Statement of Advice

The statement of advice (“SoA”) referred to in this document is offered by:

Southside Insurance Brokers Pty Ltd ABN 73 115 523 012

PO Box 1185
Sutherland NSW 1499

This SoA sets out or confirms our personal advice to you. It is designed to assist you in making an informed decision about whether or not to act on our personal advice about your insurance needs and contains:

  • a statement setting out our advice;
  • information about the basis on which our advice is or was given;
  • how we and our associates are paid; and
  • any potential conflict of interest we may have.

What is our advice?

We have recommended to you that you instruct us to arrange Steadfast Business Insurance for you.

If you instruct us to arrange Steadfast Business Insurance for you, we will receive commission and/or fee. For full details see the information under the heading “What remuneration (including commission) or other benefits do we or our associates receive in connection with this advice that may influence us?”

This advice may be based on incomplete or inaccurate information relating to your personal circumstances and because of that you should, before acting on the advice, consider the appropriateness of the advice, having regard to your personal circumstances, contractual liabilities and your insurance cover.

Many commercial or business contracts contain clauses dealing with your liability (including indemnities or hold harmless clauses). Such clauses may entitle your insurers to reduce cover, or in some cases, refuse to indemnify you at all. You should seek legal advice before signing and accepting contracts. You should inform us of any clauses of this nature before you enter into them].

Why did we give you this advice?

You told us that your objectives and needs are:

  • Competitive Premium
  • Best in Class Wording
  • Claims handling

The advice we have given you is based on the above and takes into account:

  • the information that you have given us (please see the warning above) in particular:
  • our understanding of what is offered for business package by the insurers that we deal with regularly. We have not based our recommendation on what might be offered to you by other insurers or insurance providers;
  • the prices and policy terms of the policies that we considered for your insurance needs;
  • the recommended insurer’s claims handling “track record” with us; and

Our advice is limited to the above.

What consequences and risks should you be aware of?

The key consequences and risks of acquiring Business Package that you should be aware of are:

  • No product covers all risks

How long will this advice be current?

This SOA is issued on the date shown on your quotation/invoice and is current as at that date.

Our advice expires 30 days from that date. You should not rely on our advice after that time, if you haven’t acted on it by then.

What remuneration (including commission) or other benefits do we or our associates receive in connection with this advice that may influence us?

We do not get any remuneration or other benefits from giving this advice unless you instruct us to arrange the recommended policy.

If you instruct us to arrange the recommended policy, we will:

  • receive commission or brokerage of 0-26.5%;
  • charge you a fee as noted on the invoice under admin fee; and

Our employee that will assist you to arrange the recommended policy will be paid a salary..

See below for a description of the commission earned by Steadfast Group Limited (“Steadfast”).

Are there any other relationships or associations that would influence us or our employees in giving this advice?

Southside Insurance Brokers is a Steadfast Group Limited (Steadfast) Network Broker and the brokerage company and/or principals/directors can hold shares in Steadfast].

As a Steadfast Network Broker we have access to member services. These services are either funded by Steadfast, subsidised by Steadfast, or available exclusively to Steadfast Network Brokers for a fee.

Steadfast has arrangements with some insurers and premium funders (Partners) under which the Partners may pay Steadfast a fee to access strategic and technological support and the Steadfast Broker Network; and/or an arrangement with the insurer of the recommended insurance policy under which Steadfast will receive commission of between 0.5 – 1.5% for each product arranged by us with those Partners if you instruct us to arrange the recommended product. Steadfast is also a shareholder of some Partners

We may receive a proportion of any commission paid to Steadfast by its Partners at the end of each financial year (or other agreed period).]

Southside Insurance Brokers Pty Ltd has a relationship with Attvest Finance under which we will receive a commission of 0-2% if you instruct us to arrange the recommended product using the premium funder.