Frequently Asked Questions
What insurance cover does my business need?
Every individual and business face different risks and exposures, which is why it is critical to seek advice from an expert to ensure your insurances meet the needs of your business. Once one of our insurance experts have determined what coverage you require we then obtain various quotations from different insurers and underwriters and compare the policies and premiums and recommend the most appropriate fit for you or your business.
How do I make a claim?
Making a claim can often be a very stressful and upsetting time for individuals and businesses. Newcastle Insurance Group are instrumental in the claims process. The first step is to simply contact us, generally a phone call is the best way to report a claim as one of our insurance brokers can check whether the policy will respond before submitting the claim and completing paperwork. After the claim has been initially reviewed we then report the claim to the insurer. Depending on your insurer and the type of loss which has occurred, the insurer may require a completed claim form, tax invoices and/or repair or replacement quotations to determine the amount of loss incurred. If the claim is approved by the insurer, they will make payment either by EFT to your nominated bank account or a cheque. In order to speed up the claims process, we have adopted a thorough claims follow up procedure in which we keep in constant contact with the insurer and our client throughout the duration of the claim, to ensure claims are paid as soon as possible.
Why use an insurance broker?
Here are many reasons why using an insurance broker is the smart way to protect your business, here are 5 of the top reasons
- Expertise– Insurance policies can be complex and there are often many differences in cover between policies from different insurers. An insurance broker can advise you of the differences in cover and give advice and recommendations to the most appropriate policy for your circumstances.
- Price – Good insurance brokers are often able to get a better price than customers can get direct with insurers. We have access to a large number of insurers meaning we have more choice of providers. Insurers can often discount rates one year and increase them the next. Having an insurance broker means that we can review your policies and, if necessary, seek alternative insurers to ensure you continue to get a competitive cover.
- Ease – Not everyone loves insurance – but we do! We are dedicated to making the entire insurance process a simple and hassle free experience for our clients. We also help you with any paperwork and proposal forms, leaving you to focus your time and energy on running your business.
- Speed – We have access to many insurance company systems online, meaning that we can arrange insurance policies, print certificates quickly and be very responsive to your needs. In this day and age things are very fast paced and having a quick, efficient and responsive insurance broker is crucial for your business.
- Security – We keep all your documentation private and safe, backed up by off-site servers meaning that your private information will always be kept confidential.
How many insurance companies do you deal with?
We have access to over 60 different underwriters and insurers. Some underwriters access the Lloyds of London market. Rest assured that all underwriters and insurers we deal with have strong financial backing and go through vigorous financial and compliance checks to ensure they are financially sound.
What is a Financial Services Guide or ‘FSG’?
An FSG is a disclosure document that we are required to provide to you, outlining the services that we can offer. It is designed to assist you in deciding whether to use any of those services and contains important information including:
- How we are paid
- Any potential conflict of interest we may have
- Our internal and external complaints resolution procedures
What is a ‘PDS’ – Product Disclosure Statement?
What is a ‘PDS’ – Product Disclosure Statement?
A product disclosure statement is commonly referred to as a PDS and it outlines important information about the policy. This information includes things like conditions on your insurance policy, cover exclusions, limitations, sub limits and details of exactly what you are and are not covered for. It is important to consider the PDS before buying an insurance policy and keep in mind you should always read your PDS in conjunction with your policy schedule, which will form part of the agreement between you and the insurer. You should carefully read the PDS prior to making a decision about purchasing an insurance policy.
Newcastle Insurance Group is able to compare policies from multiple different insurers and is able to advise the most competitive policy for you and your business.