BACKGROUND Procurement Australia’s insurance team, InsureRight, were appointed by 17 Victorian Councils in the lead-up to the 30 June 2022 insurance…
In over 90% of insurance policies that we have reviewed at InsureRight, we have been able to save our members costs while still keeping the best insurance cover to minimise risk. Our specialist consulting team, with years of experience in the insurance, underwriting and broking industry, offers Members independent, expert and professional advice.
We cover all the key areas of your insurance needs, such as terms of cover, pricing, broker advocacy and the wording of your policy to make sure what you think is insured, is actually insured. We are also very experienced in identifying coverage deficiencies, including gaps in coverage, inadequate levels of protection or overlapping coverage.
InsureRight are not Insurance Brokers, rather we are independent advisors providing a service that WILL assist you to accept lower costs and insurances that best fit your needs.
Have a read of our InsureRight Industry INSIGHTS document.
InsureRight is a global insurance and risk management consultancy with years of experience that is dedicated to ensuring:
Your risks are identified and covered correctly by your policy
You have the broadest policy wordings available
Your current broker and insurer, are transparent and are truly and genuinely acting as your advocate
Our experts will do all we can to minimising your risk and costs. Before you renew your policy, allow us to provide you with a no-risk advisory service, you have nothing to lose, and so much to gain.
Our team at InsureRight have extensive experience in working with Local Government such as City of Greater Dandenong and Benalla Rural City Councils to ensure that they have a broader, more tailored coverage along with enhanced insurance broker services to further reduce risk.
We conduct a unique, comprehensive tender review process for the provision of insurance broking and risk management services, eliminating any potential complications or anti-competitive behaviour
Evaluation of Service Level Agreement
We ensure your broker or insurance advisor provides you with a tailored service model in line with your individual needs rather a ‘one size fits all’ approach.
Technical Coverage Review
An in-depth examination of policy wordings that benchmark the actual levels of cover provided against your specific risk profile as well as alternative products available.
Risk Management, Technical Expertise and Ongoing Advice
We provide 24/7 assistance with any questions or concerns that may arise.
NFP Insurance Brokers, offer instant, online business insurance tailored to requirements of Not-for-Profit Organisations.
NFP Insurance Brokers provide comprehensive and affordable insurance cover. Better still, you can purchase the insurance online in a matter of minutes.
Price & Coverage
Low Premiums are provided without compromising on the level of cover. Use our extensive range of limits and product options to tailor your insurance to your specific business needs.
Get a quote in seconds without filling in lengthy forms. Buy your policy in a matter of minutes through our user-friendly online process
One-Off Event Cover
Get Public Liability Insurance quotes online and arrange cover instantly. Events covered include fundraisers, stalls, exhibitions, conventions, concerts and plays.
One-off event cover
Our health impacts on both our ability to perform and our longevity. We have partnered with Medibank to bring your organisation a 5% corporate discount. There are other benefits which include that it is easier to use your extras. Enhanced service through a dedicated team within Medibank to look after Procurement Australia Members and regular incentives to support your staff uptake.
It has never been more important to get expert advice for Professional Indemnity and personal insurances than it is right now. According to insurance broker Aon, securing professional indemnity cover will remain tough for many as insurers look to cut their losses a new report says. Insurers lost $1.03 for every $1 in premium earned the broker said, citing statistics from the Australian Prudential Regulatory Authority.
Key Features and Benefits for Members
Insurance savings in aged care
InsureRight recently reviewed one of Australia’ largest, privately owned providers of residential aged care. With 54 facilities, over 6,000 residents, operating for over 20 years and with a recent IPO, it looked like they were making savings whenever they could.
However, with our select panel of aged care insurance experts, we conducted a no-obligation review of their insurance policies. After the review, they advised us that we had, ‘delivered a number of noteworthy policy enhancements and improvements in cover combined with premium cost savings exceeding $200,000 per annum.
The importance of correct wording on your policy
These are just some of the wording enhancements by different types of insurance policies that we were able to help General liability, 21 policies. Professional indemnity, 18 policies. Directors and Officers liability, (which is more important now than ever), 13 cases, Industrial special risk, 29 cases and motor vehicles 16 cases.
Annual premium savings by industry
Aviation, 22%, Construction 24%. Retail 31%, Not for Profit 25%, Food and beverage 19%, Information & Technology 27%, Manufacturing, 19%, Transport and Logistics 36%, Finance services 32%, Human resources, 21%, Education 17%,
Local councils save 12.8 million
Case study, Local councils save $12.8 million
Risk is unavoidable in running a council. Insurance is a part of that risk management, but if not done correctly, it can waste valuable ratepayer dollars each year. We independently audit your insurance so you are able to report to ratepayers that you have done all you can to minimise cost and risk.
We have worked with Australia’s oldest and largest government groups, to reduce costs by more than 35% for individual Councils; this equals total monetary savings in excess of 12.8 million dollars. Many did not even have to change insurers or sponsored schemes.
Latest Case Study
Key Case Studies for Members
Missed one of our Insurance Webinars? Catch up anytime:
Latest Insurance News:
Insurance has become a critical component of any business in modern times. 2023 is viewed by many as the riskiest year in more than a decade. Social inflation, cybersecurity, business interruption (including supply chain disruption) and extremefalse
One of Australia's oldest insurers, Catholic Church Insurance (CCI), decided earlier this year to voluntarily place the organisation into "run off" and wind down operations after it could not raise the required capital needed to continue operationsfalse
Seven in ten businesses experienced a ransomware attack in the past five years, a McGrathNicol survey of over 500 owners and executives at Australian businesses with 50 or more employees has found.
Talk to Procurement Australia about anything related to InsureRight:
Your partners in procurement success
The Procurement Australia team is here to help you achieve your procurement goals, meet your deadlines and deliver exceptional outcomes.
Join the Procurement Australia family
Interested in becoming a member of Procurement Australia?
We’d love to have you onboard.