Have questions about business insurance, how Luma works, or our unique approach to transparent fees? You’ve come to the right place. We’ve compiled answers to the most common questions to help you understand everything in plain English, with no surprises.
About Luma & Our Services
How do I get started?
Book an initial 15 minute chat with Luma, to share what you are try to achieve, and we’ll come back with options.
What makes Luma different from other insurance brokers?
Many brokers only offer one payment model: they can take 15–35% of your premium as commission and often get further market derived income. We remove the commission from the premium but then also charge a separate fee for our services. This option is usually cheaper.
The Fixed Fee also means we are not incentivised to sell you more insurance (means higher commission) than is needed. We also explain your quote in plain English and tell you, upfront, exactly what we earn.
Are you an insurer or a broker?
We’re a broker. That means we work with multiple insurers and act on your behalf — not theirs. We help you find and compare cover, not just sell one insurer’s policy.
Do you provide advice?
Yes — our job is to gain a thorough understanding of your business and your insurance needs. We will advise you of the most appropriate insurance solutions.
Are you licensed?
Yes. We’re an Authorised Representative of GIBA — General Insurance Brokers of Australia.
Our services are covered by GIBA’s Australian Financial Services Licence (AFSL 342546).
You can read our Financial Services Guide here.
Insurance Industry Basics
Insurance Products & Needs
What types of business insurance do you offer?
We arrange cover for:
- Public Liability: Covers you when you become liable if someone is injured or their property is damaged because of your work or on your premises.
- Professional Indemnity: Protects you if a client claims your advice or service caused them a financial loss.
- Cyber Insurance: Helps cover the cost of hacks, data breaches, or cyberattacks on your business.
- Business Interruption: Covers lost income if your business can’t operate due to something unexpected (like a fire or flood). Protects your cash flow.
- Tools & Equipment: Insures the gear you use to do your work — on-site, on the road, or in storage.
- Directors & Officers (D&O): Protects business owners and directors from personal liability if something goes wrong in how the business is run.
- Property Insurance: Cover for your businesses physical assets.
This is not an exhaustive list, get in touch hello@lumainsurance.com.au, WhatsApp/SMS
Do I need insurance if I’m a sole trader or freelancer?
Often, yes — especially if you:
- Deal with clients in person/rent a property (public liability)
- Give professional advice (PI cover)
- Store customer data (cyber)
- Use valuable equipment (contents)
We’ll help you figure out what’s essential and what’s optional.
Do you work with specific industries?
Policy Management & Support
How long does it take to get covered?
Usually within 1–2 business days, sometimes faster. Complex risks may take longer, but we’ll keep you posted at every step.
Do you help with claims?
Yes. If something goes wrong, contact us first hello@lumainsurance.com.au, WhatsApp or SMS us 24/7 and we will get back to you as soon as we see it. We help you understand the process, talk to the insurer, and keep things moving. That’s part of our job.
Do you automatically renew my policy?
Do you help with renewals?
What happens if I need to make changes to my policy?
Just let us know — we can update your cover, issue certificates, or add locations.
What if I already have cover through another broker?
Can I switch from another broker to Luma? Even before my policy needs renewing?
Pricing & Payments
How does pricing work?
You’ll get two payment options:
- Commission model — premium includes our commission (but we will show you how much)
- Service Fee model — you pay the premium + a separate fee (often cheaper overall)
Same service, different pricing structure. You choose.
Can I see exactly what I’m paying for?
Yes. We’ll show you:
- Your premium and any statutory charges
- Our commission (if you choose that model)
- Our Service Fee (if you choose the fixed-fee model)
And we’ll explain what each policy actually covers — in real terms.
Are there any other fees or extra charges I should be aware of?
No. Whether you choose the commission or Service Fee model, the price we quote is the price you pay. We don’t charge for basic support, documents, or follow-up — and we don’t surprise you with admin fees. If anything ever costs extra, we’ll tell you upfront.