Formed in 1987 Austcover is one of the largest Australian owned Insurance Broking and Financial Services businesses in Australia. Operating from offices in Brisbane and Sydney, Austcover services client needs both locally and nationally.
Austcover’s Ken MacGregor and Ben Gordon are leading insurance advisors within the education sector. They put their heads together to answer the belowquestions about some of the big issues facing this sector.
1) What are some of the risks facing the education sector?
As with any business, it is imperative that your insurance program is tailored to suit your specific situation. The recent floods demonstrated the risks of complacency when it comes to insurance. Without the right insurances in place you are leaving yourself and your business exposed. Collages need to be conscious that their broker should be reviewing and understanding their business when tailoring their insurance program. There is a lot of variation on insurance needs between individual colleges. This is largely determined by the college’s curriculum. For example, the risks involved with an aviation collage are going to be very different to that of a business college.
2) How does Austcover ensure that their clients are insured?
We conduct an in-depth analysis of all clients reviewing and discussing all potential exposures and the available means of risk transfer. We are only satisfied when we have achieved our ultimate goal of providing our clients with the assurance that their assets and liabilities have been secured, protected and encouraged to grow.
3) How have the Brisbane floods affected the sector’s views on insurance?
The recent floods and other natural disasters have sparked increased interest in insurance cover. We’re witnessing a more proactive trend where the client wants to understand the parameters of their coverage. Clients are taking a more active interest in their coverage. People aren’t signing up blindly, they are asking more questions about the value of their policies. Before the floods, people were quite complacent and didn’t really think they’d ever witness an event like the 1974 floods. Our clients are definitely thinking beyond what is happening today. More than ever, we think they are really appreciating our expert advice.
4) Do you think the Australian education sector is adequately insured?
A common mistake businesses make is underinsuring their assets. The education sector is no exception. Choosing the right insurance partner is as important as choosing the right business accountant, lawyer or medical specialist. It’s something that needs to be put in place correctly from the outset. It’s too late once a crisis occurs. Just because you have insurance, does not mean you are adequately insured. Austcover understands how to mitigate against risks specifically associated with the education and training sector.
5) Tell us about the potential consequences?
There are a number of consequences that can result in underinsurance, with damage to reputation and bankruptcy being at the higher end of the spectrum.
6) What does Austcover do differently for its clients?
We are committed to providing clients with quality professional advice, timely efficient assistance, and ultimately, the assurance that their financial and business interests are well secured and protected. Austcover conducts annual reviews and constantly moves with its clients needs. We don’t simply sell insurance products. We are professional advisors as opposed to just a “shop” for the cheapest product. We ensure that policies match insurance needs and respond when needed. There’s no point paying a cheap price, then not receiving a response from your insurance product when you have to make a claim.