Many roads to recovery – take the fast one

Severe weather incidents have wreaked havoc across Australia already this year. Hail the size of golf balls, tropical cyclones and storm water have caused significant damage and costs for businesses in affected areas. It provides a timely reminder of how adverse events can affect anyone and the need for the right protection.

While you may view all insurance covers for your physiotherapy practice as one-and-the-same, each insurance policy provides different levels of cover and every insurer provide different levels of service to support you. The following questions are what you need to ask of your insurer in the event of a claim:

What support can I expect in the event of damage?

If your practice is damaged, your primary concern is going to be to keep your business running. Patients are a physiotherapy practice’s lifeblood and the need to service them is paramount. While your insurer’s role is primarily to reimburse you for damage, it can encompass much more. Your insurer can help you find temporary solutions to keep your businesses running in the short-term and provide the support you need to make a full recovery in the long-term.

How we have helped: Support to keep the business running

When a truck crashed through a building premises in the middle of the night, the business owner and manager called Guild Insurance on our emergency claims line.

That night, we arranged for a builder to come and secure the premises temporarily. The next day we helped her arrange professional signage reading “Business as Usual” and other signs to direct people through the back entrance, as well as a new emergency buzzer. This helped to minimise the impact on the business, while the rebuilding and repairs were being undertaken.

How long will my claims take to be resolved?

Waiting to find out if your claim is being accepted can be stressful not to mention costly and the quicker your insurer responds, the better.

How we have helped: Fast claims service

In the Newcastle storms in 2008, more than 350 claims were lodged by Guild Insurance clients suffering damage from the storms. Over 80% of customers who reported a claim in the first two days after the storms were visited by an assessor within the first week.

Critical claims were also prioritised and Guild Insurance customers who experienced ‘large’ or ‘total’ losses were visited within two days by an assessor. Emergency payments were made within 24 hours of a claim being lodged to help those worst affected to cover any expenses requiring immediate attention.

Will I receive the full payout in the event of a claim?

‘Underinsurance’ or ‘average’ provisions that leave you shorthanded in the event of a claim if the value of your assets exceeds your level of insurance cover are common for business insurance policies. However, if your business insurance includes full replacement cost cover, you always receive the full payout on building and contents, even if you inadvertently underinsured.

How we have helped: Full payout for the cost of damages

A NSW Business owner, who, only three months after switching to Guild Insurance from a competitor, had his premises completely destroyed in a fire. His previous ‘sums insured’ for building and contents was $737,000 but the costs for rebuilding, restocking and refitting rose to $1.351 million.

If he hadn’t made the switch to Guild Insurance, he would have been forced to pay the gap of more than $614,000 between the ‘sums insured’ and the true cost of replacement. With full Replacement Cost cover, he was covered for all the additional costs.

What if my practice was damaged?

If you are hit by an unfortunate event, you want to know that you have the support behind you to take the fast road to recovery. Be confident that your practice insurance will give you fast and professional support for your recovery, has a claims process that doesn’t drag, and provides cover for the full extent of your damages.

For more information on insuring your physiotherapy practice contact Guild Insurance on 1800 810 213