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How to guarantee your insurance policy is right for your business

  • Adroit Insurance Group
  • August 30, 2016

There’s no denying that comparing different business insurance policies can be confusing. How do you know what your business should be covered for? We see too many clients confused and overwhelmed by their insurance options. Here are five tips to help you decipher your policies and make sure they align with what your business needs.

1. Don’t stop at the basics – traditional cover may not be enough

When shopping for cover, the basics are essential, but don’t forget about protecting your company from developing threats and particular risk points significant to your individual business. Traditional dangers, such as property damage, fire and flood are valid concerns but running a risk assessment on your unique business circumstances will show you what else you should be concerned about.

2. Consider how business interruption cover could help your business

While the initial damage of an unfortunate event can be devastating, you need to prepare for more long term implications while your business operations are suspended. For example, you may be covered for fire or flood, but while rebuilding occurs from these incidents, you’ll probably need to significantly slow (or even cease) your regular operations. This means lost productivity and revenue. Business interruption insurance cover can assist your business with its expenses while you’re unable to generate income.

3. Don’t suffer from sour relationships with management liability cover

Justin Schembri our Branch Manager in Traralgon, says “employees are one of the biggest threats to businesses at the moment.” Even with the best of intentions, human relationships are complicated and situations can easily become messy in the workplace. Every business needs management liability cover to protect employees, managers and directors.

4. Don’t just choose the policy which is “cheapest”

According to Damon Edwards our Ballarat Branch Manager, “customers make decisions on price and price alone, without looking at what a product is and what it covers them for.” When it comes to insurance, you often get what you pay for. Saving on a cheaper solution may be tempting at first, but many policies with a lower price tag have more exemptions. These gaps mean that you could be left without cover when you really need it and that is going to cost you money in the long-term.

5. Have someone you trust guide you through the fine print

Insurance policies are complicated pieces of legal terminology that require in-depth understanding. An independent and knowledgeable risk adviser will be able to empower you to better understand what your policy means for the day-to-day running of your business, helping you avoid any nasty surprises when the time comes for you to make a claim.   It can be difficult to get your head around the complexities of insurance, but by being smart, having the right support and knowing what your business is at risk of, you will be in a better position to select the best fitting policy. Contact an Adroit risk adviser today for expert advice and support.

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