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Don’t Be a Stranger to Your Broker

  • Emma Tyler
  • April 29, 2024

Do you only contact your Risk Adviser when you need to renew your policy or make a claim?

It is a common misconception that insurance is a “set and forget” affair, when in fact your broker needs to be kept abreast of any changes to business or personal circumstances.

Here’s a cautionary example: the owner of more than $700,000 in stock destroyed by fire had a nasty shock when the insurer fought the claim, saying it would not have provided cover had it known the property’s roof was made using asbestos and not iron sheeting.

It’s a startling reminder of the importance of frequent and accurate communication with your Risk Adviser, and illustrates how vital it is to regularly keep in touch with your broker, who can help ensure you have no gaps in cover.

Small businesses must make this a priority as they adapt and grow, to make sure insurance still reflects their needs.

New employees or subcontractors may change your risk profile, as any faulty work or advice may not be covered under current insurance. Your broker can advise what is covered and whether your subcontractor needs their own liability insurance.

You should also contact your broker at the first sign of a complaint that may lead to a professional indemnity claim – for example, any suggestion your advice caused financial loss. Changing the products or services your business offers is another instance in which you must notify your broker, as adjustments may be needed to your policy mid-term. (If a service is not listed on your schedule, it may not be covered.)

If there are substantial changes to annual revenue, or if you move premises, renovate or buy equipment, you will need to notify your broker to adjust your sum insured.

In short, if anything changes and you’re unsure whether your insurance needs updating, a quick call can help clear up confusion and ensure you continue to access the best cover.

To get the best from your Risk Adviser – and for full peace of mind – don’t be a stranger. Keep us up to date every step of the way; we can’t help if we don’t know. And rest assured, we’ll also do our bit and check in regularly.

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