If you’ve had the same insurance policies in place for a long time, your circumstances have likely changed since the policy was first taken out. It's important to review your insurance policies regularly to ensure your business is adequately protected and that you are not overpaying for coverage you don't need.
As part of our client service approach, we manage the day-to-day aspects of your insurance cover. This includes holding regular review meetings to ensure you maintain the right level of protection and recommending changes as necessary to account for new or emerging risks to your business.
62% of Australian businesses are still not adequately insured
~ Business Australia
When Should You Review Your Policy?
There are many situations that should prompt a review, including changes in the following areas:
- Levels of stock: Ensure your policy covers the current value of your stock on hand (we can adjust your policy to reflect this value).
- Staffing: Changes in the size of your team may affect the types and levels of cover you need.
- Equipment and other business assets: Your current policy may not cover new business assets, such as equipment, vehicles, or property. Conversely, if you have sold assets, you may be able to decrease your sum insured to reduce your premium.
- New risks: Operational changes can create new risks, such as increased cyber risks from different work environments.
- Natural disasters: After events like floods, bushfires, or storms, it’s important to review your coverage to ensure it includes adequate protection against such risks.
- Turnover: An increase or decrease in turnover can impact your coverage needs and premiums.
- New products or services: Ensure your policy reflects any new products or services your business has launched.
- Sales channels, distributors, or trade partners: Adjust your policy if there are changes in how you sell or distribute your products or services.
- Newly created entities: Newly created entities that impact your operations or have interests in assets may require a policy review.
- Directorships: Any changes to the directorships within your business should prompt a review of your insurance policy.
- Claims: If you’ve made several claims or experience changes in your risk profile, it’s wise to review your policies and assess if changes are needed.
The Benefits of Reviewing Your Insurance Policy
- Save time: Our innovative tools quickly compare and assess different insurance products, saving you time and effort.
- Expertise: We understand your business and provide options tailored to your needs.
- Save money: We ensure you have the correct levels and types of insurance, helping you pay the right premium. If your circumstances change, we recommend cost-effective cover options.
- Review your funding options: Whether you prefer to pay your premium annually or in flexible instalments, we can source premium funding options to suit your business.
By reviewing your current situation, we help ensure you have the right types of cover and correct sums insured, giving you peace of mind.
26% of small to medium-sized businesses have no form of general insurance
~ Insurance Council of Australia
The Policy Review Process
A typical insurance policy review involves:
- Setting up the meeting: We schedule a meeting at a time and place convenient for you.
- During the meeting: We discuss any changes in your business and listen to your feedback.
- After the meeting: If there are changes to your business, we create an action plan and recommend policy adjustments to ensure appropriate coverage. We update your policies as needed and provide certificates of currency to confirm your cover.
To organise a time to review your existing insurance policy with one of our brokers, please give us a call on 1300 306 571. Alternatively, you can email us at contact@midlandinsurance.com.au or complete the Get In Touch form on our website.
Midland are part of the Steadfast Broker Network.
If you’ve had the same insurance policies in place for a long time, your circumstances have likely changed since the policy was first taken out. It's important to review your insurance policies regularly to ensure your business is adequately protected and that you are not overpaying for coverage you don't need.
As part of our client service approach, we manage the day-to-day aspects of your insurance cover. This includes holding regular review meetings to ensure you maintain the right level of protection and recommending changes as necessary to account for new or emerging risks to your business.
62% of Australian businesses are still not adequately insured
~ Business Australia
When Should You Review Your Policy?
There are many situations that should prompt a review, including changes in the following areas:
- Levels of stock: Ensure your policy covers the current value of your stock on hand (we can adjust your policy to reflect this value).
- Staffing: Changes in the size of your team may affect the types and levels of cover you need.
- Equipment and other business assets: Your current policy may not cover new business assets, such as equipment, vehicles, or property. Conversely, if you have sold assets, you may be able to decrease your sum insured to reduce your premium.
- New risks: Operational changes can create new risks, such as increased cyber risks from different work environments.
- Natural disasters: After events like floods, bushfires, or storms, it’s important to review your coverage to ensure it includes adequate protection against such risks.
- Turnover: An increase or decrease in turnover can impact your coverage needs and premiums.
- New products or services: Ensure your policy reflects any new products or services your business has launched.
- Sales channels, distributors, or trade partners: Adjust your policy if there are changes in how you sell or distribute your products or services.
- Newly created entities: Newly created entities that impact your operations or have interests in assets may require a policy review.
- Directorships: Any changes to the directorships within your business should prompt a review of your insurance policy.
- Claims: If you’ve made several claims or experience changes in your risk profile, it’s wise to review your policies and assess if changes are needed.
The Benefits of Reviewing Your Insurance Policy
- Save time: Our innovative tools quickly compare and assess different insurance products, saving you time and effort.
- Expertise: We understand your business and provide options tailored to your needs.
- Save money: We ensure you have the correct levels and types of insurance, helping you pay the right premium. If your circumstances change, we recommend cost-effective cover options.
- Review your funding options: Whether you prefer to pay your premium annually or in flexible instalments, we can source premium funding options to suit your business.
By reviewing your current situation, we help ensure you have the right types of cover and correct sums insured, giving you peace of mind.
26% of small to medium-sized businesses have no form of general insurance
~ Insurance Council of Australia
The Policy Review Process
A typical insurance policy review involves:
- Setting up the meeting: We schedule a meeting at a time and place convenient for you.
- During the meeting: We discuss any changes in your business and listen to your feedback.
- After the meeting: If there are changes to your business, we create an action plan and recommend policy adjustments to ensure appropriate coverage. We update your policies as needed and provide certificates of currency to confirm your cover.
To organise a time to review your existing insurance policy with one of our brokers, please give us a call on 1300 306 571. Alternatively, you can email us at contact@midlandinsurance.com.au or complete the Get In Touch form on our website.
Midland are part of the Steadfast Broker Network.
