The Ultimate COVID19 Insurance Guide | Should I cancel my Insurance policy?

Truck Insurance

So COVID19 has come out of nowhere and stopped your business in its tracks.
Money is tight and you don’t know what you should do about your insurance policy.

We have been in our office every day throughout this pandemic helping our customers however we possibly can.
We have been negotiating with our insurance partners to give customers policy breaks, refunds and reduced cover to match their level of business operation during this time. In this article, we hope to address some of your most common questions and provide advice that can help you make the best decisions for you and your business.

Should I Cancel My Insurance Policy? 

Short answer: No.
Unfortunately, most policies will only cover you whilst you have the policy active.
Right now, your business may be at a temporary standstill, but someone could lodge a claim against you during your downtime for an incident or accident that could have occurred 3 months ago. If you’ve cancelled your policy, you won’t be protected against these unforeseen circumstances. We recommend you talk directly with your insurance broker or provider to explore options of a reduced premium or partial premium refund to match the reduced risk of non-usual operating hours/capabilities during this time.

I have a Business Property Insurance policy, but we’re not using the building right now, can I cancel my policy temporarily?

Do not cancel your policy.
Unfortunately, even though your business may not be operational or operating at a reduced capacity, your building premise is still vulnerable to accidental damage and theft.
By far our number one claim for properties is for water damage, one big storm can expose leaks you didn’t know you had and if you don’t have cover, you don’t have protection. This can ruin thousands of dollars worth of materials, equipment and more.
The best advice we can give you, and what we’ve been doing for our own clients is amending policies to reduce the premium.
We have been providing cover for water damage, theft and other unexpected circumstances which can still occur during a pandemic but have been reducing or removing cover where it’s not relevant. This has reduced our customer’s premiums and has also resulted in partial refunds for others. Call your insurer, go over your policy and cover details, find out what you can take away to reduce the amount of your premium until you resume normal business activity.

If you’re a Truck Insurance HQ customer, wondering what options you have available to you, please do not hesitate to give our friendly team members a call on 1300 815 344. We’d be more than happy to assist you however we can.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Truck Insurance HQ