Author Archive for mgib

Don’t forget you can pay your premiums monthly!

Paying your premiums has never been EASIER!

Just a click and a few questions to be answered and it’s DONE! Look for the box on the bottom of your invoice or statement for a reference code and link.

And, if you like, it can happen that way EVERY year until you say ‘STOP’ so you never miss a payment, don’t have to keep filling out forms or allow your insurance to lapse. Just let us know if you wish to take up this option.

Why pay monthly?

  • Free up cash flow
  • Multiple ways to pay
  • Secure online system
  • Interest repayments may be a tax deductible
  • Quick and easy application

No need to make any payments to us, Hunter Premium Funding will debit your nominated bank account or credit card every month.

Now that’s peace of mind!

The answers to your most Frequently Asked Questions

We whipped around the office asking all of our staff about the most commonly asked questions they receive about insurance. There were a few! So we’ve bundled them up here with the answers to all those items you need to know, covering everything from Workers’ Compensation to Car Insurance to what you should do when your situation changes…

Q. Is fusion covered under Householder’s Policy?

Yes! All the Householder’s Policies we offer include fusion cover. Please refer to your policy wording for Terms & Conditions or contact your broker.

Q. What does Liability cover?

Liability covers You for Your legal liability to pay all sums by way of compensation, expenses and legal costs made against You by a Third Party in respect of:

  1. Personal Injury
  2. Property Damage
  3. Advertising Liability

A must for all business owners!

Q. Do I need a Workers’ Compensation Policy and what is it?

Workers’ Compensation Insurance covers your workers when they are working for your trade or business and/or while acting under your instructions.

Workers’ Compensation protects you and your business from financial claims when a worker sustains a work-related injury or disease. It provides injured workers with weekly payments to cover loss of earnings and payment of reasonable medical and vocational rehabilitation expenses, where necessary, to help them remain in or return to gainful employment.

Q. Why do I need Third Party Liability Cover on my Motor Vehicle Policy? Isn’t this what I pay for in my vehicle registration?

Third Party Liability covers you for damage, legal costs and repairs to other vehicles (third party) or property in an accident. Third Party Only Insurance includes Uninsured Driver Cover – that means if you’re in an accident with an uninsured driver, and the accident is their fault, repairs to your car could be covered up to a limit.

Compulsory Third Party (CTP) Insurance is a minimum and compulsory level of cover in Australia. You automatically get CTP Insurance in WA when you pay your car registration.

CTP covers you against personal injury you might cause to another person in a car accident or incident. This means that you’re covered if you’re held responsible for any injuries or fatalities to third parties caused in an accident.

CTP DOES NOT cover damage to vehicles or property.

Q. Are undeclared/unlisted drivers covered under a Motor Vehicle Policy?

Policies vary so it is always wise to contact your broker and notify them of any undeclared driver that may drive your car.

Q. If my situation changes, do I wait until my policy is due for renewal to make a change?

Definitely Not! Any changes to your situation – address, occupancies, additions to property, additions to contents, changes in tenants or rent changes should all be notified to us immediately, to make sure your cover remains adequate and appropriate for you.

Staff pitch in with ‘It’s in the Bag’

There are 85,000 homeless women who need your help this Christmas, according to the charity Share the Dignity.

Many have fled domestic violence or experienced extreme poverty. Yet women in crisis will often put the needs of others before themselves, especially at Christmas and MOST especially if they have children with them.

The staff at MGIB wanted to do something this Christmas that would provide homeless women with hope and maybe a small amount of happiness.

So we climbed aboard Share the Dignity’s “It’s in the Bag” campaign.

That involved staff members purchasing toiletries and sanitary items that homeless women might not otherwise have access to.

For us it was a meaningful gift that we know will be deeply appreciated.

If you would like to join us in helping homeless women this Christmas, visit Share the Dignity’s website

Don’t fall into the set and forget trap with Personal Insurance

Perhaps you are one of the wise minority who understands the value of Life Insurance to protect your family’s financial future.

You’ve made the arrangements and you have a good Policy in place.

But have you completely undermined its effectiveness by not keeping it up to date? Not reviewing your Policy to ensure the insurance is still adequate.

Or maybe yours could be among the one in four policies (*according to research by Finder.com.au) that will send money to an out-dated beneficiary?

Worryingly, the research also showed 25 per cent of people with life cover in superannuation, were not even sure if they had nominated a beneficiary!

Life Insurance – could ACTUALLY be your most precious asset, so it makes sense to take care of it by reviewing its details regularly.

Maybe your family has grown since you first set up the policy?

Or maybe your lifestyle has changed, you’ve bought a new house, have more debt?

All of these events could impact the amount of cover you would require to protect your family’s financial future.

Could your spouse or children cope financially if something unexpected were to happen to you?

It is worth considering. Phone us at MGIB if you would like help with reviewing the adequacy of your cover.

How would your business cope without its key players?

Could your business carry on if something traumatic happened to a key staff member?

Or could it mean disruption to other staff, missed opportunities, failure to meet project delivery deadlines, lost revenue and increased costs?

Business owners are often so busy they don’t stop to consider the true cost of losing a key employee, business partner or even themselves.

Ultimately, the very future of your business could rest on the shoulders of just a few key people.

It’s a daunting prospect but Key Person Insurance can help protect the future of your business in the event of a tragic death or disablement.

It can be used with Buy/Sell Life Insurance (also known as Business Succession Insurance) which covers the change of ownership if an owner dies or become incapacitated.

Often a cash injection to an affected business can keep a bad situation from becoming worse or even catastrophic.

The proceeds from a Key Person Insurance claim could be used to:

  • Minimise or eliminate the potential loss of revenue, sales or profits
  • Help cover the often significant costs of finding or training a replacement
  • Service or repay any debts that are called in
  • Cover the impact of write down in the goodwill of the business
  • Provide needed liquidity
  • Help keep staff and maintain essential supplier relationships.

If you would like to know more about Key Person Insurance, phone us at MGIB.