Business Insurance can be complicated and confusing.
An insurance broker can help you to assess and manage your risks by providing a clear understanding of the various coverage options available and policy conditions.
Brokers have detailed technical expertise including knowledge of insurance markets, prices, terms and conditions, benefits and pitfalls of the wide range of insurance policies available. They will help you to arrange, acquire and maintain insurance and act as your advocate in settlement of a claim that may be made under your policy.
The risk of running a business without appropriate insurance can far outweigh the reward.
There is a very high probability that you will lose money if the unforeseen happens. This may be through replacing or repairing damaged property, paying compensation or not being able to trade as you normally would. Unexpected events can lead to companies being unable to recover if they are not adequately insured, and possibly going out of business.
Sadly, the risks of having no business insurance include:
- Going out of business
- Not being able to afford compensation claims
- Loss of income
- Reduced profits
- Inability to repair or replace damaged goods
- Not being able to recover from business interruptions
- Legal case against you, and your personal assets.
Claim Circumstances: (Subject to coverage selected and individual policy terms and conditions)
- Claims against your business from employees, customers or visitors due to accidents caused by business negligence.
- Damage to property and contents after events such as fires, floods, water leaks and accidental damage.
- Loss of revenue during a period of repair or insurance claim (Business Interruption)
Seriously consider the consequences of what would happen if an unexpected event occurred such as a fire or a flood, or even a visitor to your property suffering an injury due to an oversight on your behalf. Could your business recover without insurance?
Speak to a specialist business insurance broker at Reliant (RBI) who can help put together the right package of policies for your business.
You should call the police or emergency services if a serious accident has taken place or if your business is essentially a crime scene. For example, if a robbery or some other kind of theft, malicious damage or vandalism has been committed and the safety of your business premises has been compromised, do not enter and instead act on the advice of police or other emergency services personnel.
One of the best things you can do in the event you need to make a claim is to advise your insurance company or broker of the situation as soon as possible. Even if you don’t have all the information necessary, it’s good to chat to your insurer about the circumstances ASAP. They can then explain the claims process for you and advise the steps you may need to take or evidence you’ll need to gather.
Chatting to your broker immediately after a claimable event has taken place can help ease the stress and be quite calming. You will find that claims personnel and brokers are quite understanding in times of trauma or accidents.
You will generally be asked to complete a claim form, and required to submit it as close to the event as possible. Doing so will ensure that the details of the claimable event do not become lost or difficult to corroborate. It will also ensure any time limits will not be breached.
Things You Should Take Note of:
- As soon as you can after a loss or event, it is important that you note as much information as possible about what’s happened so that you can pass these details on to your insurer.
- Some things you should try to take note of/do as soon as possible:
* Record the time and date of the event
* Note the specific location of the incident.
* Provide a detailed description of what happened.
* Note details of anything you have done to minimise the loss, and keep repeits and invoices.
* Obtain an estimate of the loss, repair quote
* Obtain eyewitness accounts and contact details of any eyewitnesses
* Take photos of anything you think might be relevant, but particularly any damage
Getting a quote is a simple 3 step process.
Step 1: Answer a few questions on our Contact page or call our office.
Step 2: One of our experienced brokers will call you to discuss options.
Step 3: We will approach insurers to obatin quotes, and provide suitable options based on your requirments.