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 Just like an outdated fashion trend, an insurance policy you purchased but have never reviewed is unlikely to still be a good fit.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.
Do you think it would be simple to walk into someone else’s office, warehouse or factory and make that business run smoothly? If you had to swap with the business next door, suddenly, without making any of your own adjustments to layout – how successful do you think that would be?
If you think that would be a total disaster, you’re probably right. Every business is unique – each one has its own story, its own way of doing things, its own unique group of customers.
No two businesses are alike, even within the same industry. Across multiple differing industries these differences become even more apparent – a large business in the construction industry, for example, faces very different risks to a small hairdressing business or pet parlor at a local shopping centre. So why should they all share the same level of insurance cover? Every business has its own unique set of risks as part of its corresponding industry and individual needs.
One of the main advantages of selecting an industry-specific insurance policy over a more generalised product is that your insurance broker will provide advice on the things you might never have even considered. This involves a comprehensive understanding of your industry, developing personal relationships and delving to discover exactly what risks your business is exposed to, then protecting you from those risks with a comprehensive, bespoke insurance solution at the best possible price. Insurance experts are adept at recognising risks, and they have the experience of working with all kinds of businesses and seeing where others have gotten into trouble – what is an unexpected event for you is something they have probably seen before – and already have a plan in place to address.
Tailored insurance policies for businesses are available to a number of different industries including:
– Agriculture and Viticulture
– Professional Services
Within your corresponding industry we will design an insurance solution that’s specifically tailored to you and your individual business needs, allowing you to rest easy knowing that your business is protected from any unexpected and unforeseen occurrences.
A friendly chat with one of our brokers is all it takes to get the ball rolling – make the call today and give yourself the gift of peace of mind with comprehensive cover specific to your needs.
Due to the nature of work many engineers carry out, they have a crucial duty of care to a wide network of people – including clients, contractors, additional consultants and members of the general public.
As well as covering the physical risks associated with projects involving construction or architectural work, a tailored insurance solution can protect engineers who are also required to offer advice and direction.
Without an adequate level of cover, an engineer can be susceptible to some very serious risks and liabilities, take Anthony for example;
Anthony, a structural building engineer was hired to conduct the final inspection of a building after the completion of a large renovation. Upon inspection, Anthony found several minor items to address which he included in his final report. He had also noticed that the floor beams of the structure were sagging slightly, however, given that this was an older building with wooden beams, Anthony didn’t feel that it compromised the structure and did not include this in his report. Two weeks after the inspection, the building collapsed inward due to a weakening of the interior floor beams. The damage caused to the structure was beyond repair and there was also some damage to the neighbouring building. Anthony was named in a lawsuit and accused of improper a negligent inspection, being held partly liable for the replacement cost of the structure, the damage to the neighbouring building and associated legal costs. All of which would be paid by the insurer (with the exception of the engineer’s deductible), had he been covered.
Don’t be caught in the trap of underinsurance. Professional indemnity insurance covers engineers for the advice and direction they are required to give, whilst public liability insurance covers engineers should they be liable for any third party injury or property damage while they are on-site.
In such a diverse profession including industries such as chemical, forensic, landscaping electrical and civil – it’s important to have a clear and thorough understanding of the specific type of insurance solution required.
Calculating the correct amount of cover for your engineering business can be a tedious and complex process, and trying to do it on your own can be a recipe for disaster. Talk to an Adroit Insurance broker about customising a peace of mind insurance policy to fit your exact needs today!
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.
From what newspaper reports have to say, the owners of small businesses could be forgiven for thinking that cyber attacks are something for large corporates and governments to worry about. Unfortunately the opposite is true.