How much do you Actually know about insurance?
Insurance is a word that everyone knows – and will have a basic understanding of.
“its that thing that lets you get money if something goes wrong, right?”
I am sure you wont be surprised to learn that it is far, far more complicated than that, and the way that CoverPlus starts a conversation about insurance respects the complexities of insurance while ensure that you actually understand what is happening.
The way we approach insurance is to first understand out client, their needs, and their business. That is because insurance needs will radically depend on what the client is after, and what issues they may potentially face. Once we know what you are doing, if you are a new business, or an existing company, and what industry you operate in, then an insurance strategy can be tailored to your needs and you can make an informed decision on how you want to insure yourself and your company.
How much Insurance do you need?
People often think that there is a minimum amount of insurance that you need, but that will really change from client to client and it is always going to be best to be prepared. For instance, if you are starting a small business in an areas such as catering you need to consider your supply needs, as well as other areas such as lease or landlords. Unless you work from a home office, you will generally have a lease or a landlord who will set out key conditions for your business operating out of those premises – often with a mind for insurance requirements. This means that in a lease document you will need key types of insurance. This is but one fundamental example of insurance that many businesses often overlook, and is an example of how the key legal documents are often the best starting point to finding out how much insurance your business needs. Legal documents will often contain key information around insurance requirements and covers and are something that we always direct clients to read carefully.
What is the first step I should take?
If you are a business looking for insurance we encourage you to step back and think broadly about the functions or your company. For instance, one may also have commercial vehicles which need insurance and also need to consider the operations of the company to use those vehicles. This doesn’t just mean basic car insurance, but what an implication of claims may mean, as well as possible ways to achieve fleet discounts and reduce overheads. Similarly, you need to consider the type of work that your business will operate in.
If you are controlling employees, your commitments and insurance needs are going to be very different than if you are a sole contractor. Similarly if you deliver advice or professional services you will need professional indemnity cover to protect you against information you deliver professionally. These are just basic elements of business cover, and you can never forget that you too are still human, and so you still need to be considering individual types of cover. This would include health-based insurance such as life insurance, total impairment disability, and injury or accident insurance. If you are starting a business make sure you have these types of insurances in place because often things go wrong.
If you want to talk to an insurance broker about what type of insurance may be right for you, then get in contact with Cover Plus today by calling Craig Shanley on 07 3368 2412