SUREWiSE - South Australia’s Insurance Brokerages

Reviewing your Insurance

By Surewise 17/08/2018

Reviewing your Insurance

Reviewing your insurance might not be a priority for you right now but you’ll wish you made the time when you find out your not covered for what you thought you were. Not making the time now could cost you financially or even worse, it could mean your business can no longer continue to trade.

According to a recent study commissioned by Vero Insurance, only 59% of SME’s review their insurance regularly or when prompted by an adviser. Are you one of the 41% leaving your insurance protection strategy to hope or chance?

It’s important to the ongoing success of your business to regularly review your insurance programme. Reviewing your insurance policy, its cover sections, excesses, sums insured and indemnity periods can help provide adequate protection for your business and even save you money.

You should also review your insurance in a range of scenarios which may include:

  • Acquisition of businesses, mergers or joint ventures
  • Purchase, construction or occupancy of new premises
  • Alteration of use, vacating or temporary unoccupancy of insured premises
  • Extension or demolition of insured premises
  • Alterations to or disconnection of fire or burglary protection systems at insured premises
  • Acquisition of pressure vessels, lifting equipment or other substantial equipment
  • Hiring, leasing or borrowing plant and equipment
  • Movement of stock or equipment to new locations
  • Charter or operation of aircraft or waterborne craft
  • Changes in processes, occupancy or products and extensions of business operations, including new products or processes
  • Contractual liabilities that you assume eg. through warranties or legal rights that you give away, eg. through indemnities or waiver of subrogation clauses, any contracts which impose onerous conditions, eg. total liability for loss
  • Increases in value of insured buildings, plant, machinery or stock (whether due to acquisition, economic inflation or exchange rate fluctuation)
  • External funding – mortgages or other borrowings which give third parties an insurable interest in your property
  • Foreign trade – establishing overseas operations, overseas acquisitions or overseas exports of products
  • Among many more scenarios

Whilst the above list is not exhaustive, you can always speak to the team of qualified and experienced insurance brokers at SUREWiSE about any queries or concerns you may have about your your insurance protection strategy.

If you’re not currently using an insurance broker, have you considered the value that an insurance broker can provide to you and your business? SUREWiSE is made up of a team of insurance experts who have access to a wide range of insurers and policies, including those who don’t deal with the general public. We’re also part of Steadfast Group, the largest insurance broker network in Australia and New Zealand.

If you would like to speak to a qualified and experienced insurance broker who will make it their job to understand you and your business, please complete the Contact Request Form below, and one of our brokers will contact you.

Contact Request Form

  • Enter your first name and surname
  • Enter your business name or company name
  • Enter the contact person's phone number (including area code)
  • Enter your email address
  • What does your enquiry relate to?
  • Please provide details about your contact request so we can arrange for the most suitable team member to contact you
  • When is the best time for one of our brokers to contact you?
  • Are you an existing SUREWiSE client?
  • If you are an existing SUREWiSE client, what is your client code (refer to your invoice)?
  • By ticking the box below, you agree and declare that you are authorised to request the contact request on behalf of the business or company you have named on this form and you agree to be contacted by one of our qualified and experienced insurance brokers.
  • This field is for validation purposes and should be left unchanged.


This article was written by Mark Gabell for SUREWiSE using information obtained from the Vero SME Index 2018.

Information provided in this article is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Newmarket Grandwest Pty Ltd ACN 072 168 588 ABN 42 072 168 588 AFS License Number 296193 trading as SUREWiSE.

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