Zannettou & Co

Insurance Broker Tips for Businesses

Hello Everyone. Proud to share our sit down with insurance expert Aaron Stephenson discussing general tips about business insurance.

Want to know more about business insurance covers?

Want to know what’s the difference between dealing directly with an insurance company and dealing with an insurance broker?

Then click on this video!

Overview of this video

Insurance Broker: Aaron Stephenson

Aaron Stephenson has been in the insurance industry for approximately 25 years running an organisation called AMGI. AMGI are general insurance specialists with offices in Sydney CBD, Narellan and other locations around Australia. AMGI is part of a national group which gives them buying power and affordable products for anyone using their services.

Key considerations regaring insurance that small business should make when starting up a business.

Incorporated companies should consider workers compensation cover, public liability, business contents, stock or business interruptions depending on the nature of their business.

When should a business contact their insurance broker about updating their insurance policy?

The client should contact an insurance broker if there are any changes to the business services, the business has increased their contents significantly, stock or any change of products. 

Aaron Stephenson makes a habit of contacting clients every 6 months via telephone or holding a meeting at their Narellan offices. The review is designed to check how things are going and ascertain whether any insurance changes are required.

What are some of the key advantages of using a general insurance broker to liaise with the insurance company to take out their insurance?

The most distinctive advantages of using a general insurance broker is that the broker works on behalf of the client, gives advice, determine the covers required by the client and seek the most affordable and appropriate insurance cover across a panel of providers.

When dealing directly with an insurance company, the offering is limited to products the company has available.

What is the process on making a claim?

A client would contact Aaron and he would help the client through the entire process, with the aim to achieve the best results for the client.

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Happy New Year!

Hello Everyone. Hope everyone had a safe and enjoyable Christmas break and wishing you a happy 2018.

Zannettou & Co Chartered Accountants.

We are excited about 2018 and are proud to announce we will be expanding our team due to high demands  in our financial planning and lending services. Thank you for all the support.

We will  be doing regular videos this year so if there is any specific financial topics you would like us to cover please comment below.

We look forward to working with you in 2018.

Feel free to look at our website for the services we can offer you or visit our office located in Queen Street, Campbelltown NSW 2560.

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Why your Accountant and Mortgage Broker should work together?

Hello Everyone. Proud to share our sit down with finance broker Michael James from the loan market discussing why your accountant and mortgage broker should work together.

Cant decide if you want your accountant and mortgage broker to work together?

Then click on this video!

Overview of this video

Mortgage (Finance) Broker: Michael James.

Michael is a finance broker with loan market who is able to assist clients to obtain finance that may include commercial loans, residential loans, assets and equipment finance.

Working with Zannettou & Co Chartered Accountants.

Zannettou & Co Chartered Accountants located in Campbelltown, servicing the Macarthur region are professionals who are here to help our clients with their needs and reaching their goals.

Regulations for Lending.

Over the years, the government has introduced a range of regulations. The changes may affect the clients borrowing capacity as well as there is eligibility.

Eligibility for Lending.

Lenders look at various type of income when assessing a loan. The way an accountant prepares the client information to the broker is the difference between clients obtaining finance or even obtaining the amount of finance they might require.

How to find the right loan using a mortgage broker?

Brokers have a lending panel of over 30 different banks and lending institutions. This enables the broker to draw upon all the different credit policies that all those banks have and matching the client to the right loan that would allow them to maximise their borrowing potential and making sure that they’re eligible for the loan that they’re applying for.

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Managing Tax Debts

I recently engaged a client who was in debt with the Australian Taxation Office. The advice provided by their previous accountant was to take out a mortgage against their home to pay off the entire existing tax debt. The client trusting their former accountant followed the advise and took out a loan against their home to finalise the debt. The problem was the client was now starting to go backwards again with their taxation debt and contacted me to obtain a second opinion.

When I reviewed the client situation the previous accountant had not investigated other alternatives nor had approached the tax office regarding what arrangements could be organised regarding a payment plan for the debt. The loan the client had obtained was also not the best product on the market due to the rushed nature of the transaction. To compound the frustration the previous accountant had charged for his time to provide this advice.

Outcome

Following my review the client and I put in place cash flow management tools as well as organised a payment arrangement with the tax office with the new taxation debt that was starting to arise. The client has also since refinanced the loan to a better loan product through a trusted referral partner that will also save the client money.

If you have a tax debt or feel you are going backwards with the tax office or with your current accountant don’t hesitate to get in touch with us to discuss how you can start moving forward.