FAQ's

Why Choose an Insurance Advisor?

Navigating the sea of insurance products and providers in today's market can be overwhelming. Finding the right policy to meet your specific requirements is no easy task.

An Insurance Advisor, also known as an Insurance Broker, understands that every business is unique. With their specialized training and qualifications, they can tailor an insurance program to suit your specific needs. This not only saves you time and money but also provides peace of mind knowing that your business and personal assets are protected.

During claims time, you can rest assured that your Insurance Broker knows your policy inside out. They understand the claims process and are there to offer support during this stressful time, allowing you to focus on running your business.

Personalized Coverage - We understand that every business and individual has different requirements. Our team of expert Insurance Advisors takes the time to get to know your specific situation and designs a customized insurance program just for you. This approach not only saves you time and money but also ensures that you are fully protected.

Expert Guidance - Navigating the complexities of insurance policies can be challenging. With CoverMe, you have a dedicated team of professionals who understand the intricacies of insurance and are here to guide you through every step.Whether it's selecting the right coverage or filing a claim, we're with you all the way.

Dedicated Support - Our commitment to you goes beyond just providing insurance. We offer ongoing support and assistance, ensuring that your coverage remains up-to-date and aligned with your needs. With CoverMe, you're never alone in managing your insurance.

What's the Difference Between an Insurance Advisor/Broker & an Insurance Agent?

Insurance Advisor/Broker - An Insurance Advisor, also known as a Broker, works on behalf of the client, not the insurance company. With access to a wide range of Australian and International Insurers, their goal is to find the best possible product and premium to meet your specific needs. They offer unbiased advice and are dedicated to ensuring you have the right coverage tailored to your requirements.

Insurance Agent: In contrast, an Insurance Agent represents a single insurance company and offers products exclusively from that company. Their role is to sell and service the policies provided by the insurer they work for, which may limit the range of options available to you.

How do I know Coverme will act fairly on my behalf?

CoverMe Insurance Solutions is a proud member of the National Insurance Brokers Association of Australia (NIBA), the leading trade association for insurance brokers in Australia. Our commitment to fairness and transparency is underscored by our adherence to NIBA's Insurance Brokers Code of Practice.

The Code is a testament to the industry’s dedication to maintaining high standards of competency, training, and customer service. It ensures a transparent and accessible complaints and compliance review process, with binding sanctions for any breaches. This framework is designed to foster more professional, informed, and effective relationships between insurance brokers and their clients.

For more information and to view a copy of the Code, click HERE.

Will I Pay More Using an Insurance Advisor?

An Insurance Advisor understands that the cost of a policy is an important factor for you. However, they also recognize that insurance policies are not all the same. Their goal is to get you the right coverage at the right price, ensuring you have peace of mind knowing that at claims time, you're covered.

Insurance Advisors have access to multiple insurance companies, which often allows them to obtain better policies with more competitive premiums compared to direct insurers. This means you can benefit from enhanced coverage and potentially lower costs.

How is an Insurance Advisor Paid?

We bring a wealth of knowledge and expertise to the table when it comes to insurance. This expertise enables us to help you secure the right insurance policy to meet your specific needs. In return, we are compensated in two ways:

1. Commissions: We receive a portion of the yearly insurance cost (commissions), which can vary based on the policy and the insurance company. This cost is included in your monthly payments.

2. Service Fees: We charge fees for any additional services we provide. These fees are paid directly from the client to the broker.

For more information on the services we provide, please refer to our "Statement of Services" page.

What Should I Do If My Circumstances Change?

It's crucial to inform your Insurance Broker if you experience any changes in your business. Alterations in your circumstances can affect your risk exposure, either reducing or increasing it. By keeping your Broker updated, they can review your insurance coverage and ensure you have the appropriate level of protection in place. This will help guarantee that you are adequately covered in the event of a claim.

How do I make a claim?

Contact Your Advisor: As soon as possible, reach out to your Insurance Advisor to initiate the claims process. They will guide you on the next steps and ensure that your insurer is informed promptly.

Inform Your Insurer: Once you’ve contacted your Advisor, they will notify your insurer of the claim. This step is crucial in getting the process started and ensuring that all necessary documentation is in place.

Next Steps: Your Advisor will help you understand the specific actions you need to take to recover from your loss. This may include gathering relevant documents, photographs, or other evidence to support your claim.

Policy Coverage Review: Your Advisor will review your policy coverage in detail to make sure you receive everything you are entitled to. They will explain the coverage terms and conditions and how they apply to your particular situation.

Support Throughout the Process: Filing a claim can be a stressful experience. Your Insurance Advisor is there to provide support and guidance throughout the entire process. They will keep you informed and address any questions or concerns you may have.

Resolution and Follow-Up: Once the claim has been processed, your Advisor will ensure that you receive the appropriate settlement. They will also follow up with you to make sure you are satisfied with the resolution and to offer any additional assistance you may need.

For further details, please visit our "Make a Claim" page.

What is a Financial Services Guide?

A Financial Services Guide (FSG) must be given to a potential client by a licensee (or an Authorised Representative) as soon as practicable. This document serves as an important tool to help you understand our business practices and includes the following key information:

• Documenting the Standard Basis of Our Service: The FSG outlines the foundational principles on which we act for our clients. This includes the scope of the services we provide, the terms and conditions under which we operate, and the basis on which we offer our advice.

• Providing Statutory Notices and Information: The FSG includes all legally required disclosures. This encompasses details about how we are compensated, such as the commissions we may receive from insurers and any fees we charge for our services. It ensures full transparency regarding our earnings and any potential conflicts of interest.

• Explaining Client Business Handling: The FSG describes the processes we follow to manage and handle your business effectively. This section covers how we collect and use your information, the steps we take to ensure the security and confidentiality of your data, and the measures we implement to deliver high-quality service.

• Your Rights and Obligations: The FSG informs you about your rights and responsibilities as a client. This includes your right to receive accurate and honest advice, your right to access your information, and your obligation to provide complete and truthful information to ensure we can serve you effectively.

• Complaints and Dispute Resolution: The FSG outlines the procedure for raising concerns or making complaints about our services. It provides details on how we handle complaints, the timeframe for resolution, and the external dispute resolution services available to you if you are not satisfied with our response.

• Professional Standards and Code of Practice: As members of professional associations, we adhere to industry codes of practice. The FSG explains our commitment to maintaining high standards of competency, training, and ethical conduct. It ensures you that our services are delivered with integrity and professionalism.

What is a Product Disclosure Statement (PDS)?

A Product Disclosure Statement (PDS) is issued by the insurer and provides essential information about the insurance policy you are considering. The PDS includes:

• Insurer Information: Details about the insurer offering the policy.

• Significant Benefits and Features: An overview of the main benefits and features of the policy.

• Exclusions: Information on what the policy does not cover.

• Significant Risks: A summary of the major risks associated with the policy.

• Other Important Information: Additional details you should be aware of before making a decision.

It is crucial to carefully read the PDS before purchasing an insurance policy to ensure you understand all the terms and conditions.