It’s a scenario many of us hope to never have to face – something bad happens, only to find out the insurance policy doesn’t cover it. Unfortunately, this happens more often than you might think. Many businesses are underinsured without even realising it, which can leave them struggling financially in the event of an accident.
Underinsurance is when a business or individual does not have adequate insurance to cover their legal liabilities or the cost of damage to their assets.
One in ten businesses in Australia has no insurance coverage at all. This leaves them at serious financial risk if something goes wrong, as they will have to cover the cost of repairs or replacements themselves.
If you’re not sure whether your business is adequately insured, it’s good to get in touch with a professional broker to assess your needs and ensure you’re adequately covered. Ausure Newcastle can assist you with figuring out the right policies that will cover you and ensure you are protected.
Many business owners think of insurance as ‘dead money’ because they don’t think anything bad will happen to them. However, it’s important to remember that insurance is there to protect you financially in the event that something does go wrong.
It’s better to be safe than sorry, and if you are underinsured, you could find yourself in a challenging situation. Ausure Newcastle can help you make sure that doesn’t happen.
You Get What You Pay For
Being underinsured falls into two separate categories:
- Not having any insurance at all
- Having insufficient insurance
The risk of not having insurance at all is obvious. If something happens and you don’t have any insurance, you will have to pay for the damages yourself. This could put you out of business if the cost is too high.
Having insufficient insurance is almost as bad as not having any at all. If you are underinsured, you may only realise you’re not covered for certain events when it’s too late. Cheap insurance may be attractive in the short term but will be a pain in the long term.
Your insurance requirement may also change over time without you even realising.
How Ausure Newcastle Brokers Can Help
Insurance brokers are licensed professionals who specialise in finding the best policy for your business. They can make sure you have coverage that meets all of these needs and more at a price most businesses will be able to afford, without any long learning curve or tricky legal jargon involved. They can also regularly check that your insurance is up to date and relevant to your interests.