We’re upfront about it. Making an insurance claim is not always a straightforward process. In fact, it can be a real hassle!

Here at MGIB, we work hard to protect our clients from enduring that kind of hassle. Especially at what could potentially be a very stressful time in their lives.

As your broker, MGIB will not only ensure you have the correct insurance for your own personal circumstances in the first place, we’ll step in when you need us most to help you through the claims process, even negotiate a settlement on your behalf. That’s less stress for you and potentially even a better result in the end.

This little two-minute animated clip sums it all up pretty well…

MGIB’s commitment to helping our clients in this way is reflected in our decision to have a dedicated Claims Manager on board. Rose has been with us in this role for the past three years and clients are often so thankful for her assistance that she receives lovely gestures like cards and flowers from them.

If you’ve ever had to settle an insurance claim, you would know that you are sometimes required to deal with a raft of people like underwriters, assessors, repairers and more.

With Rose on your side, you have a liaison between all parties and just one point of contact to think about – us!

It’s not just accountants who get very busy at the end of the financial year. Over the last few weeks of the financial year, things get pretty hectic here at MGIB too. Of course, that’s just the way we like it.

You see, we encourage all our business clients to set a timer for June 30 as a reminder to review their insurance policies.

It’s a smart thing to do on an annual basis but this year, there’s a few extra reasons why we’re suggesting you call your MGIB broker for a catch-up.

1. From July 1, under changes announced in the 2016/17 Federal Budget, an additional 60,000 Australian Businesses will now be re-classified as ‘Small’ businesses and be able to enjoy additional associated deductions as a result.

Previously, small businesses were categorised as those with an annual turnover of less than $2 million but from July 1, 2016, the cut-off has been raised to those businesses with a turnover of less than $10 million.

2. Businesses which fit into that ‘Small’ category by having a turnover of between $2 million and $10 million are now also eligible for an instant tax deduction on business purchases up to the value of $20,000. Smaller companies have enjoyed this benefit since last year.

The offer expires on June 30, 2017 so it’s a great time to update or upgrade your equipment.

3. Businesses looking to take advantage of the above opportunity should discuss the insurance implications with their broker and update their policies accordingly. Don’t forget to let us know if anything else in your business has changed over the past 12 months. This will ensure you have the correct level of cover in place.

Best wishes for a rewarding new financial year ahead. We look forward to seeing you at a review meeting soon.

We’ve spoken a few times now about the growing threat of cyber crime but with recent high profile breach cases like the Ashley Madison website, it’s now BIG news.

This was a big company example but the truth is, around 60 per cent of all cyber attacks are targeted at SME businesses. (2014 Cost of Data Breach Study: Australia)

That’s because they’re more vulnerable, often without the time, budget or know-how to ensure proper security. The same study showed the average cost of an attack on an unsuspecting business victim was around $275,000! That kind of money could be the difference between growing the business and shutting up shop!

You could adopt a ‘she’ll be right mate’ type of attitude but it would be a dangerous one, with the risk of cyber crime so high that another study on the topic predicts 1 in 5 (18%) of Australian businesses are  likely to suffer a cyber attack in the next two years.

Cyber crime is used as an umbrella term to refer to an array of criminal activity including offences against computer data and systems, computer-related offences and copyright offences. Cyber criminals (like hackers or even someone close to the business) will often target sensitive client information like bank details.

Thankfully, with the growing risk, comes a growing collection of resources and tools to help mitigate the risks of cyber crime and reduce the potential impact on your business.

The Australian Signals Directorate has developed a list of strategies to address the risk and are ranked in order of their effectiveness. Its Top 4 Strategies to Mitigate Targeted Cyber Intrusions are mandatory for  Australian Government agencies.

You can read them here.

Or visit these excellent websites, to help you better understand all types of cyber risks:

• Australian Cybercrime Online Reporting Network – acorn.gov.au
• Cybersmart website and Outreach program – cybersmart.gov.au

Finally, there is Cyber Insurance.

This is a flexible package policy that provides a range of cover designed to easily integrate with your existing insurance program.

For more information about preparing for the event of cyber attack, please call your broker.

Few families these days would deny the value to their peace of mind provided by Life Insurance. Many though, feel they can’t afford it and so opt for the next best scenario of paying for their premiums out of their superannuation policy.

It’s a completely understandable strategy for families struggling to balance their fortnightly budget.

And lets be honest, it’s better than nothing! But there are some down sides to purchasing policies for personal insurances through your superannuation and we hope that by providing you with the following information, any decision you make will at least be an informed one.

First, we’d like to share a story with you that featured in the national media recently…

A woman with paraplegia has just won a court battle with an insurance company which had been with-holding a payout on her Total and Permanent Disability policy worth $110,000, claiming the policy expired when her employment ended with the fast food company which set up her superannuation fund.

A clause in the TPD policy about the cover expiring when her employment ended was buried in the policy fine-print.Trouble was, the insurance company was still deducting premiums for the policy from the woman’s superannuation account, well after the policy was supposedly null and void.

According to the news coverage, there could be many other former employees also still paying premiums for cover they would apparently never be able to claim on. The insurance company claimed it was up to individuals to let them know when their circumstances, like ceasing employment changed.

The key to this story is ‘fine print’. Many of us don’t take the time to read it and even we experts sometimes have trouble deciphering some of it.

The problem is though, if you don’t know what you’re paying for (even if the payments are just coming out of your super fund), it might be completely inadequate for you. Can you imagine making regular payments on an insurance product, possibly for years, only to discover when you had to make a claim that it was basically worthless? All because of some ‘fine print’.

Don’t risk wasting your money altogether, let us help you make an informed choice about the type of personal insurances you need.  It makes some real sense.

Following that, phone MGIB and we can talk you through the options in plain English.