Welcome to the first Insurance Matters article by FloorInsure. FloorInsure are proud to be involved with Flooring Magazine as their insurance partner by providing relevant and current information about the insurance sector and its effect on the flooring industry with regard to specific insurance trends, products and general information on how flooring industry businesses can better equip themselves to reduce insurance costs. As well as tips on managing any potential risks and hazards within your business and ensure that flooring business owners have the right cover by way of our free flooring business insurance audit.
Insurance needs always differ between businesses no matter how similar they may be seen to be. Although flooring retailers have similar products, business operations can vary greatly in the insurance protection they need, as do the insurers that offer cover for these businesses. Just like the huge amount of floor covering products available, not all are the right fit for use in any situation so heavy reliance is on the right advice from the flooring consultant to ensure the right product is used in the right environment. Also, just as with the many flooring products, the cheapest is always cheap for a reason and this same rationale applies to the variety of insurer’s policies available. The old saying that you get what you pay for applies to both flooring and insurance as it does for many products. The bitterness of a poor-quality insurance policy lasts long after the sweetness of the low price is forgotten.
Insurance is a water tight contract between the insured and the insurer. So, it is paramount that it is done correctly before a claim arises as little can be done after the event which can leave the insured angry and feeling hard done by after years of paying premiums and no option than to blame the insurer and look for alternative options upon renewal. The key to preventing this is simple. Your insurer or insurance broker needs great knowledge not only of your business but of your industry – your relationship with sub-contractors, the stock levels of timber and engineered flooring kept and faulty workmanship issues on installation to name few. The cover you really should have and the right advice on the best and most cost effective way to insure your business are key discussions your insurer or broker should be having with you. For example, one particular insurance section we have been active in deleting or reducing over recent years is ‘Money Insurance’. Historically flooring retailers have held cover against cash but with trends towards cashless payments like EFT, Bpay and AfterPay we are finding it is almost irrelevant to many flooring businesses. So why pay for it?
Over the coming editions we will be targeting specific areas of insurance that are relevant to your industry. We will be discussing insurance classes that you may not have been previously advised on and the pros and cons of keeping your insurance costs down whilst maintaining the protection and cover that relates to your business. We will also be welcoming a Q & A section for any readers who may be unsure of any aspect of insurance they hold or simply want more information on or have a current insurance problem or claim we can assist with. Simply email us with your question or enquiry at – firstname.lastname@example.org.
FloorInsure aim to provide relevant insurance information whilst educating Flooring Magazine readers about what is often considered a confusing and not so interesting topic.
Ian Jones is the principal insurance broker of FloorInsure, Australia’s only flooring sector specific insurance broker with 33 years’ experience in advising the flooring sector on its insurance needs across Australia.