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The first 4 questions to ask your insurance broker after the floods

Individuals and Businesses that have been impacted by floods should connect with and engage their insurance broker and insurers for assistance. Getting to understand what you are covered for and to what financial level the coverage extends can provide a great source of peace during difficult times.
Your questions will range from general and immediate questions that you’ll need to ask as soon as possible, to more specific questions about loss of stock, damage to premises, loss of revenue and getting back on your feet.
Here are some questions to make sure you ask your insurer and your broker if you’ve been impacted by flooding.
First questions to ask your insurance broker when you’ve been flooded:
1: What am I covered for?
2: What is the process from here?
3: What do you need from me to take the necessary steps?
4: How can I help make it easier for you to process our claim?
Questions to ask your insurance broker about loss of stock:
1: What level of stock coverage do we have in place?
2: Who will remove damaged stock? What should we do with it? Do you or an assessor need to see the stock before it is removed or destroyed?
3: Do we need to count the damaged stock? Should we take photos?
4: Are we over or underinsured and is there an impact from either position?
Questions to ask your insurance broker about damages to your premises:

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

Purchase up to six products under one Business Insurance Package. 

Questions to ask your insurance broker about damages to your premises:
1: What evidence of physical damage do you and assessors need?
2: How do we work with our landlord’s insurer and broker to ensure we get repairs underway?
3: Damage to machinery - what are the ways we manage listed machinery items and unlisted machinery items?
4: Damage to technology - How do we record the damage to our technology and equipment? What about the cost of information that has been lost or destroyed if we didn’t have an offsite backup or if our offsite location was damaged and impacted too.
Questions to ask your insurance broker about loss of revenue:
1: How can we best communicate the loss of revenue numbers from our business? What inputs do you need from us or from our accountant etc?
2: Are there limitations or time periods for which loss of revenue coverage exists? Will support and coverage run out in a few weeks, months or even years?
3: Who will pay the wages for our employees? 
Questions to ask your insurance broker about getting back on your feet:
1: How can we get remediation works started?
2: What are the key services that we need reconnected? Do you need to be involved here?
3: Are there key suppliers that you are bringing in and what will they be responsible for?
4: Who do we talk to if we’re not happy with the schedule or quality of work being done?
Remember, your insurance broker is a critical member of your team and your greatest advocate. Be sure to communicate with them clearly, openly, honestly and frequently to ensure that you get the best outcome as quickly as possible.
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.

ADVISR, ABN 17 613 588 266

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