Sentia Stories 2: Mitchell Insurance Management
In this great community, we're surrounded by experts and friends that continue to help us and our clients to reach our goals a little easier.
We continue to ask them the burning questions that we commonly hear from you - to provide you with insights that we think you'll find helpful for you and your business.
Today, we're chatting with Nathan Mitchell from Mitchell Insurance management to learn more about what they do, how they work as a trusted partner in managing risk for our clients and how their business is evolving and adapting for the future.
So Nathan, tell us - who are you and what do you do?
I'm the Principal of Mitchell Insurance Management, Canberra’s Insurance and Risk Specialists. We are a General Insurance brokerage, providing a one-stop solution. What drives us is to provide a tailored focus around the specifics. We aim to position your insurance program with leading insurers and underwriting agencies targeted towards your industry and needs. We are set around coverage, not a ‘one size fits all' approach.
We love working with Mitchell Insurance Management,
What differs with Sentia compared to some of your other partners?
Insurance is vitally important in all walks of life, however with Sentia, the clients are predominantly positioned around Property, Liability or Business covers, understandably so.
Partnering with Sentia is an easy fit for our business. Both share the values of client-centric focus and positive client-centric outcomes. Sharing these values makes providing support and business services more enjoyable, more meaningful and provides a genuine spirit of intent for a positive result.
What do you think the biggest misconception about insurance is in the commercial property space - both from a leasing and sales perspective
Insurer’s don’t pay!
It’s absolute rubbish, and on average, between 94% - 97% of Claims are paid.
Generally speaking, the Insured do not have themselves Insured correctly. They often hold policies they haven’t bothered to look at for some years and then come claim time, theyre ignorant to what they were or are covered for. All of which can only lead to a frustrating Claim process for them. We don’t want to see frustration!
In all seriousness, if you invest in Property, then don’t wish to protect it correctly, or simply leave it to be and put no effort in ensuring it’s continued protected position, how can you expect to get the appropriate result at the time of loss?
A Claim can only be made harder by that attitude and you owe it to your Investment to have it positioned and protected properly through an appropriate Insurance Program.
For an important note, our office had a Claim for one of our clients finalised in November 2020 for $ 2.2m against a Policy Premium of $ 22,000!
The Insured came to us originally and had a Policy so full of exposure, we refused to take his business on unless he undertook our recommendations, somewhat could be perceived as an arrogant position to take. However we were so concerned that his Business and Property were exposed, we provided our recommendations to him, explained where the significant exposures were for him and in turn, he entrusted us with placing the new cover under our terms.
Fortunately/Unfortunately, he did suffer a major incident, one bordering near on total loss and in turn, our recommendations were endorsed and the Policy and Insurer responded accordingly, saving his business, and to a large degree his life as he would have been financially ruined.
I am lauding in that position as I wish our client had never experienced the incident in the first place, however, am I pleased and to a degree vindicated by our professionalism, yes absolutely. I am very proud we provided this security to our client.
I pride our office being a friendly, easy-going and ultimately professional Insurance Brokerage, offering very specialist services and we want to see you, your business, your Investments through Property and Business succeed. We work for you, not the Insurer’s, hence our goal at all stages is to be your advocate and have your interests protected.
Do you have any advice that you could offer to new businesses entering the market?
Ask yourself what would happen if your business or the physical Property you own was affected and couldn’t operate for a period of time, or the business was unexpectedly facing legal liabilities. Would the business be able to survive financially? Being unable to operate as a result of a business interruption or liabilities could expose the business to significant financial difficulty. Insurance can provide financial support and responsibility for your business in these critical times. In principle, offset your potential loss onto that of an Insurer.
How do you see the industry evolving and changing in the future? Any big changes we need to keep an eye out for?
We do things differently. We inspect all properties before undertaking our submission to the Insurers. We have a saying in our office, “if we can’t see, we don’t write it”. We work very closely with our Insured’s so we understand their business, their property assets as we are working on a ‘prevention better than a cure’ ethos.
We will send our Drones up over buildings if required to garner a better look and we will also have recognised experts on hand for property re-build valuations (differing to that of bank valuations), safety and risk mitigation assessments or claim response that provides our clients experts in all facets of their Insurance Program.
This is complemented by many ‘back-end’ housekeeping benefits like our unique, secure web portals for each client. It provides them with effortless and efficient Policy Documentation storage and interaction with our office – 24/7.
Policy alignment is also a key strength, not ‘hap-hazard/disjointed’ programs with Policies all over the place with multiple Insurer’s which we see a lot of clients have, in turn frustrating them with Premium costs blown out, Policy Dates being missed, creating unnecessary frustration. At Mitchell’s – we make it easy for you!
Brokers of the old days were (without being rude) lazy. We love what we do and we aim to do it to the best of our abilities at all stages. We are not a ‘set and forget’ relationship and aim to be as vital to you as much as your other professional relationships – your Property Agent (Sentia!), your Accountants, Solicitors etc.
In simple terms, we know what we do well.
Allow us to show the strengths of Mitchell Insurance Management and you can have an Insurance Program that by entrusting us, we make it easy for you, and then you can go and do what you do well – run your businesses!
Business owners make money from their Investments performing well, their businesses running well, not worrying unnecessarily over Insurance issues. Allow us to take away your problems and really see a program come together to your benefit!
To learn more about Mitchell Insurance Management and how they can manage risk for your business
Head to their website: https://www.mitchellim.com.au/
or email them here