Insurance Documentation

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When you take out a business insurance policy there are a number of different documents involved.

Some of the documents will be issued before your policy is in place, and some will be issued afterwards. Some must be completed and signed, whilst others are just for your reference.

In this guide we will look at some of the more important documents that you will receive during the insurance process.

Pre-Policy Documents

In many cases most of the documentation involved in a business insurance policy will need to be dealt with before you have a policy in place.

Quote Request

The first document in most cases will be the quote request form. This is generally completed via the publicliabilityinsurance website, or may be completed over the phone.

The quote request form contains a range of questions regarding you and your business. The form may seem like it asks a lot of questions, but this allows your insurance broker to get a better idea of your business and provide a more accurate quote.

In most cases the online quote form will contain all of the information we need, but if your business is a little more complex you may also need to complete a proposal form.

Proposal Form (optional)

Proposal forms are not required in most cases, but if your business is a little outside of the norm or conducts work in areas such as mine sites or large public spaces, the insurance company may ask for a full proposal form.

The proposal form will generally be specific to your industry or business type and will ask more questions about your specific business activities. This will allow the insurance company to provide a more accurate quote.

Financial Services Guide

All insurance brokers and advisers must issue their customers a Financial Services Guide (FSG) before providing any advice.

The FSG contains important information about the insurance broker or adviser, including the way that fees and commissions are charged and received.

The FSG is for your information only and does not have to be signed or returned.

Product Disclosure Statement

The Product Disclosure Statement (PDS) is commonly known as the policy booklet. It contains all of the important information regarding the insurance policy you are considering.

It is important to read the PDS before deciding whether or not to proceed with a policy, however this may seem like a daunting task given that a PDS can contain over 100 pages of text.

In most cases thankfully you will not have to read the PDS from start to finish, and instead you will only need to read the sections that are relevant to you.

For example if you are only taking out public liability insurance there is no need to read the sections on glass breakage or employee dishonesty.

If you have any questions or if there’s anything in the PDS that you do not understand, it is important to ask your insurance adviser or broker before going ahead with the insurance.

Quotation Summary

If you’ve requested a quote from us, the document you’re probably most keen to look at is the quotation summary.

The quote summary lists the price of the insurance and the types of cover which are included in your policy. The quote summary could be for a single form of insurance, or it could be for a number of policies under a single package.

It is important to review the information on the quote summary, especially the amounts and types of insurance, as well as the business description and any exclusions which may apply.

As with the FSG, there is generally no need to sign or return the quotation summary.

Post-Policy Documents

Once you have reviewed the pre-policy documents and have advised your broker that you would like to proceed with the insurance, the next set of paperwork received will be the post-policy documents.

As with the pre-policy documents, these should be stored safely for future reference. They may be sent to you in paper format, or increasingly many business owners are electing to receive them via email.

Policy Schedule

The policy schedule document is very similar to the quotation summary. In most cases it will look almost identical and contain much of the same information.

It is important to check this document for accuracy as soon as possible after receiving it, as it is much better to identify any issues at this stage rather than finding them at claim time.

Your policy schedule will also generally incorporate your tax invoice and will include information on how to pay for the insurance.

Premium Funding Contract (optional)

If you have taken the option to pay your business insurance monthly you will also receive a premium funding contract.

In most cases the contract is for your reference only and does not need to be returned, however for larger premium amounts you may be required to sign and return the document.

Proposal Form

Unless you were asked to complete a proposal form before taking out your policy, you will also receive a proposal form with your post-policy documentation.

The proposal form will contain the information that you provided during the quotation process. You should re-check this information for accuracy before signing and returning it.

If any of the information in the proposal form is inaccurate, or if there is extra information that you think the insurer should know about, you should let your broker or adviser know as soon as possible.

Certificate of Currency

Your certificate of currency is what most other businesses and government agencies will ask for when they need evidence of your insurance.

Certificates of currency are almost always issued by the insurance companies, but in a few rare instances you may need a special certificate. One such example are electricians in Qld, where the state government has its own form which must be completed by the insurance broker.

Additional Documentation

The documents listed above are the main ones required during the business insurance process, and for most business types there will be no further documents provided.

If there are additional forms provided and you are unsure of their purpose, simply ask your insurance broker or adviser and they will be more than happy to assist you.

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