At our weekly meeting, Enterprise Connections members and visitors heard Jason Hammond from Hammond Napier Insurance Solutions smash some of the most commonly held insurance myths.
Take-home messages were:
- People often underestimate the level of insurance cover required to save money. The couple of hundred dollars a year you may save in premium pales into insignificance when there’s a bushfire bearing down on your property and you realise you’re underinsured by tens or even hundreds of thousands of dollars.
- While Jason recommends you set aside an hour or two with a beverage of choice to read and understand your insurance policy, if nothing else, read the exclusions. Finding out after the event that you are not covered is way more stressful.
- Even if you work from home, having Public Liability Insurance is essential, especially if you’re ever unlucky enough to find yourself in a situation where you have to defend yourself.
- It’s important to tell your insurer (exactly) what it is you do. Finding out that your insurance doesn’t cover you for working on a mine site if that’s where you work could be disastrous.
- Even if you employ subcontractors with an ABN and they have their own insurance, you almost always still need to have Workers Compensation Insurance in place… It’s a legal requirement.
- If you run a business, you need Cyber Insurance. People are many times more likely to be hacked than burgled and far more likely to be hacked than experience fire or flood. Hackers are masterminds and the penalties for privacy breaches alone are significant, let alone ransom demands and law suits.
- Finally, don’t get insurance advice from the bloke at the pub or a blog you found on the internet, they won’t be there to help if and when things go wrong.
For professional advice and the peace of mind of dealing with a qualified insurance professional call Jason from Hammond Napier Insurance Solutions.