As we are currently in the midst of an Australian summer season, it is important to assess if your personal and business assets have had a comprehensive review of their insurance cover.
As seen in recent times, during the summer months, Australia has experienced extreme weather catastrophes such as the devastating bushfires and flooding. These events have had major impacts on people’s properties and livelihood.
In some cases, the road to recovery after a natural disaster is not as direct as it could be due to personal and business assets being underinsured.
Many individuals and businesses can be considerably affected due to underinsuring and underestimating the potential impact of their risks. Such impacts can come at a cost of security for the future.
What is underinsurance?
Underinsurance is when you do not have adequate insurance to cover the cost of loss, damage, business disruption or legal liabilities. This can unfortunately lead to the increased risk of a business having to close if something goes wrong.
What are the risks associated with underinsurance?
There are many threats that can endanger individuals and businesses who don’t have the right insurance coverage, these include:
It is common to misjudge the reinstatement or replacement costs of business or personal assets, after a destructive event. If the sum insured doesn’t reflect an up to date reinstatement or replacement cost, owners will consequently be underinsured and face significant expenses when needing to make a claim.
What difference does insurance make?
Heatwaves, bushfires, and severe storms can have a major impact on your business and personal assets.
Insurance plays a critical role in promoting recovery and providing incentives for investments in hazard mitigation.
The role of insurance in the recovery from natural disasters can be seen in three ways:
How can Gow-Gates help?
At Gow-Gates we do the hard work to protect you and your business with the level of insurance that is right for you, to help you continue to operate smoothly, even if the unexpected happens.
We review your insurance strategy, adapt your cover as your business and personal needs change to give you peace of mind that you are properly insured.
Our team of expert professionals can tailor a competitively priced policy to protect against the major risks your business faces.
If you are uncertain about your current insurance policy or have questions about your cover, please don’t hesitate to contact us.
This advice has been prepared without taking into account your objectives, financial situation or needs. You must therefore assess whether it is appropriate in light of your individual circumstances, to act on this advice. If this advice contains information about a financial product, you should ensure you obtain a Product Disclosure Statement in respect of that product prior to making a decision to acquire the product.
Discover the difference our expertise can make.
Speak directly with a member of our team.
Call +61 2 8267 9999