[ Insurance ]

Protect the things the business and family rely on.

Insurance decisions often sit alongside accounting, tax, lending and business decisions.

We do not provide insurance advice or recommend policies. Where a client needs help reviewing personal or business insurance, we can introduce them to an appropriately licensed insurance broker, adviser or specialist from our referral network.

We work with multiple insurance professionals so the introduction can be based on the type of cover involved and the circumstances of the business or individual.

Talk to us →See the types of insurance ↓

Wakefield Pacific does not provide insurance advice, recommend policies or insurers, determine cover levels, assess suitability or provide underwriting advice. Insurance advice is provided by the appropriately licensed insurance professional.

[ Why it matters ]

Insurance often becomes important when something else changes.

Insurance is rarely the first conversation.

It usually comes up because:

— the business is growing
— a new director or shareholder joins
— debt increases
— commercial property is purchased
— equipment increases
— a key employee becomes critical
— owners take on larger personal commitments
— family circumstances change
— business value grows
— an acquisition occurs
— the business becomes more dependent on one or two people

Those changes can alter what is worth reviewing, even if the existing policies were appropriate when they were first put in place.

[ Business insurance ]

What happens if something important goes wrong?

Business insurance can protect different parts of a business. The categories and policy terms worth discussing depend on the business; not every type applies to every business.

Public liability

May respond to certain claims involving injury or property damage connected with business activities, subject to policy terms.

Professional indemnity

May respond to certain claims arising from professional services or advice, subject to policy terms.

Product liability

May be relevant where products supplied by a business cause injury or damage.

Property and business assets

Can include premises, equipment, stock and tools.

Business interruption

May respond to certain lost income or additional costs following an insured event.

Cyber insurance

May respond to certain cyber incidents and related costs, depending on the policy.

Management liability

Can address certain risks faced by directors, officers and the organisation.

Motor and commercial vehicle

Cover for vehicles used by the business.

Contract works

Construction-related cover may be relevant for some projects and industries.

Workers compensation

Usually operates through a statutory state or territory scheme. Obligations vary and are not arranged by Wakefield Pacific.

[ Personal protection ]

What happens to the family if the person behind the income cannot work?

Life cover, total and permanent disability insurance, income protection and trauma or critical illness cover are different personal protection categories. Each operates under its own definitions, terms, exclusions and conditions.

Income protection is designed to replace part of a person's income if illness or injury prevents them from working, subject to the policy terms and conditions.

Whether someone should hold cover, how much, whether it sits inside or outside super, and the waiting period, benefit period or policy structure are personal advice questions for an appropriately authorised adviser.

[ Key people ]

What happens to the business if the person everyone relies on cannot work?

The founder may drive most sales. One director may hold the client relationships. Technical knowledge may sit with one person. The business may rely heavily on an operating manager, or multiple owners may depend on each other.

Insurance may be one part of a wider business continuity discussion involving cash reserves, debt, succession, shareholder or buy/sell arrangements, legal agreements and continuity planning.

[ Ownership ]

Insurance can become part of the ownership conversation.

With multiple shareholders, death, permanent disability or an inability to work can create questions about ownership transition and how it may be funded.

Buy/sell and ownership arrangements can require legal, financial, insurance, tax and accounting advice. Wakefield Pacific can work alongside those advisers without drafting or recommending the legal or insurance structure.

[ Debt ]

More debt can change the protection conversation.

Business loans, property debt, personal guarantees, home debt and commercial property debt can increase the commitments that continue if an owner cannot work.

Where significant debt exists, it may be worth reviewing whether the current insurance arrangements still reflect the level of financial commitment.

[ Insurance Check-In ]

When was the last time the cover was reviewed?

Insurance is often put in place at one point in time and then left unchanged while the business and personal circumstances move on.

The Insurance Check-In helps identify areas that may be worth discussing with an appropriately licensed insurance professional.

[ How referrals work ]

We work with more than one insurance specialist.

Different insurance needs require different expertise.

Wakefield Pacific works with a number of insurance brokers, advisers and specialists. Where a referral is appropriate, we consider the nature of the insurance required, the business or personal circumstances and the specialist's area of expertise when deciding who may be appropriate to introduce.

You are under no obligation to use a professional we refer you to.

[ Referral disclosure ]

Sometimes we receive a referral payment.

Wakefield Pacific may receive a referral fee or commission from an insurance broker, adviser or other insurance specialist where a client we introduce proceeds with insurance. Where this applies, we will make the relevant disclosure to you.

A referral payment is not the reason we make an introduction. We consider the type of insurance involved, the nature of the enquiry and the specialist's relevant experience when deciding who may be appropriate to introduce.

You are under no obligation to use a professional we refer you to and are free to choose your own insurance broker, adviser or insurer.

The insurance professional is responsible for its own licensing, advice, product recommendations, policy placement and any application or underwriting process.

[ Our role ]

We understand the business. The insurance specialist understands the cover.

— Understanding business structure
— Identifying key owners and entities
— Providing relevant accounting information with your authority
— Discussing business cash flow and commercial context
— Coordinating with other advisers
— Introducing an appropriate insurance specialist

[ Their role ]

The insurance advice comes from the insurance professional.

— Reviewing existing cover
— Assessing insurance needs
— Recommending policy types and cover levels
— Comparing insurers or products
— Explaining terms and exclusions
— Applications, underwriting and policy placement
— Claims assistance where included in their service

[ When things change ]

A review can be useful when the business or life around it changes.

— major revenue growth
— new employees
— new premises or equipment
— significant debt
— a new shareholder or director
— an acquisition or business sale planning
— marriage or children
— a home or property purchase
— a significant income change
— a change in business value
— several years since the last review

These events do not necessarily mean insurance must change. They can make a review worth considering.

[ Existing clients ]

We may already know much of the background.

For existing clients, we may already understand the entities, ownership, financial position and major changes in the business.

That can make it easier to brief the insurance specialist without making you explain the business from the beginning.

We only share information with another professional with your authority.

[ New clients ]

Start with what is happening.

If the insurance question sits alongside accounting, tax or a broader business decision, tell us what is happening and we can determine whether we are the right place to begin.

[ Questions ]

The questions we're usually asked.

Does Wakefield Pacific provide insurance advice?
No. Wakefield Pacific does not recommend insurance policies, insurers or levels of cover. Where insurance advice is required, we can introduce you to an appropriately licensed insurance professional.
Do you work with one insurance broker?
No. We work with multiple insurance professionals and may make an introduction based on the nature of the enquiry and the specialist's relevant experience.
Can you help with both business and personal insurance?
We can identify that either conversation may be worth revisiting and make an introduction. Business or general insurance is usually handled by a licensed insurance broker or insurer. Personal financial product advice is provided by an appropriately licensed financial adviser.
What business insurance might need to be considered?
Categories can include public liability, professional indemnity, product liability, property and assets, business interruption, cyber, management liability, commercial vehicle and industry-specific cover. Not every category is relevant to every business.
Can you review my existing policies?
We do not assess the suitability or adequacy of insurance policies. An appropriate insurance broker or adviser can undertake that review.
Can you help with life insurance or income protection?
We do not provide personal insurance advice. We can introduce an appropriately licensed financial adviser where personal advice is required.
Can you help with key person insurance?
We can provide the business, accounting and tax context and identify that a continuity conversation may be useful. A licensed insurance professional provides any insurance advice.
Can insurance form part of a shareholder or buy/sell arrangement?
It can form part of a broader arrangement involving legal, tax, insurance and personal financial advice. Wakefield Pacific can work alongside those professionals on accounting and tax matters within our scope.
Do I have to use the person Wakefield Pacific refers me to?
No. You are under no obligation to use a professional we refer you to.
Does Wakefield Pacific receive a referral fee?
Wakefield Pacific may receive a referral fee or commission from an insurance broker, adviser or other insurance specialist where a client we introduce proceeds with insurance. Where this applies, we will make the relevant disclosure to you. A referral payment is not the reason we make an introduction, and you are under no obligation to use a professional we refer you to.

[ Start here ]

Is the insurance conversation overdue?

We can bring the business context and, where appropriate, introduce the right type of professional to provide the insurance advice.

Review your arrangements →