Sometimes it seems like insurance companies go out of their way to make things confusing or to ask strange questions. So here are 8 easy insurance tips to get more out of your insurance, or to avoid some common pitfalls that could leave you in the lurch.
Remember your subbies
By telling your WorkCover & Liability insurers if you use sub-contractors & what percentage of your gross turnover you pay them, they should give you extra insurance coverage for personal injury to subcontractors, which is usually not covered.
Consider what you do
If you do something special, you should tell your WorkCover & Liability insurers. Specialist work within your industry like lead paint removal, elevator maintenance or asbestos demolition are not insured by default as they are not considered part of being your occupation. Once you tell your insurer they will often improve your insurance to cover that work for a cost.
Working from heights
Many insurance policies will limit your insurance coverage when you begin to work 10, 15 or 25 meters from the ground. If you do work from cherry pickers or from ropes it would be worth making sure your insurance covers you in those situations.
By giving an accurate number for your total business turnover and an accurate number of staff you can make sure you’re not paying extra rates for no reason.
Most businesses these days have liability insurance for their business, income insurance for their health and WorkCover for their staff. If you want to cover yourself or the directors from OH&S breaches or from alleged discrimination, then a management liability policy may be in order.
Premium Versus Excess
A common way to decrease your insurance costs is to raise your excess – the amount you opt to pay in a claim yourself – as it shows the insurers that you do not intend to make small or frequent claims.
Automatic Benefits & Optional Benefits.
Most insurance policies will come with automatic benefits – benefits that are included for free, and with optional benefits – benefits you can choose to add. Being aware of these can allow you to claim on many more situations where you experience a loss.
There is a common misunderstanding about trailers. If your trailer is registered, then it will usually need commercial vehicle insurance like a sedan, ute or truck. Tools kept within your trailer can be insured under ‘Tools of Trade’ or ‘General Property’ insurance, but not under ‘commercial vehicle’ insurance.