I hear it in people’s voices sometimes, when there is something they want to say, but they are scared it will make their insurance premiums increase. If you think it might affect your cover, bite the bullet and tell your insurance broker. That little niggle in the back of your mind is there for a reason! It’s much better to put it all out there and get it sorted out now, rather than not be covered when you need it the most. After all, what’s the point in paying anything at all if it’s not going to cover you?
When we know everything relevant, we can ensure we cover you as thoroughly as possible, if we don’t know we can’t help you. One of the worst feelings an insurance broker can have is finding out that a client is not properly covered. We’re proud of the work that we do, but we can only do it well when we have all the information. The premium won’t even necessarily increase, sometimes a few changes is all that is needed.
What are the most common things we don’t get told about?
HOME RENOVATIONS – Different policies have different limits, anything over $40,000 call your broker and let them know. A lot of the time this will not change your premium, however, you need to advise your insurer and note your policy.
BUSINESS ACTIVITIES – A Public & Products Liability policy only covers your liability for the occupation or activities listed on your policy. These days it’s very common for businesses to have various sidelines. If you took out your policy when you were lawn mowing but now you are also earthmoving you need to call and update your activities. Yes, it can change your premium.
TURN OVER – If your turnover has reduced, your premium may also reduce.
You can tell us about changes whenever they happen, and it’s a good idea to review all the details of your cover at renewal of your insurance.
Shannon Siebel (AR 345378) Authorised representative of National Adviser Services Pty Ltd t/as Community Broker Network AFSL 233750 | ACN 096 916 184
Joredg Pty Ltd atf the Jordan Hybrid Fixed Trust t/as ClearWay Advice and Financial Management (AR No. 1250273 | ABN 93 745 037 799) Authorised Representative for National Adviser Services Pty Ltd t/as Community Broker Network AFSL 233750 | ACN 096 916 184