Policy Management
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What happens if I fall behind on my premium funding payments?
Last Updated: August 17, 2025Premium Funding helps spread the cost of your insurance, but it is important to keep repayments up to date. Falling behind on payments can create challenges for your cover and finances, so it’s best to act quickly if issues arise. Here’s what you need to know: Policy at risk of cancellation: If payments remain overdue, the premium funder may request cancellation of your insurance policy, which could leave you temporarily uninsured. Extra fees and charges: Missed or dishonoured payments can attract late fees, cancellation fees, or collection costs. Credit considerations: Defaults may be reported to credit agencies, which could impact your credit history. Reinstatement challenges: If a policy is cancelled due to non-payment, reinstating it can sometimes mean higher premiums, stricter terms, or even needing to apply for a new policy. Business flow-on effects: Gaps in cover can cause difficulties with contracts or compliance, particularly if proof of insurance is required for ongoing work. The most important thing to remember is that we are here to help. If you expect payment difficulties, please contact us early. By letting us know upfront, we can work with the premium funder on your behalf to find a solution and help you keep your...
I am selling my Business, what happens with the Insurance?
Last Updated: August 16, 2025When selling your business, your insurance needs careful review. Most policies cannot be transferred to a new owner because they are tied to your entity, directors and activities. The buyer will usually need to arrange their own cover, while you may need to maintain protection for work already completed. One of the most important considerations is run-off insurance. If your business provides professional services such as advice, design or certification and has Professional Indemnity insurance in place, claims can arise years after the work was done. Run-off cover ensures you remain protected after the sale, even when you are no longer operating. It is also worth considering other policies that may need to remain in place during or after the sale process, such as: Public Liability, to cover any incidents that occur up until the settlement Workers’ Compensation, for staff or apprentices still on your books at the time of sale Directors & Officers or Management Liability, to protect against past decisions or investigations For some transactions, particularly larger or more complex deals, Warranty & Indemnity Insurance may also be arranged. This type of cover protects the buyer from certain risks discovered during due diligence, and can make the sale...
I am planning on retiring – what do I do with my Insurance?
Last Updated: August 16, 2025When you retire, your insurance needs change. If you hold a policy that operates on a “Claims Made” basis, such as Professional Indemnity or Asbestos Liability, it is important to understand how this affects you. These policies only respond to claims made while the policy is active, even if the work was carried out years earlier. Some key considerations include: Run-off cover: This allows you to remain insured for work you completed before retirement, even though you are no longer trading. It ensures you are still protected if a claim arises down the track. Length of run-off cover: The length of time you need protection will depend on your profession, the contracts you worked under, and the potential for long-tail claims. For example, engineering or building-related professions may require run-off cover for many years. Other policies: While Professional Indemnity is often the key concern, you should also review whether other policies (such as Management Liability or Asbestos Liability) require run-off protection. General covers like Public Liability and Business Insurance can usually be cancelled once trading stops. Continuity of protection: The most important step is making sure there are no gaps as you transition. If your policy lapses before run-off is...
What happens if I cancel my Insurance while using Premium Funding
Last Updated: August 17, 2025If you cancel an insurance policy that has been premium-funded, the process is slightly different compared to cancelling a standard policy. Here are the key things to know: Refunds go to the funder – If your insurer issues a pro-rata refund, it will be sent directly to the premium funding provider, not to you. Outstanding balance may remain – Depending on how far into the repayment schedule you are, you may still owe money even after the refund is applied. Non-refundable policies – Some policies are issued on a “100% Minimum & Deposit” or “Non-Refundable” basis. If this applies, the insurer will not return any premium, and you will still need to complete the repayments under the funding agreement. Final figures can vary – The amount payable at cancellation will depend on your insurer’s refund terms, your funding agreement, and how many instalments you have already made. Timing matters – In some cases, it may be more cost-effective to wait until the policy expiry date to avoid extra costs. If you are considering cancelling a funded policy, it is important to speak with us first. We will calculate the final position, explain your options, and help you avoid any unexpected...
What do I need to know about Premium Funding?
Last Updated: August 17, 2025When you use Premium Funding, your insurance policy is still issued with the same insurer and provides the same cover. The difference is that you finance the premium through a short-term loan and make fixed monthly repayments instead of paying the full amount upfront. Here are the key things to know: Separate agreement – You will sign a premium funding contract in addition to your insurance policy. Fixed monthly repayments over 10 months – These provide a predictable cash flow. A 12-month option is sometimes available, but often with an overall higher interest amount payable. Interest and fees – Premium funding adds costs such as an establishment fee, fixed interest, and possible penalties if a payment fails. Certificate of Currency timing – Certificates are normally issued once the first premium payment clears, which can take a couple of days. We can work around this if the first payment is made directly instead of through funding. Cancellations and refunds – If your policy is cancelled mid-term, any refund will be directed to the funding provider first. Multiple policies in one agreement – You can fund several policies together under one contract, which simplifies payments. Credit check – A credit check is...
Why can’t you provide monthly installments at no additional cost?
Last Updated: August 17, 2025Unlike some direct insurers, most intermediated insurers do not offer the option of paying premiums monthly without additional costs. Insurers generally require the full annual premium upfront. To make monthly payments possible, we arrange this through a Premium Funding provider. This works like a short-term loan designed specifically for insurance. The funding company pays the insurer in full, and you repay the funding provider in monthly instalments. Key points to understand: Additional costs – The funding provider charges interest and fees, similar to other forms of finance. We will always disclose these costs clearly before you proceed. Flexibility for cash flow – Premium funding helps spread the cost of insurance across the year, which can make budgeting easier for many businesses. Multiple policies under one loan – You can combine several insurance policies into a single premium funding agreement, which keeps repayments simple and consolidated. Choice is yours – Some clients prefer to pay upfront to avoid extra costs, while others value the cash flow benefits of instalments. We can help you weigh up which approach is best for your circumstances. We will guide you through the process and make sure you understand how premium funding works, including the repayments...
What is Premium Funding
Last Updated: June 19, 2025Premium Funding allows you to spread the cost of your insurance over regular monthly instalments, rather than paying the full premium upfront. A third-party finance provider pays the insurer in full on your behalf, and you repay them over a set period – typically in 10 monthly instalments. This option is particularly useful for managing cash flow, especially for businesses with multiple policies or larger premiums. There’s no need to rely on a credit card or extend an overdraft, and your cover begins immediately. We can assist you in arranging Premium Funding at the same time as your policy and will walk you through the terms to ensure you understand the details.
Can I group my Policies together for a discount?
Last Updated: August 17, 2025Many business owners ask whether grouping policies together results in a discount. In the intermediated insurance market, it is not common for insurers to offer multi-policy discounts in the same way that direct insurers might. However, there are still benefits to reviewing whether policies should be placed together or separately. Some important points to keep in mind: Flexibility with a broker – Working with a broker means you do not need to keep all of your cover with the same insurer. We look across multiple insurers to find the best fit for your business, whether that involves one provider or several. Benefits of grouping policies – Having policies with the same insurer can help remove gaps in cover, streamline claims, and sometimes make your program easier to manage. While discounts are uncommon, it can provide leverage when negotiating premiums. Combining covers under one policy – In some cases, it is more cost-effective to combine multiple covers into a single policy. Common examples include: Public Liability with Professional Indemnity Public Liability with Contract Works Multiple vehicles insured under one Motor Insurance policy Splitting policies across insurers – There are also times when it is better to spread your insurance across different...
How do I cancel my Policy?
Last Updated: August 18, 2025To cancel your insurance policy, you simply need to notify us in writing. An email is perfectly fine. We will contact the insurer and request cancellation from your preferred date. If you have paid your premium in advance, you may be eligible for a refund, minus any minimum premiums or fees already charged. Please note that in the event of cancellation, Webber Insurance retains our fees and commission as outlined in our Financial Services Guide (FSG). Most policies cannot be transferred to another party, so if you are selling or closing your business, we recommend reviewing your cover to ensure you remain protected. For policies that operate on a claims-made basis, such as Professional Indemnity, Management Liability, and Asbestos Liability, it is especially important to consider run-off cover to protect your past work even after cancellation. If you are switching insurers, we can help coordinate the transition to ensure there are no gaps in cover. We can also guide you through related topics such as: Run-off cover – protection for claims made after you stop trading Premium funding – how cancellation may affect repayment arrangements Business transitions – considerations when selling or buying a business Once cancellation is finalised, we...
How do I change my current cover?
Last Updated: August 18, 2025If your business has grown or your circumstances have changed, you may need to adjust your insurance. This could mean increasing your cover, removing sections you no longer need, or restructuring your policy by changing limits or excesses. Changes can usually be made either mid-term or at renewal, depending on what works best for you. Some adjustments, such as adding new business activities or significantly increasing your level of risk, may require insurer approval. We will manage the process with the insurer and let you know if there are any additional costs involved. It’s a good idea to review your cover if: You have taken on larger contracts You have hired new staff or apprentices You are expanding into new services or business activities Your client or licensing obligations have changed We recommend reviewing your policy whenever there is a significant change in your business to make sure your cover continues to provide the right level of protection. Contact us to discuss your business changes so we can update your cover and ensure you remain properly protected.
How do I update my Business Name?
Last Updated: August 18, 2025If your business name changes, whether due to a rebrand, restructure, or moving from a sole trader or partnership to a company, it is important to notify us as soon as possible. You will need to provide the updated details along with any relevant supporting documentation so that your policy reflects the correct legal entity. Discrepancies in names can create issues at claim time and, in some cases, may result in a claim being denied. To finalise the change, we will usually ask you to sign a No Claims Declaration in the name of the new entity. It is also important to understand how certain structures should be insured. For example: If you are insuring a trust, the trustee must be listed on the policy, whether that is an individual or a Pty Ltd company. A correct example would be ABC Pty Ltd as trustee for The Smith Family Trust. An incorrect example would be simply The Smith Family Trust, as the trustee entity is not specified. In practice, we most commonly see changes where businesses evolve from John Smith trading as Smith Plumbing into Smith Plumbing Pty Ltd. Updating your policy ensures continuity of cover and avoids gaps during...
What is an Interested Party?
Last Updated: August 18, 2025An Interested Party is someone who has a financial or legal interest in the insured asset or activity being covered. Listing an Interested Party on your policy acknowledges their interest, but it does not provide them with the full protection of the policy. The main purpose is to ensure their stake is recognised, particularly when there is a financed asset or contractual requirement. Common examples include: A financier, bank or lender with a financial interest in a motor vehicle, equipment, or property A landlord with a vested interest in the property being leased A supplier or contractor who requires recognition of their interest in insured goods or materials To add an Interested Party, provide us with their name, their relationship to your business, and the reason they need to be noted. We’ll arrange the update with your insurer and issue a revised Certificate of Currency. What is the difference between an Interested Party and a Named Insured? A Named Insured is the legal entity or entities that hold the insurance policy. They have full rights under the policy, including making claims, receiving benefits, and being covered for liability. For example, if you run a company, the company itself would normally...
What is a Certificate of Currency
Last Updated: June 19, 2025A Certificate of Currency (often referred to as a ‘COC’) is a document that verifies you have an active and valid insurance policy. It is provided once you have paid for your insurance policy. It is commonly requested by clients, principals, government departments, or licensing bodies before you begin work. The certificate outlines key insurance policy details such as: The insured’s name – i.e who is the policy covers Type of cover – i.e. does is cover for Professional Indemnity or Public Liability Policy limits – i.e. what is the limit of cover or sum insured The insurance period – i.e. the date the policy starts and finishes While it doesn’t include the fine print or policy terms (those are in the Policy Wording), it serves as proof of your active coverage. If you need one urgently, we can usually provide it on the same day by contacting us.