Recommended Insurance Brokers for a Sole Trader in Wellbeing Consultancy

[Lionelgee]

Hello All,

Under the guise of the guidelines for General Chat: is says "Almost anything goes, have a look and drop in a few lines" ...

Could anyone recommend an insurance broker who deals in Public Liability and Professional Indemnity cover for sole traders in the area of Wellbeing consultancy for individuals and professional development in Wellbeing for educators working at schools and universities?

I have been contacting a number of companies and I get responses back like this one... "your business risk falls outside the guidelines of our facility and unfortunately we are unable to provide you with a quote". This has not been very helpful.

Your assistance would be most greatly appreciated.

Kind regards
Lionel

[Tote]

A bit left of field but we have had good experience with Elders for the farm.

Regards,
Tote

[Roverlord off road spares]

i had that once and one company even told me to call a broker.

[V8Ian]

Lloyds of London used to claim that would cover anything, don't know if that still applies or is any use to you.

[simonmelb]

We have found at work, this company excellent to deal with.

Home - Midland Insurance Brokers (https://midlandinsurance.com.au/)

They should know who could help you if they can’t.

Chat to Damien, good bloke.

[350RRC]

I needed public liability insurance for fish survey / environmental work and went to the main broker in Geelong.

They couldn't find anyone offering what I was after.

The guy I was working with / for had it so I asked him for the policy details and the name of the insurer, which I gave to the brokers.

All good.

Maybe ask someone in the same field, if that's possible. Might save a lot of mucking around.

The insurer, in my case, will only renew via the broker these days. [bigwhistle]

DL

[windsock]

Could anyone recommend an insurance broker who deals in Public Liability and Professional Indemnity cover for sole traders in the area of Wellbeing consultancy for individuals and professional development in Wellbeing for educators working at schools and universities?


If you haven't already done so, I would contact the business development manager (or whatever similar portfolio position) at one of the institutions you mention and ask directly if they can tell you who their insurance for such cover is with. If you are going into one of these as a contractor then I can imagine they may be willing to share the contact or name of insurer. Hopefully this can place you in contact directly with a company contact who would understand the risks and liability involved.

If you are not going into one of these institutions directly then I assume you are looking at independent consultancy which opens up a few more liabilities. Perhaps get in touch with the Business Manager at your Alma Mater to discuss?

[Lionelgee]

I needed public liability insurance for fish survey / environmental work and went to the main broker in Geelong.

They couldn't find anyone offering what I was after.

The guy I was working with / for had it so I asked him for the policy details and the name of the insurer, which I gave to the brokers.

All good.

Maybe ask someone in the same field, if that's possible. Might save a lot of mucking around.

The insurer, in my case, will only renew via the broker these days. [bigwhistle]

DL

Hello DL,

Good thinking ...

I have done that.

Oddly enough the people - who I have met and presented at or attended the same conferences with over a number of years have suddenly forgotten how to reply. I think they see me as potential competition so they are keeping their cards close to their chests. So far three people approached and three nil replies. Go figure!

Kind regards
Lionel

[Lionelgee]

Hello All,

Can someone please provide a ballpark figure for how much the costs of $10 Million Public Liability and $1 Million Professional Indemnity insurance would be per year?

At this stage I just need to provide an estimate of costs into numerous sections of a proposed financial plan.

I am doing the New Enterprise Incentive Scheme (NEIS) new entrepreneur course and some of the requirements are that myself and other online class members have to get quotes and arrange for Public Liability and if applicable Professional Indemnity insurance. The cost of coverage for the policy/s have to be included in the financial plan that gets sent off to the government.

I am following up on previous replies about suggestions of different brokers. Until I get a [positive response from a company an estimate of costs to put in the financial plan will suffice. I can always adjust it later when I find a company.

There are also associations of "Wellness" or "Life" coaches who sort of do a similar role - well vaguely so, I will track them down and make contact to get some feedback. Fingers crossed.

Kind regards
Lionel

[Tote]

10 Million Liability cover for the farm was $758.00 in April this year
Regards,
Tote

[Homestar]

I haven’t renewed mine in the last couple of years as I don’t do weekend work for myself any more but it used to cost me around $800 for $10M for being a Tradie last time I had it.

[Lionelgee]

Hello All,

I have contacted a number of professional/practitioner associations regarding any recommendations about specialist insurance brokers who are familiar with the sector. Despite my PhD being based off the disciplinary area to be "accredited" with the association I have to be vetted at the cost of approximately $750 USD and I have to do an accreditation certificate. Why do the words "stand and deliver" spring to mind?

Grumble - grumble.

Kind regards
Lionel

[Lionelgee]

Hello All,

By the way - my professional area falls within these three alternative terms - each has own national and international Institute/association: "Wellness"; "Wellbeing" "Quality of Life".

Okay the "Wellness" area has become so commercially skewed that you can now buy "Wellness" toilet cleaner - read associations with "snake-oil". I think I might give that group a miss.

Kind regards
Lionel

[350RRC]

Cost of public liability and professional indemnity is going to vary wildly between situations.

PL is around 300 plus brokerage for me with a number of days working limit and turnover comes into it.

I have farm insurance as well and a lot of the elements of that policy are tied to turnover.

DL

[Lionelgee]

Hello Simon and All,

I contacted Midlands and I filled out their "Apply for a Online Quote" form. I just had a telephone call from them.

This is only one of two companies that have actually made the effort to contact me back. I have filled out a lot more than two online forms lately.

The bloke from Midlands said that I was, "outside of the mainstream insurance suppliers". So it will take a fair bit of effort to find a supplier for me. Probably why I have not heard back from the other companies. Let's play a word association game... "hard" ... "too" and "basket".

I now have to fill out two sets of more detailed forms to take things to Step 2 with both companies who took the time to reply to me.

The quest continues...

Kind regards
Lionel

[Lionelgee]

Hello All,

I have been having a debate off and on for a couple of years whether my area could also fit into the "Life Coaching" area. As CHOICE Magazine states it is essentially an, "unregulated profession, how do you tell the coaches from the cowboys?" (Bray, 2014, para 1), accessed 19th August 2021 from, Life coaching - Shopping for services | CHOICE (https://www.choice.com.au/shopping/shopping-for-services/services/articles/life-coaching).

I have some reluctance to be associated with 'snake-oil sales" (Wellness) and "cowboys" (Life Coaching).

Oh and there is also a Life Coach Institute and an accreditation process... funny that!

Oddly enough - under the Allied Health form that an insurance broker just sent me there is a "Life Coach" tick box. Why is it the cowboy mob are the only ones with a tick box?

Kind regards
Lionel

[scarry]

We have had to use different brokers,due to some not able to cover some things,that others could cover.
Brokers seem to specialise in different fields.

At the moment we use around 6 different Brokers and insurance companies.

You need to find a broker that specialises in your field.

[Homestar]

It all comes down to calculating the risk and putting a number on it. I suppose with a Tradie like myself or some Farm insurance, they are a known quantity. Your area is quite different so I suppose they have to work through the risks and likelyhood of a claim and what that would look like. Sounds like some don’t want to take the time to do that. Let us know how you get on.

[oldyella 76]

In our fertiliser business we have trouble getting public liability insurance, every year we have to provide an estimate of the next years turnover before they will quote. Recent changes include that your comprehensive insurance on registered vehicles now does not cover you when it is working as it is now termed tools of trade so in effect you are paying twice in some cases. It is hard to get insurance against enviromental damage, which is a fairly broad term. We pay between $9,000 to $12,000 a year and we can't get coverage for all issues. Our broker now says that ten million dollars is not sufficient enough as some entities want $20 million coverage before you can work on their properties.
Lindsay

[350RRC]

It all comes down to calculating the risk and putting a number on it. I suppose with a Tradie like myself or some Farm insurance, they are a known quantity. Your area is quite different so I suppose they have to work through the risks and likelyhood of a claim and what that would look like. Sounds like some don’t want to take the time to do that. Let us know how you get on.

That's right, except in my case with the fish survey work there were no known incidents so the premium and policy was based on another for the same work and days worked / turnover.

DL

[Lionelgee]

Hello All,

Thank you everyone for your suggestions and insight.

Well, one of the Australian based professional associations contacted me back after hours. This was very good of them. Apart from a bit of a run-down about their association they provided me with the name of their insurance broker. I must be closer to getting some real quotes to work on. Well at least at the moment the progress seems to be moving in a forward direction.

Gee Scarry (Paul) - having to use 6 different insurance brokers - that would be just a nightmare. One that is even worse because it probably re-occurs every financial year!


Kind regards
Lionel

[Lionelgee]

Hello All,

Well the internet algorithms are alive and well. I have been doing numerous insurance searches online lately and the last time I looked I seem to suddenly have lots of new Facebook content appearing as new messages... about insurance! They are not even the companies that I contacted directly. Nor was I logged onto Facebook when I was searching. My visits to Facebook frequency can only be described as rare. Funny that!

No wait there is still more... I just went on Facebook and I am now getting messages about "Coaching"

Kind regards
Lionel