Does your Shed have unique insurance risks? Do you have volunteers working for the benefit of your Shed and the community? Is your Shed at risk if one of your managers does the wrong thing? Unsure? Use this checklist to find out if you and your Shed could benefit from calling in a professional broker.
1. You can’t understand the lingo If terms like broadform liability, deposit premium and excess layers leave you stumped it doesn’t mean you’re not smart. Insurance is an industry with its own language and insurance brokers can help you interpret what the terms mean. More than that, an insurance broker’s expert knowledge of products, markets, policies and processes is an asset you can optimise for your Shed.
2. Your Shed has a complex risk profile Depending on your focus, activities and services, your Shed may involve complex risks. Identifying and mitigating a complex set of risks takes skill and technical expertise. Having basic insurance knowledge won’t be enough. An insurance broker can:
identify and assess the full range of risks and exposures for your Shed
advise you on the best insurance solutions available to manage those risks
help you predict, manage and reduce emerging or future risks.
3. You have unique needs Some ‘off the shelf’ insurance policies may not cover all your risk exposures in either amount or scope. If your organisation has a unique or complex risk profile you probably need insurance policies tailored to your Shed’s needs. That’s why you should talk to your insurance broker about what your organisation does and what kind of risks it faces. For example, if your Shed…
interacts with the public in any way, It’s a good idea to have public liability insurance. This covers you, your staff and members of the public for financial costs if a third party seeks compensation for injury or damage arising from your Shed’s activities
has physical assets, including buildings, stock, plant and machinery Industrial Special Risk Insurance provides material damage and consequential loss cover for losses from fire, burglary, theft, mechanical breakdown and more
could be damaged by aflood – even if your location is not a high risk – then flood cover is advisable, since natural disasters are unpredictable
relies on volunteers it is critical you have volunteers personal accident insurance in the event that one of your workforce is injured while performing volunteer duties
hasoperational managers or executives it should be covered against any negligence or misconduct by management liability insurance. A packaged executive protection insurance policy covers a range of liabilities.
4. You’re underinsured Underinsurance is particularly widespread among small and medium-size organisations in Australia. According to SwissRe this is because many aren’t covered for risks like machinery breakdown, despite having cover for other areas such as property assets. Not sure if you’re underinsured? Ask yourself:
do your sums insured cover the costs of worst case scenarios?
if your premises were destroyed could you afford to rebuild?
If you answered no to either of these questions, you need an insurance broker to identify and address gaps in your coverage.
5. You struggle with dealing with insurance-related matters A broker can help you understand associated matters such as how to spread the cost of your insurance policy, what your premium funding options are and how they can regulate your Shed’s cashflow. Similarly, they can assess your Shed’s risk identification and mitigation strategies, and help ensure your claims processes proceed smoothly.
6. You’re time poor Arranging the right type and amount of cover for your Shed isn’t a five-minute task. It takes time and skill to evaluate all your current and future risk exposures, find the best available policies on the market and negotiate rates with insurers. So if you’re pressed for time or don’t have the resources, call an insurance broker. They will save you time and, more importantly, ensure that your business is not underinsured, inappropriately insured or paying too much for insurance.
Any questions? If this article has raised questions for you about your Shed's insurance, please feel free to contact our team for an obligation free chat about your insurance program. We'd love to help your Shed.