If I had my way I would write the word ‘Insure’ upon the door of every cottage and upon the blotting book of every public man, because I am convinced for sacrifices which are inconceivably small, families and estates can be protected against catastrophes which would otherwise smash them up forever…
Winston S Churchill
Insurance is the most common form of risk transfer of an uncertain loss from one party to another. The terms and conditions governing the transfer of risk are agreed in a contract of insurance, with each party having in particular an ongoing equitable responsibility. That is being payment of the premium by the Insured party and compensation for a loss by the Insuring party.
With ever growing business demands and economic uncertainty in recent times more and more Insured’s are looking for a more competitive premium, however simply taking a cheaper premium does not always mean you are saving money.
In comparison to the values of any type of asset, whether that be material or financial, the premium payable for your insurance most commonly is of insignificant value, and the differences of premium between different options of insurance that may be available to you at any given time is of far greater insignificance.
Your premium is not an expense and your insurance broker is not another supplier tendering for your business. Your premium is actually one of your bigger financial investments in securing your future. A good professional insurance broker should be relied upon to manage, advise and guide you and your assets through the transfer process in the most efficient and secure way, to ensure that when you need to call upon insurance the promises you invested in are realised at your greatest times of need, when a claim arises.
It is the transfer of your risk and the results achieved within this opportunity that truly defines the quality of your investment. Not too dissimilar to the research made when investing your savings or superannuation, one will always look for greatest returns with least amount of risk of losing the money that is invested. It is this loss of money that is replicated in not having complete and correct insurance, or worst still an uninsured loss.
Some of the points that need to be considered are:
- What are you biggest exposures of potential risk of loss?
- Are all your assets and/or activities fully insured?
- What does your insurance actually cover and not cover?
- What steps do you take to prevent potential loss?
- Do your business practices, obligations, and responsibilities align or conflict with your insurance?
- When did you last fully review your insurance in comparison to your needs?
To benefit from a customised solution that meets your needs and adds value to your business contact ii-A, or click onto our website www.ii-A.net.au, to arrange a no obligation full review of your insurance needs.