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Prevention is better than the cure | Allsure Insurance

Risk management AND cheaper insurance premiums?

Did you know that there are a number of ways you can help reduce your risk which can often make your insurance premiums cheaper? Winner!

Risk mitigation examples

Have an alarm on your home? You could get a better discount or rate if it is a monitored alarm. Same with having key locks on your windows and deadlocks on your doors!

Businesses – a holistic approach

Perhaps you have a business, good policies and procedures will help with your insurance rates. Don’t forget about your people risk, too! Having good HR policies and procedures (that are easily accessible and consistently referenced) helps give you a more holistic risk management program.

Simple things like setting up a calendar reminder to review any office risks or hazards is a good way to stay on top of tripping hazards, ergonomics, any frayed wires or electrics and so on.

Hospitality horror stories

Hospitality and restaurant businesses take heed – if you have a deep fryer, you’ll need to have the flues cleaned on a maintenance  program, most policies insist on this. Put tea towels away from a heat source, as they can combust and cause fires. Make sure rubbish is cleaned regularly and away from heat.There have been a couple of notable fires in Melbourne this year that may have been caused by some of these issues, one on the infamous Degraves St, and another at China Bar on the corner of Russell and Lonsdale St. The China Bar fire is estimated to have resulted in over $250,000 worth of damage (not to mention the cost to the business in a situation like this, from the disruption and having to close its doors and repair or rebuild the restaurant, pay its people or let them go, the loss of regular customers as they are forced to find new favourite restaurants…) 

Creating a program that regularly addresses the common risk culprits, along with robust safety training for your team could make a huge headache turn into a manageable mishap.

Talk to us about how you could prevent or better manage your risks!

This information may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.