Aug 22, 2022 1:33:16 PM

The Importance of an Insurance Review

Topics: Health Insurance, Life Insurance, Home Insurance, Insurance Broker 0

If you’ve had the same business insurance policy for some time, there’s a good chance that it no longer fits your circumstances. As part of our client service approach, Mortgage Express’ business partners assist with day-to-day management of insurance cover, providing regular reviews to determine you have the right level of protection, and recommending changes to cover any new or emerging risks to your business. Read on for more on the importance of scheduling an annual insurance policy review for your business.


The right time to book an insurance review

Any time there’s a change to your business, it’s vital your insurance coverage is updated too. A review of your business insurance policies provides an opportunity to consider the changes to your business and how they could affect your coverage needs. It’s good practice to not only review your insurance policies each year, but also any time there’s a change to your business. Situations that should trigger an insurance policy review include:

  • The sale or purchase of any new equipment or business assets.
  • Changes to the way your business operates, such new working environments that could mean increased cyber risks.
  • Increased or reduced turnover that could impact your business interruption policy.
  • New products or services you have launched.
  • Changes to sales channels, distributors or trade partners.
  • Any newly created entities that could affect your operations or have interests in assets.
  • Any changes to directorships.
  • Changes to levels of stock - ensure your policy covers the current value of your stock on hand. 

What an insurance review can do for you

The Mortgage Express team have access to a panel of experts in the complex field of insurance brokering, and can connect you with an insurance broker who will: 

  • Save you time – Researching different policies and comparing policy wordings can be time consuming and tedious.
  • Help you compare - With innovative tools, they can quickly compare and assess different insurance products, taking the hard work out of finding the right cover.
  • Provide expert guidance – Taking the time to understand your business, they can provide options that best suit you and your business.
  • Save you money – Ensuring you have the correct levels and types of insurance in place so that you are paying the right premium. If your circumstances have changed, they can also recommend ways to help ensure your cover is cost- effective.
  • Review your 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. They can assist in sourcing premium funding options to suit your business. 

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

How the process works

A typical insurance review 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. 

Book your insurance review now

We take the hard work out of getting the most suitable cover at a competitive price. Get in touch with Mortgage Express today to connect with an insurance broker who can assist with a review of your business insurance policies.

While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.

Finservice Pty Ltd (Mortgage Express) is authorised as a corporate credit representative (Corporate Credit Representative Number 397386) to engage in credit activities on behalf of BLSSA Pty Ltd (Australian Credit Licence number 391237) ACN 123 600 000 | Full member of MFAA | Member of Australian Financial Complaints Authority (AFCA) | Member of Choice Aggregation Services.