We can take care of the process by working closely with you and the insurance company and any third-party valuers, repairers, or specialists to help you get the best possible outcome. And we can keep you informed every step of the way.
The major reason why small businesses in Australia fail is inadequate cash flow. That’s where having the right level of insurance can make all the difference by helping to ensure your business continues to operate smoothly if the unexpected happens.
Unfortunately, 1 in 10 Australian small businesses with insurance don’t have enough cover to protect themselves against business disruption, legal liabilities or loss or damage to their assets.
This is referred to as “underinsurance’ and it can greatly increase the risk of a business having to close down if something goes wrong. So why are so many businesses underinsured?
Some business owners are driven by low premiums and don’t take the time to make sure they are adequately protected after an insurable event. As a result, the sum insured may not be enough to cover losses – or the terms of their policy may limit the amount that can be recovered.
It’s also common for business owners to underestimate either the reinstatement or replacement costs of their business assets after a damaging event such as a fire or storm. If the sum insured doesn’t reflect an up to date reinstatement or replacement cost, the owners will be underinsured and may face substantial out-of-the-pocket expenses if they need to make a claim.
You are at risk of being underinsured of:
When you’re running a business, sorting out your insurance cover often drops to the bottom of your never-ending to-do list. That’s where we can help. We do the hard work of reviewing your insurance strategy, adapting your cover as your business changes, and giving you peace of mind that your business is properly insured.
With so many options on the market, and with emerging risks such as Cyber, and new products coming available all the time, it can be hard to be confident you’re making the right choice. That’s where we can help.
We can take the hard work out of getting the most suitable cover – at a competitive price. As part of Steadfast, Australia’s largest general insurance broker network, we have access to policies from national and international insurers – so we can help find the right one for you.
We’re experts in helping you: