Businesses throughout Australia, including Coastsure Insurance Brokers’ diverse range of clients, are experiencing their own unique set of challenges during the current medical and economic crisis.
For this reason, your Coastsure Broker can provide you with advice and information regarding your Business Insurance, which may be of assistance to you in your own unique situation. We encourage you to contact your Coastsure Broker to discuss your individual circumstances. We continue to operate normal office hours including the 24/7 afterhours number. (see Contact details on our Website: https://coastsure.com.au
To assist with some immediate questions you may have, we have prepared the following list of 5 helpful responses to the most frequent questions received from our clients during the evolving economic downturn.
Insurance Companies Are Working with Policyholders During the Crisis
It is important to know that the Insurance Industry at large has made a commitment to work closely with all Policy holders, to help Businesses maintain adequate covers in place for as long as possible to protect their assets and meet contractual obligations.
We therefore encourage you to talk with your Coastsure Broker, about how we can help you maintain adequate insurance protection for your Business, during the current crisis.
You Should Keep Your Business Insurance Cover in Place.
Even if you are experiencing a significant downturn or have temporarily ceased trading for an extended period, you may still have your ‘Physical Assets’ at risk, such as Stock/Contents/Equipment. You may also need to maintain contractual obligations in respect to certain insurances. (ie: Public Liability requirements under Leases).
Importantly, while you may be absent from your business premises, the risks of Burglary, Theft, Malicious Damage and other physical perils, are still very much present.
You Can Potentially Reduce Your Premium Outgoings During the Downturn
Your Coastsure Insurance Broker can work with you to ascertain how you may be able to minimize premium outgoings during the crisis and advise you on the most effective options for your individual circumstances, while not leaving you open to expensive uninsured losses.
Premium Funding Options Can Spread Your Premium Costs Over The Policy Year.
If you have traditionally paid your Business Insurance premiums in a single remittance, you may wish to consider using a Premium Funding facility to spread the premium payments out over the Policy year. Premium Funding is a finance facility provided by specialist finance companies who only do lending for insurance premiums.
Premium funding is guaranteed available finance as a Business Insurance client and may be a useful resource for you now, to manage cash flows during the current economic challenges, particularly in a persisting low interest rate environment.
Cyber Insurance Protection Still Applies While Working Remotely
Your Cyber Insurance Protection Policy will still protect your Business and I.T. exposures, even when you are working remotely.
That means if a cyber event emanates from a computer or laptop or other device, being used by you or your employees at home, the Cyber protection Policy will respond to a cyber event. This includes Response Costs, Loss of profits and any potential Litigation that may arise.
If you currently do not have a Cyber Protection insurance Policy, please ask your Coastsure Insurance Broker to advise you on a cover that is right for your business.
Coastsure Stands ready to Assist You Personally with any Business Insurance Issues During The Crisis
We understand there are a variety of challenges being experienced by our wide range of Business clientele. No single insurance solution will apply to every Business.
For this reason we encourage you to contact your Coastsure Broker, should you need advice or assistance while we work through this difficult and significant economic crisis.
Thank you for your continued loyalty and support as we all look to better times ahead.
With Kindest regards
The Coastsure Broking Management and Service Teams