Why you should check your Insurance

Recent flood and fire events have brought attention to many insurance claims and often Pub owners don’t have time to be reading through the fine print of their insurance brochures. Yet MyPub would like to explain why it’s good to at least have a discussion around the contents of the policy.

Property insurance, for example typically includes storm damage, however businesses are best off ensuring they have the right type, plus the right level of cover in their policy.

Making sure you have sufficient insurance to cover costs of rebuilding, replacement of internal materials and contents is key to a good policy; particularly during huge weather events occur such as the recent flooding. It assists with reduction of those additional costs incurred when there is damage or loss due to a severe storm or other disaster.

Inclusions and exclusions. You really should check your Policy Disclosure Statement for details of what is and isn’t covered during storms. This can often vary between insurers so have a chat to your MyPub agent about this.

Often it depends on where your venue is located, however the following should be reviewed to ensure you are covered for significant events such as:

  • Storms, hail, and cyclones
  • Landslides (due to storms)
  • Strong winds
  • Fallen trees
  • Rainwater runoff
  • Water entry into your home through an opening
  • Storm surge caused by wind and ocean movement
  • Damage to / loss of outdoor furniture
  • Floods – this is often excluded from property insurance and may require a separate policy.

Interruption to the business will often occur following disastrous events. Income loss and ongoing expenses plus alternative premise rental may be necessary during the repair and rebuild process. So, check with your MyPub agent to ensure these are included.

You can lower the possibility of having a claim rejected by a few simple things:

  • Ensuring the building has no leaks and is clear of leaves and blockages.
  • Clearing and trimming close trees to prevent close fire damage.
  • Ensuring the building is above flood levels or not surrounded by bushland.
  • People in high-risk areas may also wish to consider storm shutters, having safe spaces for moving materials to, therefore avoiding huge loss to materials and frequently reviewing risks.

Don’t leave it until it’s too late.

Make sure you have a discussion with your MyPub Insurance agent before the next disaster hit!

#mypubinsurance #insurance #floods #pubs #floodinsurance #fireinsurance #naturaldisaster insurance

Article based on Reliance Partners insurance article

DISCLAIMER

Each business will have its own needs and policies are based on individual needs. There is no one size fits all.

The information provided is for general information purposes only, and it is not a substitute for professional advice.  You should always consider the PDS/Policy wording before making a decision.  Coverage may differ based on specific clauses in individual policies.  Refer to the FSG on our website or by requesting a copy for our services and remuneration details.

MyPub Insurance Pty Ltd endorses the Insurance Brokers Code of Practice. To obtain a copy of the code click here

Allan

Author url : go to url

Leave a Reply