When you renew, review

Insurance is sometimes known as a ‘grudge purchase’ because, really, any new bill is a reason to frown. But at Guild Insurance, we’ve also experienced a number of clients who have come to regret feeling this way when their insurance came through for them at a challenging time.

An owner who had a truck crash through the front of her facility, told us afterwards, “I used to think insurance was too expensive. Now I know it was worth every cent.”

Another business owner client took the time to write to us, “Until five years ago I wondered why I payed these premiums having had no real need to claim. However, this has changed over recent years. I have had four claims and through all I have had faultless caring service. Now I, like many others, know why we pay those previously annoying premiums.”

And that’s the difficulty with assessing the value of your insurance – it’s hard to see its value until you need it. But by then if your insurance isn’t up to scratch it could be too late. When you renew your insurance policy, review your cover and make sure you have sufficient insurance cover.

There are some simple steps you can take to ensure you are properly insured.

Inform your insurer of changes in the value of your assets – rising building costs or operating costs, refurbishments and new equipment are just some of the factors that can substantially alter the value of assets that you need to insure. Review your level of insurance on an annual basis so that you aren’t caught short.

Have sufficient cover for your centre – accurately assessing the level of insurance you require isn’t always easy. A Guild Customer Service Executive with experience and knowledge of a centre’s risks can help review your centre’s needs and assist you in obtaining sufficient levels of cover.

Know what cover you are getting – different insurers offer different types and levels of cover. While at first all the different cover options can appear confusing, once explained they can be quite straightforward. Some key areas of cover include

Business Interruption – one of the least understood but most important covers. It covers your centre from disruptions caused by damage, providing cover for increased cost of working, loss of income, and ongoing business expenses.

Liability – there are various covers that protect you from liability in events such as:

• visitors slipping and injuring themselves on your premises (Public Liability cover)
• accidents that cause injury to volunteers  (Voluntary Workers Personal Accident cover)
• accusations of financial mismanagement against your decision makers (Directors’ and Officers’ Liability cover), and
• disputes over employment practices (Employment Practices Liability cover).

There are a range of different areas of cover that your centre may need as part of its protection, Guild make it as easy as possible for operators by including all of these covers in the one easy-to-manage package. If you would like to know more about the various covers available, a Guild Insurance representative can discuss your options with you.

Many people mistakenly base their insurance decisions on past experience rather than future risk. Just because you haven’t experienced disaster before, it doesn’t mean you won’t in the future. An ‘it won’t happen to me’ mindset can lead to people taking their chances with inadequate protection. Don’t take any chances with yours.

If you have any further questions about your centre’s insurance talk to your local Guild Insurance representative on 1800 810 213.