In a new quarterly article series, we hear from Chamber Business Advanced member Jen and Doug O’Connor from Option Insurance Brokers.
Insurance isn’t a “set and forget” purchase — what worked a year ago might not suit your needs today. Here’s how to check if your cover is still fit for purpose, and what you can do to improve it.
Know What You’re Covered For
Start by reviewing your current policy schedule. Ask yourself:
- Do the insured amounts reflect the current value of your assets?
- Have your circumstances changed (new vehicle, new staff, renovations, etc)?
- Are there exclusions that could catch you out?
Match the Policy to Your Risk
Your insurance should align with your real-world risks — not just what’s cheapest. For example:
- If you’re running a business from home, are you covered for that?
- Does your public liability limit meet your contract requirements?
- Are you covered for cyber risks, equipment breakdown, or floods if those apply?
Watch Out for Underinsurance
Underinsurance is when your insured values are too low compared to the actual replacement or repair cost. Most commercial property and business policies include an underinsurance clause— which means if you’re underinsured at the time of a claim, the insurer can reduce your payout in proportion to the shortfall.
Tip: Always review your sums insured annually, and use updated valuations or costs to avoid a nasty surprise at claim time.
Chat with a Broker (Like Us!)
Working with a broker means you’re not on your own.
At Option Insurance Brokers, we’ll:
- Review your current cover for gaps or overlaps
- Explain the fine print in plain English
- Compare options across multiple insurers / underwriters to find better value
- Advocate for you should a claim situation arise
Ways to Improve & Save
Consider:
- Increasing your excess to reduce premiums
- Review regularly to ensure your cover is fit for purpose
- Engage a broker to approach the market to ensure your getting the best price and cover
- Brokers have access to underwriting agencies the general public do not
- Removing cover you no longer need (like a sold asset)
Top tip!
Even if your renewal isn’t due yet, a quick review now could save you stress and heartache later.
Ready to check if your insurance is still right for you? Contact Option Insurance Brokers today for a no-obligation review.
Whitsunday Business Conference Sold Out – Join the waitlist