Why Prioritising Insurance Coverage Over Cost Can Save You from Financial Hardship

Let’s be real. The financial situation in Australia is hurting many businesses and home owners, with many forced to make tough decisions. So why would you let your insurance coverage collapse and risk financial hardship if the worst was to happen?

How has the rising inflation impacted insurance premiums?

The latest increases by the RBA has seen the cost of insurance premiums rising faster than inflation at times. And when you think about it, it makes sense that it would. The cost of potential claims has increased because the price of labour, repairs, material and the risk of extreme weather have jumped. The rising costs of living is forcing services to increase their prices to stay afloat, which in turn, increases your insurance premiums.

Another example is the rising youth crime across South East Queensland. The more car thefts and break ins, the more insurance providers increase their premiums because not only are more people making claims, but the risk is higher that you will need them.

Where does that leave my insurance coverage?

It is more important than ever to shop around when looking at insurance coverage. While many business owners tend to establish the coverage themselves, because they think it will be easier and more affordable, there are many underlying factors and costs that people are forgetting about.

With some insurance providers, customers may not be as covered as they once thought, which is a painful realisation when they have to make a claim.

Sadly, we at Clutterbuck Insurance Brokers have seen customers who have spent hundreds each month on insurance coverage that isn’t actually covered properly. Before they know it, they don’t have insurance to fall back on, they have been forced to shut down and are now stuck in debt.

But I can’t afford an insurance broker!

You’ve probably thought this, and decided to do it yourself. Now, you’re wondering if you are actually properly covered or if you have just washed thousands of dollars down the drain.

Here’s the thing; insurance should always be less about the burden of the payments, and more about the burden of the alternative. The last thing you want to deal with is having no cover in the event of a claim. An insurance broker will help ease the burden of choosing the right coverage for your business, and source the most affordable options. Having an insurance broker can;

1. Save you time, so you can focus on what matters most to you,

2. Bring a range of expertise and strong relationships, to find you the best bang for your buck, potentially saving hundreds of dollars each year,

3. Make claims on your behalf,

4. Customise coverage to best suit your business and your goals.

The cost of living may continue to put strain on your everyday life, but don’t let the worry of your insurance coverage be an additional stress. If you want to make sure you are properly covered, let Clutterbuck Insurance Brokers organise a free health check on your coverage today!