Category: Business
Tips to reduce your body corporate insurance premiums

Tips to reduce your body corporate insurance premiums

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The cost associated with taking out an insurance policy is one of the biggest challenges facing bodies corporate. Body corporate insurance can get expensive, but understandably so when you consider the wide range of items that the insurance needs to cover. In fact, the total insured value of strata schemes in Australia in 2018 was in excess of$995,000,000,000.

Credits: https://strataville.com.au/strata-in-australia-new-data-statistics/

 

While strata insurance is a necessary expense, there are ways you can reduce your insurance premium and not miss out on any of the benefits that the right amount of insurance cover provides. When it comes time for your body corporate to think about your premium renewal, consider these tips:

Tip #1 – Shop around

Like with many things, if you shop around you can often find something cheaper than what you already have. Do your research, and compare premiums from other insurers to see what they can offer your body corporate. You can do this yourself, or use a broker to compare different insurers.

Keep your needs in mind though, as cheaper does not always mean better. You’ll need to compare the coverage offered by different polices to find one at a competitive price that also meets the needs of your body corporate. You can also get help with this step from a body corporate manager such as Capitol BCA.

 

Tip #2 – Ask your insurance company how your body corporate can lower its premium

Sometimes, just talking to your current insurer and asking them about ways you can lower your premium is enough to give you some options – especially if you mention that you’re shopping around and considering moving your policy. Some insurance companies may even allow you a discount if your body corporate has not made any claims or if they combine multiple polices, so it’s worth asking if this is a possibility.

 

Tip #3 – Reduce the risk by making changes

If your body corporate can demonstrate that it is actively working to minimise potential risk, you may be able to lower your insurance premium. You might be able to use strategies such as removing overhanging trees to reduce the risk of falls, maintaining roofing to keep the roof structurally sound, ensuring gutters are cleaned regularly to help reduce the risk of storm damage, or having a building inspector conduct regular inspections

just to name a few. There are plenty of things you can do to reduce potential risks, and any costs your body corporate incurs will be offset by insurance savings.

 

Tip #4 – Check the replacement value is accurate

Bodies corporate must conduct an independent valuation of the building at least every five years, so that the value of the building always remains accurate. However, it’s usual for

insurance companies to automatically increase the value of the building each year on the body corporate policy. As time goes by however, the automatic value increase imposed by the insurer may exceed the actual independent valuation of the building. If this is the case, the body corporate can correct the value of the building with the insurer, which may reduce the premium.

 

Tip #5 – Pay insurance premiums in one lump sum

If your body corporate can afford to do it this way, paying the premium in one lump sum is usually a cheaper method, rather than paying by instalments.

 

Tip #6 – Increase the excess

The insurer will often lower the premium of your policy if you can increase the excess payable on a claim – although it’s important to make sure your body corporate has enough funds available to cover the cost of repairs which fall below the excess.

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body corporate
Why does body corporate insurance vary so much?

Why does body corporate insurance vary so much?

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Body corporate insurance can vary greatly between properties, and it’s important that all owners understand what is and is not covered by their specific insurance policy.

Strata insurance can be more expensive in certain areas of Australia, such as areas which are more prone to cyclones and those exposed to greater risks. Building in these areas are more expensive to insure than buildings in less-hazardous regions, so body corporate owners will have to take geographic risks into consideration when insuring their property.

Other factors which are taken into consideration when determining insurance costs include:

* The age and condition of the building

* The vulnerability of the property to an insured event

* The claims history of the strata complex

* Commercial activities carried out on the premises (for example, holiday letting)

* The costs of common property (for example, pools, lifts, car parks, fire protection systems etc.)

* Government taxes on insurance

* The level of excess payment chosen by the body corporate

Any body corporate has a legal duty to insure the property and to make sure their insurance policy meets the minimum legislative requirements. Find more on Body corporate insurance 101 here >>

This information is intended to be of a general nature only, and no person should act specifically on the basis of the information contained in this article. You should obtain appropriate professional advice based on your personal circumstances. If you’d like to talk to a body corporate specialist, click here.

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digital marketing
How will you handle your brand in the new Digital arena?

How will you handle your brand in the new Digital arena?

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How will you handle your brand in the new digital arena? How will you follow and help your prospective clients to make decisions? How do you get market and sell to have common goals and support each other? What processes, systems and strategies do you need to invest in? The question marks are many when you go out on the digital journey .

 

Digital travel is inevitable

The digital transformation has turned up and down the world in which we and our brands live and operate. A fact that places completely new demands on your organisation and brand new expectations for you who work with marketing communications and sales.

It simply does not work with just printed directories, brochures, and product sheets that the seller brings with them when he or she finally got a nap after one of his cold calls.

 

New digital landscape

Recent statistics show that even in B2B, the buyer in 80 percent of cases has already decided before they meet a supplier. The last 20 percent are most about confirming that the evaluation and analysis already done through Google and the Internet was correct.

It is important to be involved in the evaluation and primarily to be found, in the alternative, to be selected and thirdly contacted, or even better, actively contacting themselves. And you can only do that if you have started your digital journey.

 

Exponential development

The development will go even faster in the future, given the exponential era we are in, for example, processing capacity, mobile technology.

There are already marketing services analyzing more than 230 terabytes of data each day, managing 15 million requests per second and responding to these within 20 milliseconds while reaching 1 billion global users through data-generated, relevant, and personalised ads.

 

50 percent suffer from anxiety

Investigations show that more than half of all market leaders and sales managers are conducting digital anxiety. No wonder. Content marketing, marketing automation, gamification, programmatic, lead management, lead generation, cookies, location based marketing, remarketing and retargeting are just some of the new concepts that you need to manage.

Not to mention all abbreviations like PIM, CMS, SEO, SEM, and more.

 

Many opportunities

While there are many questions about the digital journey, there are as many exclamations! The new digital new arena offers brand new, amazing opportunities to conduct effective brand building and sales-driven work.

And you do not need to be familiar with programming or encoding, the systems are intuitively structured, user-friendly and ready to start using from startup. With the web as a hub in all communication and with the right systems and processes behind you, you have every opportunity to succeed.

We will help you …

As a Digital agency, it is our role to help our customers on the new digital journey. It is not automatic that all strategies need to be redone but they need to be adapted to a new world. We help to see the whole picture, see how everything is connected and understand what opportunities are available. We have chosen and tested the leading systems in the market in all crucial areas in order to contribute to the dialogue both on the breadth and in depth with you and your organisation.

… and your organization

We have also strengthened our own organisation with specialists and further developed our organisation so that we have all the skills needed to help you create the right strategies and also put them into practice.

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Body corporate management
Is your management ready for Digitalisation?

Is your management ready for Digitalisation?

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Digital transformation is now on the table of every business management, and you agree that most companies will in some way be affected by new business models and revenue from digital processes. There are many Body corporate managers adopted digitalisation in Australia.

The prerequisite for success is that the owners, the board and the management must be aware of what it means to achieve successful results.
Today there is a lack of digital competence in boards and management teams. According to a current study, 80% of directors in Australian companies were asked about digital development, everyone agreed that development will affect business models.

“Everyone in the board and management must have digital skills.” But most are uncertain if they own such competence in boards and management teams.

Some companies have started triumphant and started the process than in most cases smaller companies. But to succeed, it is necessary to have support and backing from senior management.

The risk is that the traditional business model obscures the possibilities of the digital transformation and will be treated as a limited and limited project. Expertise in digital issues of many companies can point out that a failure will be realized. This is a problem and high demands on management’s self-awareness. Is it necessary for members of the management team and board without digital skills to be replaced?

Obviously, it is up to each to assess the risk factor. What, on the other hand, everyone must strive for is to build a culture where everyone is vulnerable to acquiring new knowledge and skills, not removing existing ones. Perhaps there are resources at the company that already work with digital processes, use these to share their knowledge. Then at least everyone can get an overall picture and an understanding of how all of this will change different parts of the company, and ultimately the result.

Useful Information about Body corporate managers in Brisbane

Capitol BCA offering quality Body corporate management services.

Their headquarters located in Brisbane

33 South Pine Road
Alderley Qld 4051

Also catering the services in Goldcoast & Redcliffe

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millennials management
How to leda Millennials

How to leda Millennials

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Many leaders are experiencing major challenges today in leading millennials. Why? Yes, because this generation has views and behaviors that drastically differ from previous generations present in working life today.

Who are Millennials

Without understanding the millennials and what they value and motivate, many leaders interpret their behaviors based on their own approaches and experiences.
They see millennials in a certain way, lead from it, and then get the results that follow.

As you understand your millennials, you will behave differently and lead to better results.

During this workshop, managers will be able to discuss the challenges of managing this generation, but also to understand the perceptions and behaviors of millennials and what they really aim at from the perspective of this generation.

During the interactive workshop, you will learn three areas as managers who successfully lead this generation are distinguished in Vision, Communication & Adaptability.

Before the workshop, you will get a digital self-assessment so that you can already see which areas you are already strong within and who you might need to work more with.

Sales Training to Millennials

Providing Sales Training to Millennials is one the recommended thing to manage Millennials. By providing sales training to Millennials in their company many big companies improved their productivity by 42%.

Do You Need To Grow Sales, Build Capability and Increase Revenue?

Sales Masters Helps you.

Address: Head Office & Postal Address
Po Box 3336 Norman Park
QLD 4170

Phone: 1300 950 073

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