Insurance News

The importance of reviewing and understanding your insurance

Buying insurance should be reassuring and make you feel at ease.

Buying insurance should be reassuring and make you feel at ease.  Though many people don’t realize the insurance policy they have purchased is inadequate and won’t look after them like they’d hoped.  This is why it is important you speak to an IRM insurance consultant who will explain to you in simple terms how your insurance will respond.  Like many Australian’s, your insurance policy hasn’t been reviewed in years, though every year the costs of goods, rebuilding and risk exposures change.  Maybe you have purchased more stock or doing well and improved your profits; then disaster strikes.  You find out that your sums insureds are too low and you didn’t understand the importance of selecting business interruption.

At IRM we believe that there is no point in having an insurance policy in place if it is not tailored to your business or circumstances.  An insurance policy is not a one size fits all solution.  Terms and conditions between each insurer is different.  Terms like average clause/underinsurance or cross liability clauses need to be considered when purchasing your policy not after the claim occurs.  It is of utmost importance that your insurance remains up to date and relevant.  It should be treated as a risk management strategy rather than a grudge purchase.

Give us a call and see how your insurance can work for you when you need it.