The recent flooding throughout Qld which is now spreading to Northern NSW has devastated many. So far we are not aware of any of our clients being directly affected (thankfully). Sadly we have spoken to a number of clinets who expect to experience difficulties through loss of business for some time to come.
Disasters such as this serve as a good reminder to review insurance policies to ensure you are fully covered not only from natural disasters but anything that could impact on your business. The majority of people have insurances in place covering a wide range of assets which could include:
- Business Equipment
- Trading Stock
- Car Insurance
- Home Insurance
- Income Protection
- Life Cover
- Total & Permanent Disability (TPD)
What we tend to forget to is review what the insurance covers and to what value. When was the last time you reviewed these on your policies? We are all busy and so long as we keep paying our premiums everything will be OK right? Wrong! If we don’t review our level of coverage when it comes time to make a time we can find ourselves underinsurred. Being underinsurred could result in damaged property only being partly repaired or not all items listed on your policy being replaced. What impact would this have?