In the ever-changing landscape of business, ensuring your small business has adequate insurance is critical. Underinsurance can leave your business vulnerable to financial risks that could be catastrophic. At Fitton Insurance Brokers, we’re committed to helping you assess whether your business is fully protected.
Understanding Underinsurance
Underinsurance occurs when your insurance cover isn’t sufficient to replace or repair your business assets in the event of a loss. This can happen if the value of your assets has increased or if your business has expanded without updating your policy. If you’re underinsured, any claim you make may fall short of what you need, leaving your business exposed.
Signs Your Business Might Be Underinsured
- Outdated Asset Valuations: If you haven’t recently updated the value of your business assets, your current insurance might not cover their true replacement cost. This is particularly important as inflation can significantly increase replacement costs over time.
- Business Growth: Has your business grown since your last policy update? Whether you’ve hired more staff, bought new equipment, or moved to a larger premises, your insurance needs to reflect these changes. Failing to adjust your cover can lead to gaps that leave your business exposed.
- Increased Revenue: If your revenue has significantly increased, particularly with regard to business interruption insurance, your current policy limits may no longer be adequate to cover potential losses.
- Policy Exclusions: Are you aware of what your policy does and doesn’t cover? Many business owners assume they’re covered for certain risks when they’re not. A thorough review with a broker can help identify and address these gaps.
Why Fitton Insurance Brokers?
At Fitton Insurance Brokers, we specialise in ensuring small businesses are adequately insured. We’ll review your current policies, assess your business’s current needs, and recommend any necessary adjustments to prevent underinsurance. Our team offers personalised service and access to a wide range of insurance options, ensuring you get the right cover at a competitive price.
Act Now to Protect Your Business
Don’t wait until a claim to find out you’re underinsured. Contact Fitton Insurance Brokers today for a comprehensive insurance review. Let us help you safeguard your business against potential financial setbacks. Visit www.fitton.com.au or talk to our specialists on 1800 076 277.
