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Small Business Insurance - How can you solve underinsurance for your Business?

By Peter Vickers Insurance Brokers | business, small business, Insurance, small business insurance, underinsurance |

Why use an Insurance Broker?

The Insurance Council of Australia’s most recent research into underinsurance and small business shows 12.8% of small businesses do not have appropriate insurance cover and 10 are underinsured for their assets.

Does your business have enough cover when it comes to business continuity or flood insurance? Are you vulnerable to a calamity that could drastically reduce your profit or worse shut your doors permanently?

Karl Sullivan – head of risk and operations for Insurance Council of Australia, says flood insurance is one area where businesses typically don’t have enough insurance. “It’s a critical one. Often you find business districts and small industrial estates are located in parts of a town that are not suitable for residential development because of flood risk. When floods come, they hit businesses hard.

Worse, a very high percentage of businesses even in flood zones don’t take out cover event when it’s offered to them.”

Sullivan says when it comes to business interruption insurance, firms often take out bare minimum cover, without proper consideration of the broader issues that could affect them.

To overcome this problem businesses can map out risks by identifying everything that is critical for the business to operate, including loss of power, loss of access and loss of attraction (for tourism businesses).

If you are cutting costs and reassessing your insurance cover because of the effects of the pandemic on your business it is important to remember that most businesses are facing challenges at present and some sectors will feel the weight of the pandemic for a very long time to come. “But he warns small businesses against discarding their insurance cover as this situation does not make us immune to another hailstorm, flood or fire. So it’s important to make sure that you are properly protected.”

“It’s essential for small businesses to have an eye on what could happen tomorrow, next week and for the rest of the year because it’s possible something else could happen while the economy is recovering.”

“If you can’t afford insurance, you probably can’t afford to run the business” Sullivan says

If you are worried about how to cover the cost of your policy to protect your business, talk to one of our brokers today about protecting your critical vulnerabilities at this time.

Talk to us at Peter Vickers Insurance Brokers on 1300 784 011 today.

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