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How can you mitigate your insurance costs and still stay protected?

In these difficult times it is important that you maintain insurance protection for your assets. We understand that in many cases cash flow/income will be reduced and there are options available to assist in maintaining your insurance protection.
 
Flexible Payment Options
To smooth out the premium we can arrange a monthly installment plan and this will assist with cash flow over the coming period.
Alternately we understand insurers may announce ways payments can be changed, deferred/ delayed, but the challenge to this is the payment will still be required in a lump sum. So you will have to find the money at a point when you are trying to get back up and running. This is not free insurance and we are concerned that the lump sum required in 3-6 months may not be available and it could lead to policy cancellation.
 
Insurance Cover Considerations
The risk of Fires and Burglaries remains whether your premises is occupied or not, and we can tailor your insurance needs to suit your current situation, for example:
  • Reduction in turnover
  • Reduction in stock
  • In some circumstances increase the excess to reduce the cost.
  • Reductions in Business
  • Interruption Gross Income
 
Unoccupancy
Many property insurance policies have unoccupancy clauses so once the property is unoccupied in excess of 30 days you need to tell the insurer. Please let us know and we can make sure you remain protected, and avoid the risk of having a claim denied.
 
If you have concerns please contact us and we will discuss options that are available to you right now to smooth out your cash flow.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.


Adroit Insurance & Risk, ABN 75 078972 700, AFSL 244 348

This article originally appeared on Adroit Insurance & Risk Blog and has been published here with permission.

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