Is Your Property At Risk From Faulty Construction?
Whether you’re a property owner, tradie, or developer, serious construction defects aren’t just someone else’s problem. They’re becoming more common and more expensive.
Here are the top five insurance claims Australian SMEs make, according to insurers.
This article will also offer tips to improve your risk management, so you’re less likely to need to claim for any of these events.
Theft and burglary are the top claims. Consider these moves to reduce the likelihood of your business being the victim of such crimes.
Storm damage claims rank highly with the increase in storm severity and frequency. Leaking roofs, water-damaged stock, or power surges can damage and disable machinery or electrical equipment. Here’s how to protect your SME:
Public or product liability claims are also common, making up one in seven claims. Minimise your exposure to being out of pocket for damage to third parties’ property or injury to people. Examples include one of your staff backing into a client’s vehicle or structure, a visitor tripping at your premises, burst water pipes that damage equipment at a neighbouring business, or your products causing injury or damage to customers or third parties.
These tips will help:
Accidental and malicious property damage is another major concern, with some insurers saying they account for more than half of overall claims. Be sure to:
To reduce your risks of machinery or equipment breakdown, which can negatively impact your business, try these approaches:
Knowing the main risks, and how to better manage them, means you’re better equipped to protect your business.
Boost your risk management strategies with our advice and insurance coverage. This will provide better protection for your business. We’ll also help review your existing coverage and identify any gaps or underinsurance issues.
Article Supplied by OneAffiniti
Photo by Urfinguss on Unsplash