4 Reasons to Call Your Insurance Adviser

Lisa Carter, CEO - Clear Insurance

1.  Entering New Business Contracts

Contracts may include indemnities, warranties or other problem clauses that increase your financial risk through contractual liability. The contract you are about to sign may:

• Breach the terms and conditions of your existing insurance policies leaving you with reduced or no insurance cover.         
• Restrict the level or type of insurance available due to your business set-up, financial position or operations.

Talk to your insurance adviser before you sign. They can check whether your existing insurance covers the additional liabilities or whether it’s commercially possible to obtain the cover required in the market.

2.  Budget Setting & Cash Flow

Cutting insurance to save money may be tempting. However, your adviser can review your insurance program and help you set adequate budgets. They can:

•       Determine the financial risk(s) the business can or cannot afford to absorb
•        Present alternative excess options
•        Explore flexible payment options
•        Explain market changes impacting premiums
•        Recommend adjustments to protect future assets or business changes, including                        downsizing

3.  Major Business Changes & Purchasing Assets

New staff, premises, products, machinery, revenue streams, or ownership changes can affect your insurance in ways you least expect. For example, say you buy new machinery from overseas which breaks down, replacement parts take six months to arrive, and you lose vital income. If it’s not covered under your insurance policy, the business will be out of pocket. Seek insurance advice at the planning stages to help manage your risks.

4.  Reporting Incidents & Potential Claims

Failure to report incidents may breach the terms and conditions of your insurance policy and result in no cover at claim time. Always inform your insurance adviser of incidents impacting the business, customers, staff, property or other potential claim events. Your adviser will inform your insurer and guide you through the process.

If you need guidance on your insurance, contact your QLD Leaders risk and insurance industry expert Lisa Carter on 1300 721 132 or email lisa.carter@clearinsurance.com.au

General Advice Warning: This advice is general and does not consider your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement. Clear Insurance Pty Ltd. ABN. 41 601 916 689. AFSL No. 548953.