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Insurance Policy Excess:
The amount you will have to contribute when you make a claim.

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    Insurance News

    Insurers Bet Big on AI for Streamlining Claim Resolutions Insurers Bet Big on AI for Streamlining Claim Resolutions
    28 Mar 2024: .Paige Estritori

    Australia's insurance sector is witnessing a transformative embrace of artificial intelligence (AI), with a sweeping 90% leaning on, or on the cusp of adopting, chatbots and advanced AI to enhance claim handling, as noted in Gallagher Bassett's yearly analysis. This heightened integration reflects the sector's aim to bolster operational speed and efficacy, with a remarkable 98% of insurers predicting immense benefits from such advancements. - read more
    Spike in Weather-Related Insurance Claims During Summer Revealed Spike in Weather-Related Insurance Claims During Summer Revealed
    27 Mar 2024: .Paige Estritori

    Over the recent summer period, NRMA Insurance reported an influx of claims linked to severe weather, with a record not seen since the autumnal months of 2022. An overwhelming number of these, about 85%, have been ascribed to weather disturbances such as storms and hail, per the updated Wild Weather Tracker statistics. - read more
    Federal Court Upholds Insurer's Policy Update Clause Federal Court Upholds Insurer's Policy Update Clause
    26 Mar 2024: .Paige Estritori

    The Federal Court has provided a green light to Auto & General’s home and contents insurance policy terms, confirming the necessity for policyholders to inform the insurer about significant changes affecting their coverage. The company emerged victorious in a legal scrutiny instigated by regulatory body ASIC over the disputed clauses. - read more
    Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles
    25 Mar 2024: .Paige Estritori

    Steeped in administrative duties, brokers are dedicating over three hours daily to data processing tasks, finds a survey issued by an insurance software company. Further intensifying their plight, nearly one-fifth have reported growing complications and time expenditure in compliance adherence, underlining a pressing industry conundrum. - read more
    Revolutionizing Carbon Trading with Novel Insurance Offering Revolutionizing Carbon Trading with Novel Insurance Offering
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    In an innovative move within the environmental finance sector, CFC has introduced a cutting-edge insurance product specifically targeting the burgeoning carbon credit market. This pioneering Carbon Delivery Insurance is designed to mitigate the risks associated with non-delivery of carbon credits, reinforcing market confidence and integrity. - read more
     
    Business Insurance Articles

    Cyber Liability and Indemnity: Mitigating Risk for IT Professionals Cyber Liability and Indemnity: Mitigating Risk for IT Professionals
    In an era dominated by digital innovation, understanding the crossroads of cybersecurity and indemnity insurance is more critical than ever for IT professionals. As cyber threats evolve with increasing sophistication, the concept of cyber liability has come into sharp focus, pinpointing the potential legal and financial risks associated with data breaches and cyber-attacks that professionals in the information technology sector may face. - read more
    Expert Tips for Comparing and Buying the Right Professional Indemnity Insurance Expert Tips for Comparing and Buying the Right Professional Indemnity Insurance
    Professional indemnity insurance is an essential safeguard for practitioners and businesses that provide expert advice or services. This type of insurance helps to protect professionals against legal costs and claims for damages from an act, omission, or breach of professional duty in the course of their work. For Australian professionals, where litigation is increasingly common, it's a pivotal component of risk management. - read more
    The Essential Guide to Professional Indemnity Insurance for Australian Consultants The Essential Guide to Professional Indemnity Insurance for Australian Consultants
    If you're an Australian consultant, you understand that your advice is a valuable commodity. But with that value comes responsibility, and a level of risk that you could be held liable if your guidance results in financial loss to a client. This is where professional indemnity insurance comes into play, serving as a vital shield, providing protection and peace of mind for both you and your clients. - read more
    The Growing Importance of Cyber Insurance in Protecting Professional Practices The Growing Importance of Cyber Insurance in Protecting Professional Practices
    The professional services industry has undergone a significant transformation in recent years, largely due to the integration of digital technology into everyday business operations. From cloud computing to mobile applications, the digital landscape for professional practices has expanded, offering new avenues of efficiency and connectivity. - read more
    Professional Indemnity Insurance: How Much Coverage Do You Really Need? Professional Indemnity Insurance: How Much Coverage Do You Really Need?
    Professional Indemnity Insurance (PII) remains one of the keystones of risk management for professionals across Australia. Yet, misconceptions and lack of awareness can lead to inadequate coverage, leaving individuals and businesses vulnerable in a litigious environment. - read more

     

     
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    Purchasing Business Insurance for the First Time? Things You Need to Know

    Purchasing Business Insurance for the First Time? Things You Need to Know

    Having adequate business insurance is primary to every business, regardless of its size, geographic location or product it offers.
    While running a business you need to deal with complex issues that may rise when your business is in operation.
    The most important ones are the risks associated with your business.
    You can reduce risks by purchasing a comprehensive insurance coverage

    Having adequate business insurance is primary to every business, regardless of its size, geographic location or product it offers. While running a business you need to deal with complex issues that may rise when your business is in operation. The most important ones are the risks associated with your business.

    You can reduce risks by purchasing a comprehensive insurance coverage.

    If you are purchasing insurance for the first time, you need to be very careful as it can make or break your business. This article discusses things you need to know when purchasing business insurance for the first time.

    Know how much coverage your business requires:

    Business Insurance Renewal Due?
    If you are in the process of renewing your business, public liability or professional indemnity insurance ... whether it be a professional, trade, manufacturing or retail business ... we can show you a quick way through the maze of offers and options available on the market. Our Australia-wide broker panel will ensure that you get the best cover for your specific needs - and at the right price to suit your budget.

    Before purchasing insurance for your business, you need to know how much coverage your business requires and for that you need to understand the severity of risks that your business may face. There are several factors that you need to identify and evaluate before purchasing insurance for your business. Assess the risks to your business to protect it from them.

    Do thorough research:

    Different businesses have different insurance needs. Therefore, before purchasing an insurance policy, you need to list the needs of your business and research thoroughly the type of insurance cover for your business. It depends on the size and nature of your business.

    You need to check certain things before purchasing business insurance like the type of coverage that is ideal for your business, where to purchase insurance policy, etc.

    Take the help of experienced people:

    Insurance coverage required by your business is unique, so it should be tailor-made according to the specifications of your business. For that, you need to talk to experienced and knowledgeable people in the industry. Get their advice to get an idea on the several risks that may affect your business operations, so that you will have a clear picture in your mind on which policy to purchase for your business.

    Basic things to look for in a business insurance policy:

    As you are planning to purchase business insurance for the first time, you need to consider the basic things while purchasing business insurance policy. Make sure you look for options such as minimum liability, property coverage, stock and equipment coverage, auto coverage, business interruption, etc. You need to opt for primary coverage and create a check-list, so that you are sure you have enough coverage that suits your business needs.

    Understand what you are buying:

    Firstly, you need to understand what type of policy to buy and how it will help your business. There are several factors associated, including the risks of losses and liabilities while buying business insurance. You need to make sure that you are getting enough coverage for your business - all the risks and events are covered under the policy. Also avoid buying unnecessary coverage, as you may have to pay an extra on the premiums.

    Shop around:

    If you are looking for the best price when purchasing business insurance, you need to shop around and check out with several insurers, as the cost of the coverage differs across insurers. To get the best quotes at a reasonable price, take help of brokerage firms, as they are experienced and knowledgeable, and they will help you out in purchasing the best coverage that suits your business.

    Keystone Insurance Group is UK and Ireland's premier insurance brokerage firm. They offer a broad range of insurance products. If you are searching for business insurance using the keywords, Commercial Insurance Northern Ireland or Construction insurance Northern Ireland, visit Keystone Insurance.

    Published:Thursday, 23rd Jan 2014
    Author: 331

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