Risk Advisors & Insurance Brokers

Call us on 08 9344 665008 9344 6650

FAQs

Following are some frequently asked questions that may be helpful for you. Please call us if you have a specific question you'd like answered. We're alway happy to help.

Brokers

Why use an insurance broker?

An insurance broker’s first job is to assess your business risk. Then they ensure you have the right protection in place to address your specific risks. Austral Risk Services assess your risks and provide impartial advice, critical claims service, and access to comprehensive and tailored policy wordings at competitive prices – and we are your advocate in the event of a claim. This is an important role.

At Austral, our aim is to build trust, transparency and excellent communications in all our relationships with our clients to ensure we can perform to our best ability for them. Oh and we’re also friendly and personal too.

Claims

How do I make a claim?

Contact Austral immediately and we will make the claims process easy for you. See our Claims section here for all the details you’ll need. We urge you to read this carefully so you comply with all your insurer’s information needs.

Why do I need to pay my Excess?

Most policies are subject to an excess – this is the amount you (being the Insured) have to contribute towards your claim.

Can I go ahead and have my vehicle/house/building repaired or do I need to get permission?

If you need to make a property safe and mitigate the possibility of further loss, then the insurer will allow you to do so. Please contact Austral Risk Services for initial advice where possible.

Insurance

Which insurers do you deal with?

We deal with a large number of local, interstate and overseas insurers. Austbrokers is the fifth largest broker in Australia and as a part of it, Austral can and will find the best insurer to suit your specific needs.

What does an insurance broker do?

A broker is your independent insurance advisor. Austral Risk Services will analyse your business, the risks it faces and your regulatory obligations. We then provide guidance on the best solutions for value and security. We also act as your advocate in the event of a claim.

What is the difference between a broker and an agent?

An agent works on behalf of the insurer. We work on behalf of you.

What makes Austral different to other risk advisors and insurance brokers?

We believe Austral has a lot to offer your organisation. Find out more here.

What does QPIB stand for?

Qualified Practising Insurance Broker

What does ANZIIF stand for?

Australian and New Zealand Institute of Insurance and Finance

What does NIBA stand for?

National Insurance Brokers Association

Who are Austbrokers?

For all the details about Austbrokers, please click here.

New clients - Starting with Austral

When can I get covered from?

As soon as we have the required details and you instruct Austral to place cover on your behalf.

Can you send me Certificates of Currency?

Yes of course, these can be provided.

How long do I have to pay my insurance?

Our payment terms are 14 days. If you prefer, we can arrange premium funding for you to assist with your cashflow.

Can my invoices/statement be emailed to me?

Yes they can – we offer a number of options for you to receive information from us.

Do I need to sign anything when I get insurance with you guys?

Not always, however if a proposal form or declaration is required, we will request it.

How do I start dealing with Austral as my insurance is currently with a different broker?

Contact our office and ask to speak to one of our helpful brokers and we’ll arrange everything for you.

Can my insurance invoices be sent to my accountant?

Yes, if you (being the Insured) authorise us to do so.

Price

Can I get a discount on my insurance premium?

We negotiate with insurers to get you the best possible rate. Our network is comprehensive so we have the capacity to offer real savings to clients who have a reasonable claims history.

Why isn’t the cheapest insurance option necessarily the best option?

Like many non-insurance products, you do get what you pay for. Insurance is no different. As your broker, we can help explain the different options and why it may be preferable to choose a more expensive option to ensure you have the correct protection for you and your business.

Why is insurance so expensive?

We suppose the other way of looking at this question is, how much is insurance worth to you?

Having security and knowing that your company or business can weather any storm is paramount. Premiums do vary from time to time and we will always keep our clients abreast of any savings they can make in their insurance premiums as we appreciate that this can be a considerable expense for any business. This is part of our role as your insurance broker.

Risk

What is risk management?

Risk management is defined by the international risk management standard ISO 31000 as “coordinated activities to direct and control its activities with regard to risk”. It can be more broadly described as the culture, processes and structures that are directed towards realising potential opportunities while managing real or potential adverse effects.

Why manage risk?

Risk management enables an organisation to more confidently exploit opportunities, meet compliance requirements and protect its people, assets and reputation. It assists in the distinction between good luck and good management and bad luck and bad management.

What is the relationship between risk management and insurance?

The majority of risks in a business environment are not insurable. Identifying risk in the broader context enables Austral to design business insurance programs which efficiently and cost effectively meet clients specific risk exposures.

How will having a risk management approach eliminate our business risk?

It is not possible nor desirable to eliminate all business risk. For a start, some risks are not identifiable. However, organisations which actively identify and manage risk in their activities are more likely to be better prepared and respond quickly when things go wrong.

We already manage our risks. How can you help us?

That is great and most businesses do manage risk in many ways.

Austral can benchmark your risk management practices against industry best practice and assist you to integrate risk management with other processes such as compliance, incident management, business continuity planning and internal audit.

How can Austral assist our organisation with business risk?

Our first step is to speak with senior management (CEO/Co Sec.) to determine your current level of risk management. This initial assessment places us in a position to present a proposal setting out how we can assist to support your risk management activities.

What is the cost of the initial assessment and any ongoing activity?

The initial discussions are at no cost to you. The cost of further activity depends on the advice required and the size and complexity of the organisation. We can say with every confidence that our scale of fees is extremely competitive and are agreed with our clients prior to the commencement of any activity.

Vehicle claims

I have had an accident, what do I do now?

Contact Austral Risk Services immediately and we will make the process easy for you. See our Claims section here for all the details you’ll need. We urge you to read this carefully so you comply with all your insurer’s information needs.

Why do I have to pay an excess?

Most policies are subject to an excess – this is the amount you (being the Insured) have to contribute towards your claim.

Why has my No Claim Bonus gone down?

A No Claims Bonus will reduce if a driver has had an at fault accident in the previous policy period. It generally takes two years to return to the previous No Claims Bonus.

Why am I at fault?

If your insurer is unable to recover costs back from a third party, you could be considered “at fault” for your claim. It is therefore critical you obtain all third party details (eg. Their Insurers details, name, address, phone number, vehicle year/make/model/registration number and licence details) in the event of a motor vehicle accident.

Can you give me a hire car?

If you select the hire car option (in the event of an accident) with your policy, yes, you may have a hire car while your vehicle is undergoing repairs. Ask your broker about your policy details if you are unsure.

How much is my excess?

As your excess will depend on your individual or company circumstances, we ask you to please contact your Austral Risk Services broker to determine your exact excess amount.

Can I insure my personal vehicle or my daughter/son’s vehicle under the motor fleet policy?

This could be an option depending on your individual circumstances. Please contact your Austral Risk Services broker to discuss your options.

Workers’ Compensation

Do I need to insure my subcontractors under my Workers’ Compensation policy?

Please speak to your Austral Risk Services broker. You can also refer you to the relevant website for each state for comprehensive information: .
NSW – workcover.nsw.gov.au
NT – worksafe.nt.gov.au
QLD – worksafe.qld.gov.au
SA – workcover.com
Tasmania – workcover.tas.gov.au
Victoria – vwa.vic.gov.au
WA - workcover.wa.gov.au/employers/understanding-your-rights-obligations/covering-your-workers/contractors-subcontractors/

One of my employees has been injured – how do I make a Workers’ Compensation claim?

Contact Austral Risk Services to obtain the necessary claim forms and advice.

 

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