10 September 2020

If you have had the same insurance policies in place for a long time, there is a good chance that your circumstances are not the same as when the policy was first taken out.

As part of the portfolio management approach we take with our insurance clients, we encourage regular review meetings to help make sure you continue to have the right level of protection and recommend changes where necessary to account for either new or emerging risks to your business.

It is good practice to not only review your policy each year, but more importantly, when there are changes in your regular circumstances.

When should you have your policy reviewed by your Account Manager?

There are many situations that should trigger a review of your insurance policies, including, but not limited to, changes in the following:

  • Staffing; if you have either increased or reduced the size of your team, this may affect the types and levels of cover you need;
  • Equipment and other business assets; your current policy may not cover new business assets you have purchased recently. If you have sold assets, you may be able to decrease your sum insured to reduce your premium;
  • New risks to your business; has the way you operate your business created any new risks to consider? For example, increased cyber risks from working in different environments;
  • Increased or reduced turnover can impact your business interruption policy;
  • New products or services you have launched;
  • Changes to sales channels, distributors or trade partners;
  • Newly created entities within your business which may affect your operations or have interests in your assets;
  • Any changes to directorships.

The benefits of a Planned Cover broker reviewing your insurance policies

  • We save you time; researching different policies and comparing policy wordings can be time consuming and tedious. Planned Cover’s Account Managers can quickly compare and assess different insurance products; taking the hard work out of finding the right cover;
  • We have the expertise; we can take the time to understand your business and provide options that suit you;
  • We can save you money; we help ensure you have the correct levels and types of insurance in place so that you are paying the right premium. If your circumstances have changed, we can also recommend ways to help ensure your cover is cost-effective;
  • We can assist you with premium funding options; you may wish to pay your premium for the year upfront, or in flexible monthly or quarterly instalments to assist with your cashflow.

By reviewing your current situation, Planned Cover Account Managers can help ensure you have the right types of cover required and the correct sums insured, so you have peace of mind that you are adequately protected.

Policy review process

A typical policy review (outside of any COVID-19 restrictions) will involve:

1.      Setting up the meeting; we will set a meeting at a time and place convenient to you.

2.      During the meeting; we can discuss any changes in your business and listen to any feedback you may have.

3.      After the meeting; if there are any changes to your business, we can create an action plan and recommend adjustments to your policies to help ensure you are appropriately covered. We can then update your policies as required and provide you with certificates of currency to confirm your cover.

Obviously, during COVID-19 restrictions, you may choose to arrange a phone consultation or make other virtual meeting arrangements.

This information is provided to assist you in understanding some of the common considerations in reviewing your insurance policies. It does not cover everything you need to consider, so please contact your Planned Cover Account Manager if you think you would benefit from a review of your insurance policies.

Laurence Gottlieb
State Manager VIC
laurenceg@plannedcover.com.au
(03) 8508 5400

Simon Gray
State Manager NSW/ACT
simong@plannedcover.com.au
(02) 9957 5700

Karen Meiklejohn
State Manager QLD/NT
karenm@plannedcover.com.au
(07) 3017 1500

Kylie McGrath
State Manager WA
kyliem@plannedcover.com.au
(08) 9261 1200

Cos Cirocco
State Manager SA/TAS & National Business Manager
cosc@plannedcover.com.au
(08) 8363 7366