Insurance Review – Necessary Evil!
When was the last time you had your business insurance reviewed?
We should all be on a first name basis with our insurance brokers, they are a vital part to ensuring the longevity of your business.
- Do you know what level of cover you have?
- Do you have an excessive amount of insurance cover costing you an arm and a leg?
- Do you have too little cover, over exposing you to risk?
I like to call it the “sleep at night” factor, I personally find a great comfort in knowing that I have someone I can call for help if “shit hits the fan” and I will be guided through the process by a professional who understands my business.
Seriously, who has the time to read a product disclosure statement (PDS) front to back?
With all the jargon out there you need a team member who can spell things out clearly to you and help you understand your exposure to risk.
Is your business growing or diversifying, if so you need to make a time to catch up with your broker and review your situation.
I recommend that you undertake a review at least once a year, generally on policy renewal. If you make any “out of the box” changes to the nature of your business, speak to your broker as soon as humanely possible to make sure you keep all your basis covered.
If you don’t already have a broker I can recommend Sarah Kempton from OAMPS Insurance Brokers in Darwin, you can contact her on 08 8942 5029.