Q: How do you go about arranging a quote for comprehensive car insurance through a broker, rather than direct with the insurers? (Question resubmitted, minus typos!)
A: Hi Simon,
The value of calling a broker really depends on the value of the vehicle, and if its for single or multiple vehicles.
The best thing would be just to call a local insurance broker and run them through the details.
Q: About to start renovating the kitchen, bathroom and do some landscaping. We’re managing the project but because we have different tradies and suppliers coming through the house do we need to do anything with our insurance. What do we need to do to make sure we’re protected if the tradies get injured?
A: Hi David,
The tradies will be covered by Workers Compensation legislation if they have an injury while at work. You should request all tradies provide a copy of their Certificate of Currency to ensure they have a policy in place. The exception to this rule is Sole Traders who are not required by law to purchase cover.
On top of that, generally your Home and Contents insurance will include $20m in Public Liability cover. This will protect you against any findings of negligence on your behalf resulting in injury to people or property. You should check the PDS of your H&C's policy to make sure this cover is in place.
I hope this helps.
Q: Hi simplyaskit community,
I'm looking for a lawyer to draw up agreements for my small business. I need to draw up a business agreement for new parties to sign and help write T&Cs for contracts and competitions. What sort of lawyer would I need to approach? Can an expert on this platform assist?
A: Hi Natalie,
You need a Corporate Lawyer.
I can recommend a few.
If you after a large reputable firm -
Sparke Helmore - Ben Burney - email@example.com. If you mention to Ben that I referred you he will look after you.
Alternatively, if you are after a smaller firm, you should contact:
Andrew Kemp - Kemp & Co - firstname.lastname@example.org. As with Ben, mention my name to Andrew and he will sort you out.
Q: I have a client with some low value tools of trade, vehicles and excavation equipment. Is it possible to insure these for 3rd party property and public liability with a blanket policy? He is trying to keep the premium low without being exposed.
A: Hi John,
Yes it is possible. The tools can be covered under a General Property policy. Depending on the value of individual tools, they will be automatically included in the policy. If there are specific tools that exceed a threshold (usually $3,000) they have to be noted on the policy, but will still be covered.
Public Liability is a separate policy. The usually recommended $20m of cover is pretty cheap, depending on turnover and what his key tasks involve.
Happy to assist with any further questions.
Q: What's the best way to get the cheapest insurance on a car worth no more than $5000?
A: Google Compare the Market and look for the Meerkat
Q: What is the best way to work out your home contents value you need covered. What type of insurance is best? One that is hooked up with my banking?
A: Hi Dave,
The best way to be precise about contents value is to complete an asset schedule - listing all of the items are giving them a value. Remember it is replacement value you are looking for, not the value of the condition items are currently in.
In terms of where to buy, if your home and contents is high value, or you have multiple properties, or you have valuable art or jewelery, you should speak to a broker. Otherwise your best bet is to go to Compare The Market - I know the meerkat is a bit of fun, but the website is actually very useful.
Q: I read somewhere that it is possible to ask employers to salary sacrifice things like cars and laptops. Can you explain why that would be beneficial versus purchasing those items the regular way?
A: When you salary sacrifice you don't pay tax on the car or laptop repayments that would have otherwise been considered income.
So overall you pay less tax.
Q: What is the process to getting your jewellery insured and what would I need to make a claim? Are there any organisations you can recommend for this coverage?
A: Hi Camille, there are speciality insurers who will be the most competitive for insuring jewellery. If you engage a broker they will be able to go to a number of markets for you to get the right price.
Happy to assist if you would like some quotes.
Q: Do all insurance companies charge more for auto insurance because I'm under 30 or do I need to shop around?
A: Hi Camille,
All Insurers will factor in you being under 30, however being a female helps your cause.
You definitely need to look around - Compare the Market is a great web site to help you with this.
Just be warned - the cheapest policy isn't always the best cover. Always check the product offering before purchasing insurance.
Q: I'm looking to purchase a new 7 seater and tossing up between the Toyota Kluger and Prado. Has anyone got any advice based on experience?
A: If you want a family car get the Kluger. If you want a 4wd get the Prado.
Q: Would anyone recommend taking out a policy of title insurance on a property?
A: Hi Justin,
It really depends on what is on the property. Title Insurance provides you with protection if there is any contaminated products on the property. Examples of this could include asbestos in a building, or old waste material that has been stored on the property. If there is an old house, industrial buildings or its a large property that has not been fully explored I would recommend the cover.
Its a relatively cheap cover to purchase.
Q: Unsure if my husband and I should take out life insurance and what institution should I approach?
A: Hi Antonella,
It's a question not enough people are asking so thanks for raising it.
Without knowing your personal situation its hard to determine, but essentially you need to look at your financial situation should you or your husband no longer be able to work, or unexpectedly pass.
If the remaining partner and children could not remain financially viable without the other income stream then life insurance should definitely be considered.
The best thing to do is speak with a financial advisor. I don't handle this personally, but my colleague Paul Christie would be happy to help out.
You can contact him on 0411 282 414.
All the best!
Q: I run my own business and a mate of mine suggested I speak to someone about debtor finance - can you give me an idea of how it works?
A: Essentially Debtor Finance allows you to utilise money you have invoiced before you've actually collected the money from your client. it's useful for businesses who provide 30+ day credit terms to their customers.
essentially the bank will loan you the amount of the invoice on the provision you will pay it back once you receive the money from the customer. obviously there is some interest added to the repayment which is how the lender makes their money.
if you are having problem collecting debts, you could look at accessing trade credit insurance to protect yourself against defaulting customers.