Click on the links below to learn more

When contacting insurance companies or brokers with your enquiries, it is important to appropriately disclose information in order to get the most precise insurance policy for your needs. By not disclosing all relevant or providing false information, your policy may not be valid. It is also essential that you keep the insurance company up to date with any changes to your personal details or circumstances.

Prior to entering into a policy, make sure you: ^[1]

• Check what is and what is not covered - Look at the wording and definitions.

• Are you under-insured? - It is very important that you insure your assets for their replacement value in today's prices.  If you are not sure of the replacement cost, you may need the services of a qualified valuer to establish what your assets are worth.

• Do you understand the term co-insurance? - You are deemed to be co-insured to the extent that the risk is under-insured, ie you will only be compensated for a proportion of the total loss.

• When does your protection commence? - That is, immediate cover or otherwise.

• Conditions of insurance - Note particular activities relating to the nature of your business.  Are these activities excluded from the policy?

• Check the claims procedures - Can you rely on straightforward and prompt service?  Ask other similar businesses what their experience has been.

• Do you understand the terms of a replacement policy? - A replacement policy aims to replace or restore property as new.  These policies often have an upper limit on the amount payable.

• Renewal conditions - Are increases in value built in the policy or do you have to declare any appreciation in asset value?

• Reputation - Look at the insurance company's track record and whether it is well established.  Are they prepared to discuss with you your insurance needs without undue pressure to buy?

• Compare policies - Get at least three quotes.  Compare insurance premiums as well as any no-claim bonuses or discounts available.

• Negotiate Pricing - Be prepared to negotiate with the broker or insurance company. You may be able to reduce overall insurance costs by grouping different insurance types with one provider or achieve discounts by seeking reductions in initial pricing quotations.

^{[1] List taken from NSW Small Business}