The team at Allsure isn't a shy bunch - we're part of numerous networks, especially with those who are creative, entrepreneurial and motivated. That means we see a fair amount of people starting or running their own businesses, of all shapes and sizes! Many of us run our businesses out of our homes, which makes for a great commute and low overheads, but it can add a layer of complexity to some things, like work-life balance and insurance. Since we're an insurance broker that loves home businesses, we thought we'd share some of the frequently asked insurance questions we hear.
Fires, floods, hailstorms, drought….Climate change and increasing weather volatility has surged into third place in an annual Allianz Global Corporate and Specialty (AGCS) survey of business risks facing the Australian insurance industry. But it shouldn't provide an excuse for lack of proper risk management.
What keeps us up at night as insurance brokers? Hands down it’s when our family, friends or clients are underinsured or worse, uninsured. Often price is the biggest reason cited as the reason someone is underinsured or uninsured, but equally there is a lack or understanding, or perhaps many people have never properly had underinsurance explained to them and may not understand the significant implications it could have on their business or family.
Traditionally, professional indemnity was thought to really only apply to professionals giving advice such as medical professionals, lawyers and financial advisers. These days, we understand this protection can be relevant to any professional that provides advice or a service to their customers.
There can be a lot of confusing terms, jargon and language when it comes to the fine print of insurance. And none more than claims made and occurrence based claims!
And if you don't have a good understanding of the difference between the two, it could have a crucial impact on your insurance solution.