April 15, 2016
If you’re a business owner, you know how much work goes into growing and maintaining your operation. Imagine then, if your business were to go up in flames. But what if, on top of this, you discovered the policy you’ve been paying for over the years does not cover the loss and damage caused by the fire?
Unfortunately, this scenario isn’t just a hypothetical. Underinsurance in Australia is considered to be a chronic problem, especially in the commercial landscape.
Here are our insights into how you can avoid the pitfalls of underinsurance, so you’re covered, if and when you need to make a claim.
According to the Insurance Council of Australia, underinsurance is:
When the value you have insured your property for is not enough to cover the full value of the items you are insuring.
If you’re like most savvy business owners, you protect your business by taking out comprehensive insurance cover against loss and damage to your commercial building, and its contents.
But according to the Insurance Council of Australia, many business owners are actually underinsured or not insured at all.
If you’re in this category of business owners, and disaster were to strike your business, you will be out of pocket, and in some cases, out of business too.
Although this verdict does sound dire, it is important to note that there are steps you can take to ensure your commercial property and its contents are protected.
An insurance broker compares many different kinds of commercial cover, and pinpoints a solution that covers your commercial property for all possible risks. They take into account the kind of business you are operating, as well as the possible situations you should be covered for.
A good insurance broker will make sure you never experience the trauma of losing your business, and then discovering you do not have the funds to rebuild.
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