Understanding You and Your Business is Key.
When you run your own practice you have to work hard at it for 12 months a year. That’s why you need a broker that works just as hard. We can assist you to identify the day-to-day risks which your practice faces, and help you to decide how to handle and manage those risks which you decide to transfer to insurance. We will help you find the right insurance solutions for your needs.
Whether you work in Allied health, General Practice, Private Practice Specialists, Public Health or any other profession we understand the importance of the right advice. The world of insurance is complicated but its doesn’t need to be. We can clearly explain in black and white the risks you and your business faces and the covers available to protect your assets, reputation, and professional liability to patients and customers.
What Insurance Can We Help With?
There are so many options and types of cover out there its hard to know what’s important and what’s not. At Odyssey we will talk you through all types of covers available for your profession and industry. From statutory insurances that are required as minimum to the many choices available. Below is a list of the common products we can assist with:
- Business Insurance
- Commercial Investment Properties
- Contract Works Insurance (For new builds or fit outs)
- Cyber Liabilities
- Management Liability (D&O) Insurance
- Medical Indemnity for Allied Health, GP’s or Specialist Practices
- Medical Indemnity for Doctors
- Motor and Home Insurance
- Professional Indemnity for you or your business
- Residential Landlord Properties
- Workers Compensation
- And much more, if its not on the list doesn’t mean we can’t help
Our Client Service Approach
- Tailoring your strategy
We can carry out a needs analysis to identify potential and existing risks to your business – taking into account your risk appetite and any issues concerns you have. We do research on insurers to present you with a personalised program to suite your needs within your risk profile.
- Placing cover
We implement your tailored insurance strategy, confirming and communicating the details of your policy and premiums.
- Delivering ongoing service
We can handle the day-to-day management of your insurance cover, holding regular review meetings to make sure you continue to have the right level of protection and recommending changes where necessary to cover any new or emerging risks.
- Managing your claims
If you have a claim, we can support you through the entire claims process – negotiating with insurers and third parties to ensure effective communication, swift legal advice, manage and arrange payment of any benefits per the policy terms and conditions. We can maintain up-to-date claims statistics and analysis on your claims frequency, severity, causes and trends so we can get the best outcome for you when it’s time to renew your policy. If a common claim arises, we can discuss risk management strategies to mitigate and minimise recurrences protecting your ability to gain access to insurance in the years to come.
- Renewing your cover
As the end of the year approaches, we can review any changes to your business over the course of the year, including any claims you made and put together a proposal recommending the best option for you for the following year.
When Should You Have a Policy Reviewed?
There are many situations that should trigger a review of your insurance policies, including changes in the following:
Moving premise, buying equipment, increasing stock, fitting out additional rooms or buying a property – you should ensure your policy covers the current value of your assets on hand. We can adjust your policy to reflect this value or if necessary arrange a new policy for the new assets. Banks and financiers also generally require interest to be noted on any mortgage or secured assets.
Staffing – if you have either increased or reduced the size of your team, this may affect the types and levels of cover you need.
New risks to your business – has the way you operate your business created any new risks to consider? For example, increased cyber risks from working in different environments. Bringing in more contractors such as allied health professionals, doctors, nurses or third-party admin support.
Increased or reduced gross billings/turnover can impact your business interruption, cyber and professional indemnity policies.
New services you have launched for you patients or customers.
Any newly created entities may have affected your operations or have interests in assets and necessitate a change to insured names on your policy. The wrong name insuring the wrong asset can be incredibly difficult to manage at claim time.
Any changes to directorships or shareholding.
It is important to note that waiting for your renewal to roll around may not be the best strategy, as there could be significant deficits in cover and potentially leave you at risk.
The Benefits of Reviewing Insurance Policies
As a Steadfast insurance broker, we are able to access many of these services for FREE! We have access to experts in this very complex field to help. Ask us how we can help you.
Save time
Researching different policies and comparing policy wordings can be time consuming and tedious. With innovative tools, we can quickly compare and assess different insurance products – taking the hard work out of finding the right cover.
Expertise
We can take the time to understand your business and provide options that suit you.
Save money
We help ensure you have the correct levels and types of insurance in place so that you are paying the right premium. If your circumstances have changed, we can also recommend ways to help ensure your cover is cost effective.
Reviewing your funding options
You may wish to pay your premium for the year upfront, or in flexible monthly or quarterly instalments to assist with your cashflow. We can assist in sourcing premium funding options to suit your needs.
By reviewing your current situation, we can help ensure you have the right types of cover required and the correct sums insured so you have peace of mind that you are adequately protected.