June 14, 2017
Insurance | QLD
1. Prioritise the Process and the Relationship
For the best results ask questions and give detailed and timely information and input to your broker.
Choose your broker and insurer wisely. Do independent checks. Are they in your business for the long term?
Move or change brokers and insurers if you are not getting the service you deserve but don’t move if you are. The relationship is important. Do you want the insurance that you pay for or the insurance that pays? (Breaking Continuity with an insurer can lose you cover for past events. Continuity cover is essentially a reward from the insurer for staying with them.)
Ensure you notify your broker/insurer of potential claims at renewal. Failure to notify may exclude cover. Notifying of potential claims generally won’t increase your premium for next year. If you’re not sure whether to notify, then you probably should.
Think carefully about the entities, properties or risks you want covered. Consider any changes since last year.
Consider special risks such as flood. Combining low risk properties with high risk properties can get you cover which might not otherwise have been available.
Seek Continuity Cover so that you won’t be penalised if you do fail to notify.
Be careful of terms which pretend to be extensions but are really exclusions.
Look out for very high excesses or deductibles and low sub-limits of cover and of course exclusions for the very things you want covered.
Control your claims.
Ensure that your broker knows that you want to use your own solicitor if there is a claim. Then get the claim to your solicitor first so that he can work with you and your broker to manage the process from start to finish.