Have you ever indulged yourself for a few minutes and played the “what if…” game? You ask yourself “what if an armed robber took 60% of my stock…?” or “what if a fire destroyed my showroom and closed my business for six months?”
Then you play out what would happen next and you start to unravel what’s waiting for you around the corner. It often makes for grim reading.
Even worse, you didn't see it coming ....
Business interruption is one of the commonly identified risks that many business owners overlook. Given the odds of something happening, this an interesting move.
Let’s look at the numbers. 50% of businesses have an insurable loss within their lifetime. Out of that 50%, 50% of those businesses will go on to fail within two years of that loss. It’s a harsh reality check.
The reason they fail is because of two things:
No business interruption or consequential loss insurance
And when they do have this in place the policy fails due to either inadequate sums insured or insufficient indemnity periods
To put this into perspective, out of the 40% of Australian businesses that have insurance cover, only 2% have cover that is adequate.
The way forward is surprisingly simple. As an endorsed JAA broker our job is to connect you to the right solution at the right price. Even better, you have access to Gallagher's exclusive Jewellers Block insurance policy built and serviced by some of the foremost insurance experts in the jewellers' industry offering 100% Lloyds of London security with market-leading cover.
For more information on our partnership with JAA and how we are placed to assist your business, please visit ajg.com.au/jaa or email us and we will call you for an informal chat about areas we can help.
In the meantime, take a moment and consider what you need to stay open should you have a claim that interrupts your normal way of doing business. What impact that would have on your standard of living and how it would affect the customers you do business with.
If any of the above raises a “What if..?” question, get in touch. We’d love to speak with you about business interruption cover.
We're here to help
As your insurance broker, we can help to mitigate your risks and minimise what can be a significant financial impact on your business, should the unexpected happen.
Don't be left out. Talk to one of our brokers who can review and update your policies, and discuss how to get the business income protection insurance you need on the optimal terms for your situation.