After the Queensland floods it became very apparent that cutting corners on insurance trying to save a few dollars can be very costly, but with so many policies out there how can you select the right policy and coverage to suit your needs.
Insuring your business is important, insuring your cover is adequate is essential. Many businesses and individuals find out their coverage is inadequate too late. After years of paying premiums because of incorrect or insufficient cover peoples have lost their homes and their businesses. How can you ensure your business has the right protection. To help you through the thousands of options available from a vast array of insurers we have put together 5 steps to help you select the right policy and coverage to suit your needs.

  1. Avoid insuring directly through an insurer. As a direct insurer only sells their own policies they will try to make your business fit their policy regardless of it adequacy.
  2. Do not just get quotes based on what you had last year. Businesses change and your insurance needs to change with it. If you keep hunting for a cheaper policy each year then eventually you will end up less coverage than Borats mankini. Never forget the reason you buy insurance is so it will protect you and your business should something go wrong.
  3. Don’t wait until renewal to make changes to your insurance, if there are changes to your business then ensure they are reflected in your coverage.
  4. List your main concerns about weaknesses or hazards in your business. If your business suffers a major loss, what will you require from your insurer to ensure your business survives. Make certain that your policy addresses these issues.
  5. If your unsure seek advice from an insurance broker. Their commissions are paid by the insurer so generally a broker will either save you money, provide you with the correct cover or both!

Should you require any assistance with insuring your business speak to the team at All Trades Cover for more advice and tools to help you ensure your business has the right cover.