Insurance News

Insurance 101: A Starter Pack To Getting Your Own Policy

Thursday, June 15, 2017

Insurance 101: A Starter Pack To Getting Your Own Policy

So why do we need insurance? Protecting your most important assets and your liability to others with the right policies will safeguard your earning power and possessions. Also many existing and potential customers will insist on you being adequately insured.

How does insurance work?

Insurance acts as a risk transfer mechanism where individuals and organisations pay a premium based on their degree of risk. Once agreed the Insurer issues a policy confirming they have accepted the risk transfer and will indemnify the individual or organisation (subject to the agreed terms and conditions).

How do I get the right policy online?

We ask the right questions to understand your liability risk profile. Once we get the answers we need, you receive your pricing immediately!

The insuresME offering is able to provide no-fuss and affordable cover for Professional Indemnity and Public and Products Liability insurance.

Firstly, we ask you to select your industry so that we can narrow down your profession. We are only looking for your main line of professional activity, any ancillary activities and products will also be covered.

We also need to know your annual turnover, what percentage of your turnover relates to products and which state you operate from.

We also allow you to choose the date you want your insurance to commence. You can select any date from the day you are purchasing up to 60 days after that date.

Next you decide how much Professional Indemnity and Public and Products Liability cover you require. You can also decide what you would like your excess to be. We give you the options and show you the cost of each option so that you can choose a policy that suits you.

You’ll also need to add in some basic contact details, provide your ABN and answer if you have had any claims or known incidents that may lead to a claim. You’ll also need to verify that you haven’t been declined business insurance or had any insurer cancel your policy for any reason in the past.

The best bit about our ‘no delay’ approach is that you will get your Professional Indemnity and Public and Products Liability insurance quote immediately. You can then pay online and be covered immediately.

All the relevant policy documents, certificates of currency, duty of disclosure notices and explanations are available for instant download on the purchase page too.

Yes, it really is that easy to get the right Professional Indemnity and Public and Products Liability Insurance for Australian consultants and contractors.

You will know how much you need to pay and can select premium from various limit and excess options so that the cover fits yours needs and preferences.

Here are some useful links


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Clients who are not fully satisfied with our service should contact our Customer Relations/Complaints officer, Katy Hunt (phone 02 8274 8109 email GSA Insurance Brokers trading as insuresME and Lloyd’s adhere to the General Insurance Code of Practice subject to certain specific qualifications. You can obtain a copy of the code at Should you require further information please do not hesitate to contact us.

Our unique insurance market has an unrivalled concentration of specialist underwriting expertise and every day, more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders operate in and bring business to the Lloyd’s market.

The business written at Lloyd’s is brought to specialist syndicates, who price and underwrite risk, via brokers and coverholders. Much of the capital available at Lloyd’s is provided on a subscription basis – where Lloyd's underwriters join together as syndicates and where syndicates join together to underwrite risks and programmes. This kind of collaboration, combined with the choice, flexibility and financial certainty of the market, makes Lloyd’s the world’s leading insurance platform.

But in an unpredictable global climate, Lloyd’s underwriters must also rely on their experience and industry knowledge to cast light into the darkness ahead. Behind the Lloyd’s market is the Lloyd’s Corporation, not itself an insurer but an independent organisation and regulator that acts to protect and maintain the market's reputation and provides services and original research, reports and analysis to the industry’s knowledge base.

Under one globally trusted name, the Lloyd’s market and Lloyd’s Corporation work together to protect your interests, promote economic growth and underwrite human progress.

To learn more about Lloyd's visit