How to maximise coverage and minimise your premiums
Insurance is often considered the necessary evil only entering the consciousness during the renewal period. With busy work lives, it is easy just to pay the renewal and move on. However, as one GCCM tenant found recently, it pays to have a closer look.
As part of their expansion and diversification, the AXO Group decided to ask their broker to review the current and new activities in the business in relation to insurance coverage. She did and, much to Damienn and Ben’s surprise, their premiums remained the same yet covered a great deal more.
How? What? Why?
To answer all of these questions, we asked their broker her thoughts on business insurance and particularly insurance for marine businesses. Here are her top tips.
Use a broker
Business insurance is complicated as there are many risks to consider. They are also a great variance between the coverage underwriters offer. A broker will take the time to get to know your business, do the running around and act as an advocate on your behalf. It will result in insurance specific to your business and not an off the shelf product which may leave you exposed.
Don’t just review at renewal
Most people review their insurance when the premium is due for payment. However, you should review it every time you make a substantial change to the business. Whether it is employing more people, launching a new service, changing strategy or even buying new equipment.
Insurance works best when it is specific to the business, their usual activities and inherent risks. Underwriters like it when they understand more about the business and can tailor coverage. So, when you have a change, contact your broker to discuss how it fits your current insurance and what might need to change. It doesn’t necessarily mean a change in premiums. This was the case for the AXO Group.
Public vs Ship Repairers vs Product Liability
There is a lot of misconception about Public, Ship Repairers and Product Liability insurance. A good Ship Repairers liability insurance should cover you for the three p’s – public, product, pollution – as well as cover you for goods in your custody and control. This means any vessels which may be in your care should be covered by your Ship Repairers liability insurance. Does yours? It might be time to ask you broker for their professional advice.
You have nothing to lose by asking a broker to review your insurance. It is not about paying more or even paying less. It is about paying for what adequately covers you.
This information has been provided as general information only and is not endorsed by Gold Coast City Marina and Shipyard. You should always consult your trusted and preferred insurance partner before making any decisions.