Credence Insurance in Canberra, Australian Capital Territory | Insurance broker

Credence Insurance

Locality: Canberra, Australian Capital Territory

Phone: +61 2 6282 2100

Address: First Floor, 43-47 Townshend Street, Phillip 2606 Canberra, ACT, Australia

Website: http://www.credenceinsurance.com.au/

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24.01.2022 I am so frustrated and annoyed with the NSW Government for having the audacity to increase the NSW Emergency Services Levy, particularly considering the current unprecedented financial hardship already being faced by property owners. The NSW government have given guidance that the Emergency Services Levy (ESL) Contribution Target for 20-21 will increase by approximately 24% from the current year. For Commercial Property Owners the rate will increase from 25% to 30% and for Pr...ivate Homes the increase will be from 14.5% to 18.5%. GST is payable on the tax, so you pay a tax on a tax, and NSW Stamp Duty also applies. If you are a commercial property owner you also pay a national terrorism levy which can be as much as 22% in metro Sydney (how many terrorist events can you remember in Aust?). GST is payable on that too!. Effectively, around 50% of your insurance premium for a commercial property owner in NSW is made up of taxes. For a private home owner it's around 30%. The added cost is leading to property owners underinsuring or self insuring, leaving them homeless or without a livelihood in the event of a loss. All property owners receive the benefit of the amazing services provided by our professional and volunteer fire fighters, yet only those that have insurance pay for the service. Those that don't insure don't pay. NSW is the only state government that continues to collect the cost of the ESL through insurance premiums. VIC was the last state to transfer the cost to council rates following recommendations from the 2009 Victorian Bushfire Royal Commission. When you see an increase in your insurance premiums this year don't automatically conclude it is the insurer hiking up the price. They are required to be tax collectors on behalf of the NSW government and the government sets the amount they must collect. Apologies for my rant. Feel free to contact our office if you would like more information and contact your local council if you want to complain. I encourage you to do so! I will probably have a rant about the ACT Workers Compensation scheme next, so I'm not singling out NSW but this situation incenses me. Stay safe and stay in touch. Margo. See more

23.01.2022 I have previously mentioned my disagreement with the NSW Emergency Services Levy being included as a tax on insurance premiums, meaning only those that insure pay for NSW Emergency Services. The new NSW ESL rates effective from 1 October are now: Product class ... Commercial Property 39.5% Householders 22.25% Personal Valuables 4.5% Motor 1.30% Increases are approximately 25% on last year. Nothing like hitting businesses when they are down! GST is payable on the above tax also. NSW Stamp Duty of 9.5% is also payable. A terrorism levy is also required to be collected by insurers. You pay a tax on a tax on a tax on a tax! If you own a commercial property in NSW effectively 60+% of your insurance premium is Government tax. Meanwhile the insurance bill for the latest bushfires is over $4 billion. When your insurance premiums increase please don't automatically blame the insurer.

20.01.2022 Bushfire Update: While COVID-19 continues to devastate all communities, we particularly feel for all of our regional clients who were affected by the worst bushfires in Australian history. To date, the insurance industry has approved over $2.2 billion dollars in bushfire related insurance claims. These funds must eventually flow into those communities affected by bushfire and assist in rebuilding local economies. ... Having personally seen the impact of these bushfires we understand that these are incredibly difficult times and encourage you to continue to fight for your business and to contact us if we can help in any way, #bushfiresaustralia.

19.01.2022 Vero is offering grants totalling $250,000 to help its SME customers recover from the business impacts of the COVID-19 pandemic. The grants are designed to help SMEs regain traction as government subsidies scale back and restrictions ease. They can be used for advertising, equipment, business consulting and promotional printing. Head of Commercial Intermediaries Anthony Pagano says the insurer understands that for many SMEs rebuilding momentum quickly will be crucial for the...ir recovery. Now more than ever its important we support our small and medium businesses to reconnect with their customers and return to profitability. Vero is offering 25 grants, comprising five with a value of $20,000, 10 grants of $10,000 and 10 grants of $5000. Applications are open until the end of the month to eligible Vero Business Insurance, Vero Corporate Insurance and GIO Workers Compensation customers that have suffered financial hardship due to COVID-19. If you are interested in applying please contact us at Credence Insurance.

13.01.2022 How to create a home inventory for insurance purposes: - Use a camera or phone to take photographs - Photograph one room at a time - Take photographs of valuable items... - Store photographs in a safe place For more information head to: https://www.chubb.com//resources/how-to-create-a-home-inve

09.01.2022 The immense value of insurance broking to clients, insurers, the economy and society has been demonstrated by a new report prepared by Deloitte Access Economics for the National Insurance Brokers Association (NIBA). The report’s key findings include: - In 2018/19, insurance broking contributed nearly $2.6 billion in gross value added to the Australian economy, and directly employed 15,000 full-time equivalent workers.... - Brokers encourage greater competition in insurance, with the average NIBA broker offering products across 10 different insurers. - Broking reduces underinsurance, with 45% of new clients being underinsured prior to engaging a broker. - Brokers save each client an average of 11 hours, which equates to more than $230 million in time savings for business customers. - Brokers save each insurer an average of 3.3 hours, which equates to 1,380 full time staff each year. - Brokers enhance distribution and client reach with 38% of broker premiums written for clients outside Australia's capital cities. - Brokers support product innovation: 13% of a broker’s policies sold represent new market opportunities (on average).

09.01.2022 Today is World Password Day. One of the weakest links in relation to cyber security is passwords and having one password across all your work and private links creates a significant exposure. Today is the day to check the management of all your passwords and make sure someone you trust has access to these should anything happen to you.