Underwriting is the process insurers use to assess an individual’s risk in order to determine whether to offer coverage, under what terms, and at what premium rate. It involves evaluating factors like health, lifestyle, occupation, and financial situation to gauge the likelihood of a claim being made.

Liz Burke, Victoria Underwriting Chapter Lead at major insurer Zurich, and Yanish Geerdharry, Head of Risk Advisory Services at the Bongiorno Group, discuss the importance of underwriting. Fundamentally, it ensures that premiums are fairly set based on risk, protects insurers from excessive losses, and provides policyholders with clarity on what their insurance covers and excludes. This helps maintain a balanced and sustainable insurance system.

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The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

Many people who want more hands-on control over their investments and their retirement are opting for a self-managed super fund (SMSF). It allows you to choose assets like property and manage your retirement savings directly.

But, establishing and maintaining an SMSF involves significant costs and ongoing compliance. Vanessa Smith, Director at the Bongiorno Group, and Michelle Harrod, Tax Manager and Head of SMSF at the Bongiorno Group, says it’s wise to create and regularly review an investment strategy that considers risk, liquidity, diversification, and insurance.

Seeking financial advice, they insist, is critical to ensure the SMSF aligns with your long-term retirement goals and complies with legal requirements.

MORE INFORMATION

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

When setting up a business, it is crucial to separate personal and business expenses by establishing a dedicated business account. This ensures financial clarity, especially when managing software, hardware, and other business-related expenses.

Ricky Caldow and Mitch McKeown, both Directors at the Bongiorno Group, continue their discussion on setting up a private practice.

Running a business also requires careful management of IT systems, websites, and branding, including securing domain names and handling compliance. Equally, the responsibilities of employing staff, managing superannuation, and meeting regulatory requirements like tax reporting are key considerations. By planning the endgame, whether selling the business or growing it, structuring the company properly from the outset helps avoid costly mistakes in the future.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.