Navigating Insurance Policy Changes for Small Business

November 6, 2023
Small Business

Insurance is an important aspect of any small business. Whether you’re self-employed or who work for a company, you should consider having the right insurance coverage which can protect you from unexpected financial burdens in the event of accidents, property damage, or other unforeseen events.

Small businesses imar specialise in include (as is not limited to):

However, insurance policies are not static; they can change over time. Navigating these changes effectively is essential to ensure that you have the coverage you may need. In this article, we will discuss how small business can navigate insurance policy changes.

Understanding the Basics

Before delving into navigating insurance policy changes, it’s crucial to have a good grasp of the basics. Tradies typically need several types of insurance, including:

  1. Public Liability Insurance: This covers claims from a 3rd party for personal injury, damage to property and legal or defence costs.
  2. Tool Insurance: This policy protects you for the theft of your tools or stock from locked vehicles or premises and damage by fire, flood and vandalism.
  3. Commercial Motor Insurance: This is designed to cover the costs due to theft and accidental damage by fire, flood, collision, overturning, hail and storm to vehicles used for commercial purposes.
  4. Workers’ Compensation Insurance: If you employ workers, this insurance provides coverage for medical expenses and lost wages in case of work-related injuries.

Once you understand the types of insurance, it’s time to learn how to navigate changes effectively.

Stay Informed

Insurance policies can change for various reasons, including regulatory updates, shifts in the insurance market, or changes in your business’s needs. To navigate these changes successfully, you must stay informed about your policy. This means regularly reviewing your policy documents, paying attention to correspondence from your insurance provider, and seeking clarification if you don’t understand something.

Consult Your Insurance Broker

imar insurance brokers can be your best resource when dealing with policy changes. They are available on 13 46 27 and press 2, from 8:30am to 5pm AEST Monday to Friday. They have a deep understanding of insurance and can explain how changes will impact your coverage. Schedule a meeting or have a phone call with your agent to discuss any changes in your policy. They can also help you explore options if you need to adjust your coverage to align with your evolving business needs.

Review the Changes Carefully

When you receive notice of policy changes, take the time to review them carefully. Pay attention to any modifications in coverage limits, deductibles, or premiums. Also, be on the lookout for new exclusions or limitations that may affect your coverage. If anything is unclear or raises concerns, don’t hesitate to reach out to your insurance agent for clarification.

Plan for the Long Term

As a tradie, your insurance needs may evolve as your business grows or changes focus. When navigating policy changes, consider your long-term goals. Will the changes still be suitable for your business in the coming years, or is it time to explore more comprehensive coverage? Your insurance agent can help you strategize for the future.

Maintain Accurate Records

Accurate record-keeping is crucial when dealing with insurance policy changes. Keep copies of all policy documents, correspondence, and records of conversations with your insurance provider. This will help you track the history of changes and ensure you have the coverage you paid for.

Finally insurance policy changes are a part of the business world, and tradies need to navigate them effectively to protect their livelihoods. By staying informed, consulting your insurance broker reviewing changes carefully, comparing options, planning for the long term, and maintaining accurate records, you can ensure that your insurance coverage continues to meet your needs as a carpenter. Remember, insurance is an investment in your business’s security, so it’s worth the time and effort to manage it effectively.

For peace of mind, give us a call.

Let’s talk! There are 2 easy ways to check your insurance: 

  1. Call 1300 540 156 and press 2 to speak to our dedicated Trades team
  2. Email the Trades team
Disclaimer: You should consider if the insurance is suitable for you and read the Product Disclosure Statement (PDS), Financial Services Guide (FSG) and policy wording before making a decision to acquire insurance. Please ask us for more details before we provide you with our services. Our FSG is available on our website.
Legal Disclaimer: The content – including publication links – on this blog and website are intended only to provide a general overview on matters of interest. It is not intended to be comprehensive nor does it constitute legal advice. We attempt to ensure that the Content is current but we do not guarantee its currency.
General Advice warning: To the extent that any material in this document may be considered advice, it does not take into account your objectives, needs or financial situation, and is considered general in nature only. You should seek legal or other professional advice before acting or relying on any of the Content. All insurance policies contain exclusions of cover, and no claim is guaranteed. Refer to the Product Disclosure Statement.

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