FAQs
- Why do I need a broker?
- Insurance brokers fill the role of providing professional advice relating to your insurance needs. Gaining proper insurance advice from a qualified insurance broker can save you time and money when negotiating the array of insurance options available today - whether you are a sole trader, small business owner or a corporate client.
A major advantage of using a broker is that the broker gives you access to a large range of insurance options from which the particular policy which suits your needs can be recommended. A qualified broker can advise on the costs and exclusions of the policies you are considering and provide impartial advice, an explanation of the policy you have chosen, as well as arranging the cover for you.
By using a broker, it is often possible to take advantage of cost savings which may have been negotiated directly with the insurance company with the broker. All commissions and fees payable to the broker will be discussed up-front so there are no surprises when your policy statement becomes due.
All of our brokers maintain the industry's highest professional and ethical standards. With regular training and professional development, our staff are kept up to date with the latest industry trends and developments, so you can be assured of a high quality broking experience with LTM. - What are the Statutory Charges that appear on my Invoice?
- Statutory charges are compulsory "Government Charges" or taxes that are added to insurance premiums and collected by the Treasury.
The Insurer and Broker receive none of the funds collected. These charges include the following and other than GST, vary from State to State:
- Fire Service Levy (FSL)
- Goods & Services Tax (GST)
- Stamp Duty (SD)
- Supplementary Levy
- How can I pay my account?
- Our payment options are noted on the back of you invoice they include:
- Bpay,
- Deft online or over the phone,
- Cheque made payable to LTM Risk Partners
- Post Billpay
- EFT
- Will I need to complete a claim form?
- Some motor vehicle and property claims can be lodged over the phone and will not require a claim form.
To find out if a claim form is required, please contact our claims team. If required they can then forward a form to you by e-mail, fax or post. - How are insurance brokers licensed and what controls are there?
- Insurance brokers are licensed by the Australian Securities and Investments Corporation (ASIC). LTM holds a Financial Services Licence as is required by law. LTM’s Financial Services Licence No. is 245374.
- What insurance policies do I need?
- This depends on the type of business you are in. New insurance policies are being developed constantly as the world and the risks you face change. As an example, even 20 years ago how many businesses would have considered having insurance for loss of profits due to computer crime? LTM’s brokers undergo regular training and remain abreast of all developments within the industry, so they are well placed to regularly review your risk areas and advise accordingly.
- If my circumstances change do I need to review my insurance?
- Absolutely, A change of circumstances may mean the insurance you have in place is no longer current. It may be that your circumstances change in a way that means your risk is reduced and you're paying too much, or that your risk is increased and you're exposed to uninsured losses. Either way, advising your broker of your changes will allow them to review your insurances and ensure your policies remain relevant. It's advisable to review your insurance regularly - at the very least annually - because changes may have taken place that alter your risk profile, and the policies available to cover your risks may also have changed.
- Should I simply look for the cheapest policy?
- Insurance policies can be very complex, and the cheapest policy will not always meet all of your needs. Sometimes what is left out of a policy is as important as what is included, and the cheapest option may omit a risk that you cannot afford to carry yourself. Interpreting the terms of the policy is part of your LTM broker's role and you should listen to their advice as you would a professional. Although the policy cost will always be a factor, ensuring you have the right cover in place when it comes the time to make a claim is vital, and our top priority.
- What is a Financial Services Guide (FSG)?
- A Financial Services Guide (FSG) must be given to a potential client by a licensee (or an Authorised Representative) as soon as practicable. It sets out information in regards to how we do business such as:
- Documenting the standard basis on which we act for the client.
- Providing all statutory notices and other information required by law (e.g. how we get paid).
- Explaining how we will handle a client’s business.
LTM's Financial Services Guide is readily available by contacting one of our offices or by clickingthe FSG link at the bottom right hand side of the page.
