Here at LUDA Financial Solutions we love working with and showcasing other businesses in our industry – one of those businesses is insurance brokers Mason Gray Insurance & Risk. We spoke to Sandy Gray to find out more about what they do and how you can protect your assets, both physical and financial, with the right insurance.
How long have you been in the insurance industry?
Both Neil and I have worked in the Insurance industry since 1979 both here in Perth and in the UK.
What made you want to work in insurance?
This is always an interesting question. When we were younger careers in banking and finance and insurance were sought after positons and encouraged. They were not a vocation per se but I think our interest in people and access to all kinds of businesses was probably what attracted us in the first instance.
What are the most important personal insurances everyone needs and why?
From a General Insurance perspective your most important asset is your home and if this is not protected correctly it has the potential to be a devastating loss both personally and financially.
The same applies to investment properties.
Cars are also important to most people and must be insured on the correct basis.
What are the different business insurance options and who needs them?
There are statutory covers such as Workers’ Compensation which you are legally required to have if you have employees and or contract/sub contract labour.
Other General Insurances are not compulsory but best practice is to take at the very minimum Public Liability, Professional Indemnity (where you are providing professional advice) and Property risks for Fire and accidental damage and most importantly Business Interruption. Many businesses also insure Cyber risks and Management Liability.
In summary, there are many insurance options for business (depending upon what the business activities are) and this is why you need an insurance broker with experience to help you assess your risks and provide the best options available to protect your business.
What are some ways people can keep their insurance costs down?
The best way for anyone or any business to keep costs down is through effective risk management. This can include things like quality locks on the doors and windows of your home. For a business there are a range of measures including:
- Keeping a tidy and well maintained premises
- Providing a safe work place environment
- Have a contingency plan for when things go wrong
It is also important to have a strong relationship with your insurance broker and provide as much information as possible so that they and the insurance company can assist you in helping to reduce risk and ultimately the cost of insurance.
The reality is that the premiums do not vary as much as people think. It’s about the quality of the cover your purchase and what the insurer is told when cover is arranged. No-one, whether they have a business or are insuring their home, really wants a cheap policy that doesn’t provide you with the right cover when the worst happens.
How often should people review their insurance products and does it vary from product to product?
Regular reviews are recommended and this should be at least annually. This is why an insurance broker is important because it is our job to know what is available and to understand the client’s risks.
Do you get involved if a claim is made or is that dealt with only by the insurer?
Some claims do not necessarily need our involvement but we monitor the progress for all our clients. For more complex claims and those that need negotiations on we are involved from day one.
How do you build ongoing relationships with your clients?
Our client relationships are very important to us because the more we know and understand about the clients goals and what they do, the better we are able to help them. We do this by being in contact with them regularly and wherever possible meeting them face to face.
I believe if we help each other it benefits everyone. Where we can we like to be able to help our clients grow their business. Many of our clients now know each other and use each other’s services. Mason Gray is more than just an insurance broker – we believe in helping the business community as much as we can. We are lucky enough to work with our clients to help them achieve their goals and in doing so we benefit too.
Do you belong to any associations or industry bodies?
Yes, we are active members of the National Insurance Brokers Association. In fact Neil is past Chair of WA NIBA and was voted insurance broker of the year in Western Australia in 2016.
We are also members of The Australian and New Zealand Institute of Insurance and Finance (ANZIIF)
We also work very closing with various networking groups such as BNI and the Western Suburbs Business Association.