It’s no surprise how quickly life can change – the only thing you can be sure of is that occasionally, the unexpected will happen. Whether it’s in your business or your personal life, there’s always something new just around the corner.
With this in mind, it’s important all your insurance needs are being met. Just like an outdated fashion trend, an insurance policy you purchased but have never reviewed is unlikely to still be a good fit. A “set and forget” approach is one that can lead to unpleasant surprises down the track, but thankfully can be easily prevented by regularly reviewing your level of coverage as your circumstances change.
Getting married, having children, a promotion at work, major purchases or downsizing – these are all major life events that mean your insurance needs will change accordingly.
Don’t forget your business insurance either – just as personal circumstances change, businesses change over time too. You might be offering different products or services, your team may grow or shrink, and new opportunities can see your business evolve in directions you never expected. That’s why it’s so important to keep your insurance policies current and relevant to your business activities.
Just like a regular check-up with your doctor is essential for your personal health, a periodic check-up with your insurance broker is absolutely necessary to ensure you have the best level of coverage for your circumstances.
Adroit’s personalised approach ensures you have everything you need (and nothing you don’t) giving you peace of mind that in the event of the unexpected, you’re fully covered.
You should always consult your qualified insurance broker for advice on the best policies available to suit your needs.
We all have things we subscribe to that end up not fitting our needs down the road. Maybe it’s that magazine you subscribed to back in 1992, or the gym membership that you haven’t used since you finally started fitting back into those jeans. Your insurance policy shouldn’t get lumped in with these things.
It’s one of those things that’s misunderstood; your policy is not something that you just set and leave as it is. It’s something that you should always be reviewing, in conjunction with your broker. – Damon Edwards, Branch Manager.
Insurance policies renew automatically, but you’ll be notified by your insurance broker or financial adviser before that happens to see if anything has changed. This is the perfect opportunity to review your insurance policies and ensure your coverage still suits the needs of your business.
Here are a few examples of changes that could affect your insurance cover:
- A significant increase (or decrease) in revenue
- A significant increase or decrease in stock
- A purchase of a new asset like a property or piece of machinery
- A change in business activity
- A change in market conditions
These business milestones, like growing your staff, opening a new store or upgrading to the latest equipment, are exciting. They can change your life and improve the profitability of your business. As much as they change the way your business operates, they also change the requirements of your insurance policy – and sure, that takes some of the romanticism out of it, but these are the assets you’re working so hard to protect.
Life grows along with you, so make sure you enable your insurance policies to do the same. Your Adroit Insurance Broker or Financial Adviser will get in touch with you to review your insurances, so take that opportunity to update them on any changes in your life or your business. If your broker or adviser doesn’t do this, talk to one of our trusted Adroit Brokers for a free no obligation insurance review.
The following blog comes courtesy of one of our brokers, Damon Edwards and was featured in the Ballarat Courier
According to figures released by the Australian Bureau of Statistics, in 2012–13, over three quarters (76 per cent) of Australia’s 15.4 million internet users made a purchase or order over the internet.
A clear shift towards purchasing online coupled with the seemingly endless raft of information at consumers fingertips, one may suggest that the days of an intermediary are numbered.
I would argue, however, that now more than ever there is a need for an insurance broker.
The real test of an insurance policy comes when you have to make a claim. Whatever you are trying to claim for has to be covered under the policy, so thinking ahead – as tough as it may be- and ensuring your policy is as thorough as possible is really important.