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F.A.Qs
Frequently asked questions
Business Insurance
The cost of business insurance can vary significantly depending on factors such as the size and nature of your business, the level of coverage required, industry-specific risks, and your claims history. It is best to obtain quotes from multiple insurers to compare costs and coverage.
In Australia, common types of business insurance include but not limited to:
- Business Pack Insurance
- Public & Products Liability Insurance
- Commercial Property Owners Insurance
- Commercial Strata Insurance
- Commercial Motor & Fleet Insurance
- Truck and Transport Insurance
- Cyber Liability Insurance
- Professional Indemnity Insurance
- Management Liability Insurance
- Marine Cargo Insurance
- Construction / Contract Works Insurance
While some forms of business insurance, such as public liability insurance, may be required by law or certain industry regulations, other types of insurance are optional. However, it is highly recommended to have the appropriate insurance coverage to protect your business adequately.
Choosing the right business insurance policy involves assessing the specific risks faced by your business, understanding policy features and exclusions, comparing quotes from different insurers, and seeking advice from a Backed Insurance qualified broker.
Yes, many insurers offer the flexibility to customise business insurance policies to suit the specific needs of your business. You can add or remove coverage options, adjust coverage limits, and tailor the policy to align with your risk profile.
Claims
At Backed Insurance we understand that filing a claim can be a concern for many business owners. While it is difficult to give a definitive answer without knowing the specifics of your policy and claim, we can provide some general information.
In most cases, filing a claim does have the potential to impact your insurance rates. Insurance companies typically consider several factors when determining premium rates, and a claims history is one of them. If you file multiple claims within a short period of time, it could lead to an increase in your rates.
However, it's important to note that not all claims will result in a rate increase. Factors such as the severity of the claim, your claims history, and the terms of your policy will all be considered by the insurance company.
At our brokerage, we strive to provide personalized service and guide you through the claims process. We can help you understand the potential impact on your rates and explore options to mitigate any increases. It's always best to discuss your specific situation with one of our experienced agents who can provide tailored advice based on your unique circumstances.
Please keep in mind that this general information may vary depending on the insurance company and policy. It's always recommended to review your individual policy or consult with an insurance professional for accurate and detailed information regarding how filing a claim may affect your rates.
We understand that navigating the claims process can be overwhelming. That's why we are committed to providing you with the support and guidance you need every step of the way. When you file a claim with us, you can expect:
Personalised Assistance: Our team of experienced agents will be there to assist you throughout the entire claims process. We will listen to your concerns, address any questions you may have, and provide guidance based on your specific situation.
Claim Evaluation: We will carefully evaluate your claim to determine its validity and coverage under your policy. Our goal is to ensure that you receive the maximum benefits you are entitled to.
Documentation and Paperwork: Filing a claim often involves a significant amount of paperwork. Our agents will help you gather and organize the necessary documentation, ensuring that it is completed accurately and submitted on time.
Direct Communication with Insurers: We will act as your advocate and communicate directly with the insurance company on your behalf. This includes negotiating settlements, providing additional information or clarification, and addressing any issues that may arise during the claims process.
Timely Updates: We understand the importance of staying informed about the progress of your claim. Our team will provide regular updates on the status of your claim, keeping you informed every step of the way.
Claims Support Resources: In addition to personalized assistance, we also provide resources to support you during the claims process. This may include access to online tools, guides, or FAQs that can help answer common questions and provide additional information.
Our goal is to make the claims process as smooth and stress-free as possible for you. We strive to provide exceptional customer service and ensure that you feel supported and well-informed throughout the entire process.
Submitting a claim with Backed Insurance is a straightforward process. Here's a step-by-step guide to help you navigate the claim submission:
- Contact Our Claims Department: As soon as you become aware of a covered incident, reach out to your account manager. You can find their contact information on your current policy schedule invoice or call 1300 475 140.
- Provide Relevant Information: When speaking with a claims representative, be prepared to provide essential details about the incident. This may include the date and time it occurred, a description of what happened, and any relevant documentation or evidence you have.
- Complete the Claim Form: Our claims representative will guide you through the necessary paperwork. They may ask you to complete a claim form, which will gather important information about the incident, your policy details, and the damages or losses incurred.
- Gather Supporting Documentation: Depending on the nature of your claim, you may need to provide supporting documentation. This could include photographs, police reports, witness statements, invoices, or other relevant records. Be sure to gather and submit these documents promptly to expedite the claims process.
- Review Your Policy Coverage: Our claims representative will assess your claim against the terms and conditions of your insurance policy. They will determine if the incident is covered and to what extent. If there are any questions or ambiguities, they will work with you to clarify and resolve them.
- Claims Evaluation and Processing: Once all the necessary information and documentation have been submitted, our team will evaluate your claim. We strive to process claims efficiently while ensuring a thorough assessment of the damages or losses. The length of time for claim processing can vary depending on the complexity and specific circumstances of each case.
- Communication and Updates: Throughout the claims process, we will keep you informed of the progress and any additional requirements. Our team will provide regular updates, addressing any questions or concerns you may have along the way.
We understand that filing a claim can be stressful, but your dedicated account manager is here to provide support and guidance throughout the process. If you have any questions or need assistance, don't hesitate to reach out to our team.
Please note that this guide provides general information, and the specific steps and requirements may vary depending on your policy and the nature of your claim. It's always recommended to review your individual policy or contact our brokerage for accurate and detailed instructions on submitting a claim.
If you're not satisfied with an insurer's claim decision you have options available to seek resolution. Here's what you can do:
Review Your Policy: Start by carefully reviewing your insurance policy to understand the terms and conditions, coverage limits, and any exclusions that may apply. This will help you determine if the insurer's decision aligns with the terms of your policy. Alternatively speak to your account manager and we can advise you accordingly.
Internal Dispute Resolution: If you are unable to reach a satisfactory resolution with the insurer, most insurance companies have an Internal Dispute Resolution (IDR) process. We can help you submit a formal complaint in writing to your insurers IDR department, outlining your concerns and desired outcome. The insurer will then investigate the matter internally and provide you with a written response within a specified timeframe.
External Dispute Resolution: If you remain dissatisfied with the outcome after going through the insurer's IDR process, you can escalate the matter to an external dispute resolution scheme. In Australia, the major external disputes resolution body is the Australian Financial Complaints Authority (AFCA). AFCA provides free and impartial dispute resolution services and have the authority to make binding decisions on certain complaints.
It's important to note that the specific process and steps may vary depending on your policy, insurer, and the nature of your claim.
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Please note that the answers provided here are general and should not replace professional advice. It is important to consult with a Backed Insurance adviser who can assess your specific business needs and provide tailored recommendations.