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| Small Business | |||
| Staff Profile | - Fiona Dunn | ||
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Are you in the 50% of businesses that are underinsured?
Phil Tinslay Property insurance is essential, especially when there’s a global recession biting. Yet it is surprising how much underinsurance exists among small and medium enterprises (SMEs). Property insurance covers policyholders for the loss and damage of buildings and contents and policies usually offer cover for fire and extraneous perils, malicious damage, burglary and theft, money loss, damage or destruction, storm and water damage, loss of profits, computer damage or theft and glass breakage. To make sure your insurance policy is effective you need to identify the correct assets valuations. It won’t matter how broad your policy is if the sum insured isn’t right, as this determines how much will be payable by you. If you underinsure your assets, then your insurer is likely to pay a proportionately reduced claim settlement. Research by the Insurance Council of Australia (ICA) shows just how widespread underinsurance is among Australian SMEs. According to ICA, 50% of small business buildings are severely or significantly underinsured, while 20% are not insured at all, and 90% of small business plant and equipment is severely or significantly underinsured. During these difficult economic times, there is no scope to risk losing your business and your income due to underinsurance. Don’t wait until something happens to you. You should make sure your cover allows for future cost increases. If your property is destroyed you need to consider the cost of replacement, and time as well as expense involved in managing potential disputes and the local council approval process. You should also take into account the future cost of materials, labour, products and any clean-up, including possible asbestos removal. Contact Phil Tinslay from Salisbury Payne Tinslay today to make sure that you are fully covered if a loss occurs, and able to survive whatever comes your way. Email info@sptinsurance.com.au. |
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