to assist you through the claims process, and to ensure you receive your entitlements under your policies.

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Why do I need a Financial Services Guide (FSG)?

An FSG provides you with important information about who we are, how we act for you the client, how we are paid, what our dispute resolution process is, how to contact us, and so on. We are obliged to provide you with an FSG as early as possible.

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What is a Product Disclosure Statement (PDS)?

A PDS is issued by the Insurer, and provides detailed information about the policy you are considering purchasing. You should read this document closely before deciding which policy is the most suitable for you.

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