AB Phillips article ’10 Reasons Why You Should Review Your General Insurance’ outlines the importance and potential savings that ACA members could be making. See below and click read more for the full article.
“10 Reasons Why You Should Review your General Insurance
- You could be underinsured
Industry research has revealed that the vast majority of Australian businesses are underinsured, particularly in the areas of Property, Business Interruption and Cyber Insurance. The best way to ensure that your business insurance is adequate is to have your business properly assessed by a qualified Insurance Valuer. A professional valuation takes the responsibility and risk away from Company Directors and ensures there will be no gap to cover in the event of a claim. Part of the valuation process should be to compile an asset register and maintain it going forward. This will allow you to respond to a loss quickly and with minimal impact to your business.
- Reviewing your General Insurance could result in big savings
Greater competition in the insurance market means that insurance premiums are currently on the decline. An analysis of over 200,000 business insurance policies placed by the AUB network has shown that the price of an average Business Pack policy fell by 2%, with certain types of policies down 7%, in the last quarter of the 2014 financial year. This provides an opportunity for business owners to take advantage of the competitive market to upgrade their insurance without incurring the additional expense. It’s also a good time to get a comparative quote on your insurance to ensure your Insurance Broker is passing on any potential savings…”