An insurance health check is vital. We recommend that a review of your insurance policies is carried out as a minimum towards the end of each policy period, prior to renewal of your cover. To avoid making mistakes, Aviso Broking has put together a few points to assist you in giving your insurance a health check.
Complete an insurance health check on your business regularly, to avoid making any mistakes that may impact your business & livelihood. Here are some handy tips Aviso Broking has put together in relation to your insurance.
-
When to review your cover?
Review your insurance policies on a regular basis. We would suggest reviewing your current cover and requirements 6 – 8 weeks prior to renewal of your policy. However, we understand your requirements can change throughout the year and significant changes can result in a change in policy terms or pricing. Keep your account manager/ insurance broker up to date with any changes coming up in your business to ensure you have the correct coverage in the event of a claim. Reviewing your policies each quarter is good practice and ensures any changes can be relayed to your insurance broker.
-
Has your business diversified?
The internet has broken down international borders. The pandemic has further opened communications with alternate and new ways of doing business & offering goods and services. Over time, many industries have adopted expansion and grown their markets. Any significant changes to your business need to be relayed to your account manager/insurance broker if you are entering into new markets. Aviso Broking is here to help you navigate through these changes by ensuring your coverage is adequate for these changes.
-
Are you underinsured? Do you have business interruption cover?
The above has been a regular discussion in the industry lately. If you have not considered interruption cover, it would be wise to do so. Many businesses are being caught out with a lack of insurance covering burglary, computers, machinery, electronic breakdown, and fire. Make an appointment with Aviso Broking to ensure your needs are covered adequately. We are here to help.
-
Times are tough. I think I will reduce my business premiums for now.
Every business will experience rough patches when times get tough. One of the major temptations is to save money on insurance and many businesses will tend to reduce their insurance cover to reduce their premiums. This is a very risky move and has the potential to cause a significant damaging impact on your business that may have long-term ramifications. There is often a better solution and ways in which we can help you save money without the need to reduce your level of cover. We are here to help. Contact us at Aviso Broking, so we can discuss payment options and alternatives with you, so you can continue to have peace of mind.
-
Do you think you can be your own insurance broker?
My business does not need an insurance broker. I have the internet!
The internet is a great tool to use for research however, the internet will never replace the personal service of your broker. An insurance broker is qualified and must obtain a minimum of 50 CPD (Continuing Professional Development) points over each two-year period to keep their qualifications current. This also helps ensure that your broker is up to date with any changes in legislation, market, and policies that change continually. Within Australia, individual States are regulated differently. Insurance information can be a maze. An insurance broker’s job is to navigate, understand the fine print, deliver a professional service and explain details that no internet browser can achieve. You may find yourself a great deal of information but are you 100% certain you are not underinsured? We provide you with many options and your required level of cover is discussed in detail.
At Aviso Broking, we save you time and give you peace of mind by helping you find the right insurance solution to suit your needs. Our team of specialists is here to do the hard yards and help you choose the right insurance solution to suit you, your business and your budget. We know that no two businesses are alike and we can help you to avoid a one-size-fits-all approach. It’s all about getting to know you, understanding the risks you can afford to carry, and protecting you against those you can’t.
Feel free to drop into one of our offices, email insurance@avisobroking.com.au or give us a call 1300 908 404.
