Despite ongoing uncertainty from new COVID strains, we’ve seen the last six months produce strong investment returns.
Joshua Boyd, Principal Broker, Marsh Trades Team has assisted businesses with their insurance renewals for many years, in this edition he offers his advice on how to combat unnecessary stress.
With many years up my sleeve assisting businesses with their insurance renewals, I’ve seen the unnecessary stress that can be placed on an owner’s shoulders if they accidentally leave their renewal to the last minute. To help combat last-minute-itis, below are some key tips to help plumbers navigate their insurance renewal.
Important reminder: The Marsh Plumbing Liability scheme is underwritten by Chubb Insurance Australia and meets the minimum insurance requirements set by the Victorian Building Authority (VBA).
Already with Marsh?
Six weeks before your insurance renewal, our team will send you an email that includes a renewal declaration form. Essentially, a renewal declaration is a questionnaire that provides a snapshot of your business to help us ensure your renewal terms match your current business insurance needs.
You will receive reminders along the way, however be sure to complete the renewal declaration early so we are able to finalise and provide your Certificate of Currency as soon as possible.
Things to have handy when completing a declaration form:
- Current turnover amount
- Number of plumbers
- Annual payable amount to sub-contractors
- Business activity - have you expanded your business activity since last renewal?
- Claims - have you needed to make a claim or know of a claim that is yet to be lodged?
Once you’ve provided your renewal declaration and an insurance payment has been made, Marsh will send across your Certificate of Currency.
If you are a Victorian plumber, we will also send your Certificate of Currency directly to the VBA to assist with finalisation of your plumbing license renewal.
Looking for alternatives?
From sole traders to companies with ten or more employees, Marsh can help arrange insurance solutions for plumbing businesses of all sizes.
We have developed an online tool for small to medium sized plumbing business that allows you to get a quick quote and arrange public liability cover online.
If you are a large plumbing business, have a claims history, or provide complex business activities such as offering full bathroom renovations, we can still support your insurance needs. To get started, please contact the Trades team so we can tailor a solution that meets the needs of your business.
Did you know!
As an insurance broker, Marsh has access to a range of insurance providers and products. We not only assist with public liability cover, but can also help arrange:
- Commercial Motor
- Tools & Equipment
- Professional Indemnity
- Property Insurance
- Personal Accident
- And much more
Got a question?
Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238 369) (Marsh) arrange this insurance and are not an insurer. When arranging Public Liability Insurance, Marsh act under binding authority on behalf of Pacific Underwriting Corporation Pty Ltd (ABN 77 091 225 535, AFSL 237 270), who act as agent of the insurer, Chubb Insurance Australia Limited (ABN 23 001 642 020, AFSL 239 687). This brochure contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire the product, refer to the specific policy wordings available from Marsh. The Master Plumbers and Mechanical Services Association of Australia receives a financial benefit when an insurance policy is arranged by Marsh. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage.