You may have noticed your insurance premiums going through the roof. Insurers have had a tough time of it lately with bushfires, floods and COVID-19. Throw in travel claims and the number of claims for stress-related illnesses as people struggle to cope with their changing circumstances.
Insurers are also reconsidering their appetite to offer certain types of insurance. Just last week, one client in the agricultural sector had a public liability policy cancelled mid-term as the insurer decided it wanted out, citing too much risk because the workers visited other farms to harvest their crops.
So, what should be doing about it?
Our advice is to speak to your insurance professional. A close relationship is now more important than ever.
A true insurance professional will take the time to understand your business and use that knowledge to help you identify insurable risks. He or she will call for a number of quotes and explain to you the differences between each policy. Those differences are often buried away in the definitions. The point is, not all policies are made equal so before choosing on price, make sure you are comparing apples with applies.
Sadly, a lot of people will drop their insurance cover altogether because they just can’t afford to maintain it. That is a decision that should not be taken lightly and in fact, we caution against it. Instead, we suggest shopping around to make sure you have the best deal and examining other areas that savings can be made.
If you would like an introduction to an insurance professional, please call us on 1300 656 141 and we will happy to introduce you.