Window and Door Manufacturers are some of the busiest trades in Australia today. When your products are the very thing that makes a home complete, you deserve the same level of wow factor when it comes to your insurance policy. We have put together a policy specifically for your industry and would love to help you open the door to better insurance.
1. Is the cover Correct? - There is no point having it if it does not cover you! Strangely often overlooked, this is number one as it is by far the most important. Let's be honest, there is no point paying for an insurance policy if it is not going to cover you for what you need. The following are some of the key things to check as they may affect you in unexpected ways come claim time. Under Insurance Clauses Definitions of Stock and Contents (this varies from insurer to insurer) Geographic Limitations Legal Jurisdictions Policy exclusions (make sure you check all sections of the policy) Words With Special Meanings 2. How is the Claim Service? - This is really what you pay for. I can unequivocally say that some insurers are brilliant when it comes to claims and others... not so much. Where does your insurer stand on this? Does the claim manager have decision authority? Are they likely to appoint an external assessor? Do they have a "no pay culture" or do they do what they are there for? Claims Service is ultimately what you pay for so make sure you have an insurer that understands this. 3. Is the price right? Like most things, you get what you pay for so you need to understand that insurance policies from one insurer to another are different. Getting a multi policy discount can sound fantastic but remember the discount is only of that insurers price. We often see other insurers non-discounted price being substantially cheaper than the discounted policy given in a multi-policy discount. On the flip side, many insurers only sell an extremely basic policy with strict conditions that may make paying a little more for a policy that offers broader coverage well worthwhile at claim time. Make sure it is right!
Sarah was driving home after work in her first car when she had to swerve to avoid a Kangaroo that had jumped onto the road in front of her. Unfortunately for Sarah, this swerve ended up in a culvert with her pride and joy upside down with her inside it.
David and Sarah were a typical Australian business. They had taken a risk and started an auto parts import business sourcing their parts exclusively from two International suppliers.
If a business is unable to trade due to an insured event, then the business interruption insurance is activated to protect the net profit and ongoing expenses of the business such as wages, rent, finance repayment etc..
A business can also have a loss of insurable gross profit in the form of a reduction in turnover or increased costs insured in order to keep trading through the interruption to the business.
Getting the right type and dollar amount of business insurance is a critical part of setting up any new business. However, once you have your policies in place, and are focusing on the day to day running of your business, it’s really easy to forget all about your insurance coverage. This can be a huge mistake however – several years might go by without revisiting your insurance policies, and you could easily expose your business to the risks of being underinsured.
Katheryn owned a retail furniture store in Melbourne. It was a new business and she contacted AFOOFA Insurance Brokers to help her put together a business insurance package. As we always do we explained the importance of insuring contents and stock for the correct values due to the under insurance clause. We also stressed the importance of what we believe to be the most important part of a business policy, the business interruption section, or, as we explain it “income protection for your business”