Despite our best efforts to be in control of our lives and the world around us, it’s a fact that, occasionally, bad things can, and do happen, and often without warning. From natural disasters – cyclones, storms, floods, fires – to accidents, theft, or property damage, these negative experiences may impact each of us at some point in our lives.
Fortunately, the human race learned throughout history to prepare for such challenges, and the concept of insurance came into existence around 300 years ago. The idea was simple: a group of people contribute to a pool of funds (today’s insurance premiums), and those that suffer a catastrophic event are able to have damages covered from that fund. Insurance provides protection of your finances and livelihood, and gives you peace of mind that you’ll have assistance during difficult times. Why invest in insurance? Because life happens.
Because Life Happens
We insure ourselves (in case of personal injury at work, on the roads, or in other places), our property (houses, cars, material possessions), and the businesses we own. For many, insurance is merely a grudge purchase. The majority of people pay their insurance premiums each year, and fortunately, never have to suffer an unfortunate event or make a claim.
And yet, when things do go wrong, the insurance process is there for them. In the major natural disasters of 2011 and 2012, the insurance industry paid over $6 billion to help Australians recover from cyclones, storms, floods and fires. With Cyclones Larry, Yasi, and Dylan, the insurance industry has made a huge contribution to the reconstruction of Queensland communities over the past 5 years.
Identifying Your Major Risks
Insurance is all about facing the potential risks inherent in our everyday life, and securing protection against those risks.
Domestic risks include potential loss of your property (house, contents, motor vehicles, valuable items such as jewellery), and legal liability related to your property for swimming pools and other potentially dangerous features. Insurance can safeguard you against financial responsibility should someone injure him or herself on your property.
Business risks are often much greater, and include:
- Loss of property
- Workplace injury and disease risks (workers compensation)
- Public liability
- In many cases, professional indemnity
- Management liability to protect your company
- Directors and Officers Liability to protect the company directors
- Cyber risks – to protect your computers, and the information on the computers
In the building industry, contractors and subcontractors working on your property require information on responsibility and liability; they need to know who is responsible for what, and whether they are properly insured for their own protection and for their potential liabilities to other contractors.
Making the Right Choice
Time and again, we have found that homeowners and business owners do not fully understand the possible risks they face, and have regrettably suffered losses which could cripple them financially.
This is why utilising the services of an experienced and licensed insurance broker is a valuable, if not necessary, asset. A broker can help you thoroughly understand the risks you are likely to face, and how best to manage those risks. An accomplished, quality broker will provide you with advice on what insurance (coverage types, amounts, and levels) is appropriate for your individual personal or business needs. In addition, the broker will aid you in arranging and acquiring insurance. In the event that you need to file a claim, an insurance broker can help you with every step of what can often be a complex process.
There is tremendous value in working with a broker. Working with an expert in the field, you’ll ensure you are covered fully and appropriately. As the broker helps you select the ideal policies and packages for your needs, you can feel confident that you have the proper protection, and aren’t paying unnecessary premiums for services you don’t need. Your broker will have detailed technical expertise of the industry, including knowledge of prices, terms and conditions, and the benefits and pitfalls of various insurance policies on the market. An invaluable resource, the insurance broker’s role and assistance during a claim can’t be overstated, and the broker will help you get all that you may be entitled to and secure a positive resolution.
If you are ready to discuss your specific needs with a qualified insurance broker, please contact us today at Macey Insurance Brokers. We will be happy to assist you in better understanding the insurance process and finding out what a broker can do for you.