COVID-19: We are here to Help!

We at All Solutions Insurance Services, are reaching out to you in response to the COVID-19 as we know that this pandemic has caused uncertainty and anxiety for many business owners and individuals, especially in financial matters.

As the COVID-19 situation develops in Australia, it’s inevitable that we will experience a downturn in the economy, with rising unemployment and the possibility of businesses closing their doors.

During an unprecedented event such as this, we expect that you may be looking at ways to reduce your costs and might see insurance as an expense which could be seen as a possible saving. We firmly believe that insurance might just be the thing that allows our clients’ businesses to survive this crisis when their competitors do not.

 

That said, here are some suggestions you can consider as far as making changes to your cover to reduce expenses.

  1. Increasing the standard policy excess. Consider $250 to $500 or $500 to $1,000, or maybe higher.
  2. We do not recommend that you reduce sums insured on key policy sections, particularly Fire and Business Interruption. These classes of cover are subject to under insurance/co-insurance clauses, which could cost you dearly in the event of a loss.
  3. Do not remove statute covers such as; Public Liability, Professional Indemnity or Workers Compensation.
  4. Consider premium funding on renewal – to further assist with cash flow.
  5. Consider dropping some covers you may have which, whilst important and convenient, in the event of a loss, will not largely impact your business in the long term.

For example,

  • glass replacement,
  • money – this typically covers cash; how many clients deal in cash?
  • machinery/electronic breakdown – this can be an expensive cover. It may be cheaper to have a good maintenance agreement to avoid breakdown.

It is said that ‘desperate times call for desperate measures’, and this can be the case when the economy goes into a downturn. When unemployment rises, insurers typically see an increase in crime related claims.

That said, here are some suggestions you can consider as far as making changes to your cover to reduce expenses.

  1. Increasing the standard policy excess. Consider $250 to $500 or $500 to $1,000, or maybe higher.
  2. We do not recommend that you reduce sums insured on key policy sections, particularly Fire and Business Interruption. These classes of cover are subject to under insurance/co-insurance clauses, which could cost you dearly in the event of a loss.
  3. Do not remove statute covers such as; Public Liability, Professional Indemnity or Workers Compensation.
  4. Consider premium funding on renewal – to further assist with cash flow.
  5. Consider dropping some covers you may have which, whilst important and convenient, in the event of a loss, will not largely impact your business in the long term.

For example,

  • glass replacement,
  • money – this typically covers cash; how many clients deal in cash?
  • machinery/electronic breakdown – this can be an expensive cover. It may be cheaper to have a good maintenance agreement to avoid breakdown.

It is said that ‘desperate times call for desperate measures’, and this can be the case when the economy goes into a downturn. When unemployment rises, insurers typically see an increase in crime related claims.

As a result, we recommend you also consider:

* Premises security – alarms and locks. Is the level of you burglary cover adequate?

* Cyber security – who has access to computer systems?

* Employee fraud – it might be time to double check the systems you have in place in these uncertain times.

If there is anything we can do to help you during this uncertain time, please reach out to us

"Its all about feeling comfortable, like they understand, and arent just trying to sell you stuff. Ian always explains everything in a way that I understand. And what insurance company do you know, that comes and visits you?!"
hairstyle, hairdresser, coloring
Suzy
Hairdresser, Newcastle