Why being Under-insured is a major risk.
Under-insurance occurs when a business holds insurance coverage that falls short of its actual value or potential liabilities. In essence, it means that the business is not adequately protected in the event of a claim.
For small businesses, being under-insured can have significant repercussions. In the event of a loss, such as property damage or liability claims, insufficient coverage may lead to financial strain, hampering your business’s ability to recover and resume operations promptly.
Is it time for the team at Tudor Insurance Australia to reassess your business needs and ensure that you have appropriate coverage?
Going Direct versus with a Broker
If a policy appears too good to be true, it’s likely to be just that.
Under-insurance is a common problem amongst small businesses, as owners think that they won’t get hit with a claim. They also don’t insure themselves properly because they are so busy running the company day-to-day.
While it may be easier to go direct, especially with the growing availability of online products, a broker can provide you with added value and assistance when you most need it.
Small businesses on tight margins are very aware of costs, so it’s easy to always opt for the cheapest product. But when it comes to insurance, price isn’t everything, and choosing the cheapest option can have expensive consequences.
Our team can compare policy prices and features to ensure you not only get value for money but are also fully covered for your requirements.
Covering All Bases
You may find that when it comes time to make a claim, you aren’t covered for what you need.
While several online sites can do an instant comparison of insurance companies and policies, these offerings don’t consider your specific situation.
Tudor Insurance Australia has a team of professional brokers that can provide a thorough assessment of your insurance needs and find a policy that better suits your specific needs.
It may take a little longer than getting an online recommendation, but you can rest assured that you’ll get the coverage you need.
Request an Insurance Business Review
Conducting an insurance business review at the start of the year ensures that insurance policies remain current, providing adequate protection against emerging risks.
There’s no one-size-fits-all solution, and that’s why it pays to seek expert assistance from the insurance professionals at Tudor Insurance Australia.
Ask for Help Today