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Insurance Health Check

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Insurance Health Check

Our Health Check process is designed to offer you the ultimate in peace of mind by managing your risk effectively. We believe the basis of an effective insurance program is a good understanding of your organisation and your tolerance of risk. The fundamental basis of any insurance program is insuring risk, and determining how much risk your organisation is prepared to self insure, and how much you wish to transfer to an Insurer. As you can imagine, there’s a wide range of insurance policies out there, so it’s important your insurance program is properly tailored to meet your organisation’s specific requirements.

By providing an Insurance Health Check, we can help you make some of these decisions, and transfer the level of risk that suits your organisation. Our aim is for you to have peace of mind around your insurance arrangements so you can focus on what you do best.

Following an initial meeting with you to gather information and gain an understanding of your operations, we’ll undertake a comprehensive review of your existing Insurance Program. Once we’re done, we’ll meet with you to present our report and talk to you about what we found. That report will include the following information:

  • Executive Summary
  • Risk Profiling specific to you industry sector
  • Gap Analysis including review of your Disaster Recovery Plan, Financials, Property Valuations etc
  • Uninsured Risks Checklist
  • Contingency Planning
  • Risk Management Identification Sheet
  • Sample Risk Matrix
  • Building Sum Insured Calculation – if applicable
  • Business Interruption Sum Insured Calculation – if applicable

Download a copy of our Terms of Business

Laws and regulations are constantly changing and can have a significant impact on the way your policy responds to a claim or the adequacy of your sums insured. Things like Work, Health and Safety Legislation, Harmonisation Laws, Carbon Tax to name but a few, have all had implications on insurance. For example, would you be covered if you were fined for a breach of newly updated WHS legislation? Our report will address these issues where they are relevant to your industry sector and save you from potentially serious problems without even knowing.

Finally, our report will include a brief introduction to Guardian – our vision, and our Money Back Service Guarantee. While this report usually costs $500+GST, if after receiving the report, you decided to become a client and have us help you with your insurance, we’ll credit that amount back to you. Even if you end up choosing to go elsewhere, the report will still be incredibly useful for you and could save you much more than that down the track.

Download a copy of our Important Information Booklet

To find out more …. call us on 1300 482 734

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Guardian Insurance Group is made up of the following entities:

  • Guardian Insurance Group Pty Ltd ABN 49 112 066 261
  • Guardian Insurance Brokers Pty Ltd ABN 16 070 398 195 AFSL 239120
  • Guardian Life Brokers Pty Ltd ABN 56 111 952973 AR No. 470986
  • (an authorised representative of Synchronised Business Services Pty Ltd ABN 33 007 207 650 AFSL 243313)
  • Guardian Claims Management Pty Ltd ABN 64 127 939 191

The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice, and the relevant Product Disclosure Statement, available by calling us on 8238 0100, before deciding to acquire, or continue to hold, any insurance product.

  • Guardian Insurance Group - Our Guarantee

    Our Guarantee

  • Guardian Insurance Group - Pay An Account

    Pay An Account

  • Guardian Insurance Group - Claims

    Claims

  • Guardian Insurance Group - Contact Us

    Contact Us

  • What A Broker Does

Guardian Insurance Group is made up of the following entities:
Guardian Insurance Group Pty Ltd ABN 49 112 066 261
Guardian Insurance Brokers Pty Ltd ABN 16 070 398 195 AFSL 239120
Guardian Wealth Solutions Pty Ltd ABN 56 111 952 973 AR No. 470986
Corporate Authorised Representative of Synchron Advice Pty Ltd ABN 33 007 207 650 AFS Licence 243313
Guardian Insurance Claims Management Pty Ltd ABN 64 127 939 191

The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice, and the relevant Product Disclosure Statement, available by calling us on 8238 0100, before deciding to acquire, or continue to hold, any insurance product.

Guardian Insurance Brokers Pty Ltd are proud signatories to the NIBA Insurance Brokers Code of Practice.  A copy of this Code can be found at  NIBA Insurance Brokers Code of Practice.
If you wish a printed copy of this Code, please contact our office on 08 8238 0100 and ask to speak to your Account Broker, who will provide a copy to you via post.

Financial Services Guide  |  Important Information  |  Terms of Business  |  Privacy Policy

Case Study 2

A client had their annual review due and provided the requested documentation to the insurer. This client had done their due-diligence, and to keep cash flow positive, had started selling some of their assets to help the business remain liquid.

On receiving this information, the insurer concluded that their asset base was no longer strong enough to support the annual limit that they needed to keep building. The insurer placed a restriction on the facility, halting certificates, and new work, as well as requesting for a capital injection of over $1.2 million due to their depleted asset position.

As the client had already begun selling assets, they were no longer in the position to gain that amount of capital in such a short period of time. Upon receiving this feedback from our client, we began discussions about their current situation and how we could best solve the problem.

We worked closely with our client and put together a business plan, which included their plans to replenish their asset position as their margins were slowly returning to a more normal level, giving them some more freedom for the future to stockpile some new assets.

The insurer reviewed the business plan and took the client and our commentary into consideration. With this updated information, the insurer looked at the situation favourably and were happy to provide a rollover of terms, subject to quarterly reviews. At the following quarterly review, our client was able to demonstrate an increase in asset base and profit margins from the last review.

Case Study 1

A client recently had their annual review for their Builders Warranty Insurance and provided the requested documentation and information to the insurer. Due to the ongoing challenges within the building industry seen over the last few years, the client’s margins were viewed as slim and did not look favourable to the insurer on the initial viewing.

As a result, the insurer placed a restriction on the facility, halting certificates, and new work. They also provided terms that halved our client’s current annual limit and requested a capital injection of over $300,000 to satisfy their requirements.

Due to this outcome, our client was unable to start any new work, and had no way to provide a capital injection of that size in the short time frames outlined by the insurer. Our client proceeded to tell us that he would be calling his accountant to draft up the documentation to place his busi- ness into liquidation, as he thought that this was his only option.

After considerable discussion with the client, we initiated a meeting with him and his accountant and were able to talk through the documents that had been provided to insurer. We discovered that the accountant had not reported the information correctly and had overlooked a large portion of the business income and assets.

The accountant reviewed all the financial statements and documentation, providing updated versions that were then resubmitted to the insurer for review.

The insurer was happy with our client’s updated and correct financial reporting, and provided revised terms for the facility which included a rollover of his annual limit, and no facility restriction meaning we could start issuing certificates again.