That depends on your insurance policy. They are not all the same and provide different covers in the same way that floor coverings have different qualities. Article by Ian Jones.
Retail Flooring businesses have similar requirements and needs for insurance as other retail style businesses. There may, however, be aspects of some business package insurance policies that leave you high and dry at a time when you need protection the most. It is vital that you understand what policy exclusions, endorsements and sub limits are included to ensure absolute protection against the unexpected. This is not necessarily something that flooring retailers are well equipped to translate, and nor should they have to, so advice – the right advice is absolutely crucial.
If you arranged your insurance directly with an insurance company, they won’t, and aren’t able to give advice on matters such as sums insured, sub limit values and policy modifications so the onus is on the retailer to tell the insurance company exactly what they want and hope that they get it right. To get the right advice the best way is to engage an insurance broker and ensure that they have a good knowledge of your business, its workings and needs. A broker can make all the appropriate recommendations and ensure qualified options are available so you can make an informed decision with professional advice. Insurance brokers also deal with a wide variety of insurance companies so the advice comes based on the experience of the broker and knowledge of a wide variety of insurers and their policy differentials.
A typical insurance policy for a retail flooring business would protect against risks such as fire, storm, impact and a range of other perils listed within the policy. Including loss of business income and profits following a peril, burglary, theft, loss of money, plate glass, breakdown of motors and electrical items, stock in transit, public and products liability and much more. Other covers may include management liability, tax audit, legal expense cover, motor vehicles and professional indemnity. The list goes on, so once again it is important to get the right advice on what suits you and your particular business.
A flooring retailer needs to also ensure that they are fully protected against any claim bought against them for property damage or personal injury bought about by contractors or other parties in their course of business. A consumer may consider these services provided as an extension of your business, disregarding the fact that these services may be contracted. Some insurers policies may exclude such claims made where a retailer / contractor relationship exists and the retailer may not be fully aware of what cover any contractor holds, or even if it is adequate.
The retailer may also have insufficient cover for civil claims brought about by contractors if they themselves are injured on a job. A web of confusion emerges very easily when it comes to liability claims so the right advice is vital.
The cost of insurance is always relevant but don’t believe that all insurance policies are the same. Remember you always get what you pay for – just like differing qualities in flooring. If an insurance policy is slightly more expensive it is likely for a reason. Once again it pays to get the right advice as it can save you a lot of money in the long run, maybe even your business.
The one obvious point to make here is to ensure that you, as a flooring sector client, have absolute confidence and faith in the insurance cover you hold for your flooring business and that it has been reinforced by the advice you receive from an insurance professional. It is all too late after the event to look at your insurance cover. It is the old saying about shutting the gate after the horse has bolted.
If you have any questions or need an answer on your insurance problem, email us at insure@floorinsure.com.au
1800 607 205
