Frequently asked insurance questions

Why use an insurance broker?

Insurance can be complex and even after many years in the industry, we do not have all the answers.

There are so many different types of insurance covers with a vast range of insurance providers in today’s market that it can be very confusing for the everyday person to select the correct insurance products for their own needs. By engaging Webber Insurance Services to work on your behalf, you are able to work with a qualified Insurance Broker to ensure that you have an insurance program that is tailored to your specific needs.

Using a direct insurer may seem like a cheaper option up front, however without an Insurance Broker supporting you, especially at claims time, it is really up to the individual to understand their policy and what type of cover they have.

As a Steadfast insurance broker, we at Webber Insurance Services have policies that can be tailored to your specific needs, rather than an off the shelf policy. We understand that all businesses are unique as are their insurance requirements. Not only that, with the purchasing power of Steadfast behind us, our premiums are very competitive when compared to the direct market.

Webber Insurance Services works for you the client, not the insurers, for all aspects of your insurance from quoting and placing your business to handling claims on your behalf. We aim to take the stress and difficulties out of dealing with insurance companies as we believe you have much better things to do with your time.

What’s the difference between an agent and a broker?

An Insurance Broker has a duty of care to you and must act in your best interests. They will attempt to source the most appropriate policy on your behalf at a competitive premium.

An Insurance Agent represents the insurance company/ies and therefore has no direct responsibility to ensure that you are getting the most appropriate policy available in the wider market. Agents only ensure that you are getting the most appropriate policy from the insurers policies they have available to them.

In principle a Broker works for and represents the Client (you). An Agent, who either represents one or more insurers, works for those insurers and represents the insurers interests.

Why choose Webber Insurance Services?

Webber Insurance Services was created to provide insurance advice and services to small businesses, consultants and contractors. We felt that the smaller end of town did not have access to good quality advice and service as most companies focus on the larger businesses that bring in the bigger premiums.

As a small business ourselves, we have dedicated our time to guide and assist small businesses through the maze of insurance to obtain policies that are suitable to their individual requirements. Not only that, as we have found ourselves, time is the most important thing for a small business. By working with Webber Insurance Services, we guarantee that we will save you time in the insurance process and make it as painless as possible. Gone are the days of long forms, weekly turnaround times and inflexible payment methods. A majority of insurances can now be arranged electronically, paid monthly and completed in a day or two.

Does this sound to good to be true? Give us go and we might just surprise you.

How do I know Webber Insurance Services will act fairly on my behalf?

At Webber Insurance Services we embrace the General Insurance Brokers Code of Practice which is intended to promote good relationships between insurance brokers, the people they insure, insurers and others involved in the insurance industry.

The Code is part of a self-regulatory scheme that sets out the responsibilities of participating insurance brokers and requires them to establish an internal process for resolving disputes with policy holders. Complaints and disputes against brokers in relation to the Code are handled by Insurance Brokers Disputes Ltd, whose members represent consumers, the Government and insurance brokers.

Details of our Disputes & Complaints processes can be found in our Financial Services Guide with further information here.

There are also a considerable number of laws that apply to our business, in particular the Corporations Act. As a financial services licensee we are responsible for the conduct of our employees as well as our Authorised Representatives.

How can I be sure an insurance company is financially sound?

Most insurance companies operating in Australia are financially sound and the regulatory body, the Australian Prudential Regulatory Authority (APRA), maintains strict controls to ensure this continues. APRA oversees the activities of insurance companies, banks, credit societies, superannuation companies and others in the financial arena.

There are minimum Capital Adequacy levels for APRA Authorised Insurers. For more information see www.apra.gov.au.

What insurance policies do I need?

This depends on the type of business you are in, as each individually business has different needs and requiremeents. New insurance policies are being developed and changed everyday. With thousands of different policies to choose from, we will review your individual requirements to let you know what you and you business may need.  Webber Insurance Services staff all undergo regular training and keep up to date with all developments within the industry and are well placed to regularly review your circumstances and advise of any changes accordingly.

How much insurance is enough?

Once again, everyone has different requirements so what may be suitable for business A may not be suitable for business B. The first step in determining the answer to this question is to work with your broker to identify and define the areas of risk for you or your business. The decision then is which risks to retain (ie, self insure) and which risks to transfer through insurance. The sums insured should be relevant to the risk, taking special care not to under-insure as there can be penalties come claims time due to average clauses. To choose to take the risk yourself to save money can leave you vulnerable and may severely affect your cash flow or assets. This is where our experience can assist you in making decisions on how much insurance you require to adequately cover your various risks.

Should I simply look for the cheapest policy?

Insurance policies can be very complex, and the cheapest policy will not always meet all of your needs. Sometimes what is left out of a policy is as important as what is included, and the cheapest option may omit a risk that you cannot afford to carry yourself. Interpreting the terms of the policy is part of Webber Insurance’s role and you should listen to their advice as you would an accountant or a lawyer. Although the policy cost will always be a factor, ensuring you have the right cover in place when it comes the time to make a claim is vital, and our top priority.

If my circumstances change do I need to review my insurance?

Yes, most definitely!

A change of circumstances may mean the insurance you have in place is no longer current. It may be that your circumstances change in a way that means your risk is reduced and you’re paying too much, or that your risk is increased and you’re exposed to uninsured losses. Either way, advising your broker of your changes will allow them to review your insurances and ensure your policies remain relevant. It’s advisable to review your insurance regularly – at the very least annually – because changes may have taken place that alter your risk profile, and the policies available to cover your risks may also have changed.

How do I make a claim?

Webber Insurance Services are able to assist you with lodging and dealing with your claim. You need to make contact with our office as soon as possible after a loss occurs, to ensure your claim is not delayed.

We can be contacted on 1300 932 237 or via email.

What is a Financial Services Guide (FSG)?

A Financial Services Guide (FSG) must be given to a potential client by a licensee (or an Authorised Representative) as soon as practicable. It sets out information in regard to how we do business such as:

* Documenting the standard basis on which we act for the client.
* Providing all statutory notices and other information required by law (e.g. how we get paid).
* Explaining how we will handle a client’s business

Webber Insurance Services Financial Services Guide is readily available by contacting our office or by clicking here.

What is a Product Disclosure Statement (PDS)?

The PDS is issued by the insurer and highlights significant information about the policy of which you should be aware. This includes information about the insurer, significant benefits and features, things that are not covered, significant risks and other important information. You should carefully read the PDS prior to making a decision about purchasing an insurance policy.

Need more professional indemnity information?

Check out the Professional Indemnity FAQ’s.

To arrange an obligation-free quote please click the button below – if you would like more information or have any questions, please call us on 1300 932 237.

Insurance advice you can trust