Review before you Renew!
The last year to many has been such a blur. To others it has been a realisation that our circumstances and business operations can change in an instant.
When preparing your paperwork for the EOFY deadline you must also prepare your insurances to include all your predicted changes for the year ahead.
As your business changes so should your insurance policy. Now is a great time to review your insurance to ensure your risks are covered adequately to a level that you can sleep at night and that you are satisfied that your insurance, along with its terms and conditions provide the coverage that is appropriate for your needs.
Things to consider when reviewing your insurance:
- Have you remembered to cover your new machinery items or what about the new computer system you purchased for the office?
- Have the number of employees engaged in your business changed?
- Are your sum insureds still adequate to rebuild after you gave your business premises a makeover?
- As we have now become so diverse in business, does your policy cover your new business activities?
As we are only just starting to feel the impact of the hardening market which is resulting in significant increases of premiums and underwriters less willing to take on additional risks, it is important when reviewing your insurance, that you consider all your needs and requirements for the specific coverage being considered.
Our economy will potentially face a tough time moving forward, so will the broader insurance market and ultimately, these tough times will have an impact on the businesses and individuals who also purchase insurance.
Ensuring you have the right coverage should be your highest priority over the total premium required to be paid.
Whilst we are all time poor as we head into the end of financial year, buying online may be fast and efficient, but buying insurance online without the proper advice can lead to an insurance product that is not fit for purpose and can lead to a poor outcome for you.
Insurance brokers are the qualified experts when it comes to reviewing your insurance. They better understand what is covered and what is lacking in your current insurance policies. Insurance brokers are well placed to assist you to navigate the insurance market and to find alternatives that best fit your requirements.
If you are considering a worthwhile investment, consider engaging an insurance broker this financial year.
Thinking you are covered and being covered are two very different things.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Abbie Wilson.