Small Business, Big Damage Bills

Despite the huge financial investment in establishing and maintaining a business, a large number of business owners opt to underinsure or go without insurance. This is particularly the case when it comes to micro or home businesses.

Statistics show that 17% of registered small businesses have no insurance and another 17% are underinsured. The figures are predicted to be even higher for micro or home businesses, with many owners believing their basic home and contents insurance policy will cover the operation.

Each year the industry hears thousands of unfortunate stories of micro businesses that have lost everything because they relied on home and contents policies. When such disasters happen, the policyholder has almost always obtained the policy direct - through a call centre or over the internet.

Business underinsurance is an industry and community problem. More than 70% of underinsured and non-insured micro businesses that suffer a big event, such as a fire, fail within a year. 

The industry is trying to overcome the problem but it's not easy. Insurance is not a product that you can see and feel, or that you get any instant value from.

It usually takes a disaster such as a bushfire or hailstorm to put the issue on the public agenda.

Small and micro business owners often don't understand the different types of commercial insurance available to them - or the difference between classes such and directors' and officers' and professional indemnity insurance.  That's where Action Insurance Brokers comes in. We can conduct a "needs analysis"  of your business and advise the insurance products needed to protect your assets. Why not call us for a quote on 02 45774537.

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