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Time to check your Truck Insurance?

14/11/2016

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Too many small businesses put off reviewing their truck insurance policies to ensure they are appropriately covered. Unfortunately many of our new customers come across with significant underinsurance risk where in the event of an accident, fire or theft of their businesses primary assets (key operating vehicles including trucks) they would be left with a significant financial loss, one many businesses would not be able to recover from.

One major problem  we notice is the weight put on the actual pricing of the premium, while we will always look to find the best price for our clients we will not do it at the risk of providing insurance cover that does not meet our clients needs. 

Some considerations when reviewing your truck insurance premiums annually should include:

1) Check the policy inclusion and exclusions and if you do not understand the wording ask your broker to explain what it means
2) Ensure the agreed market valuations of the assets insured are up to date and would adequately cover the loss or cost to replace the truck 
3) If you have a fleet of trucks do not assume any newly acquired or disposed assets are covered, go through each truck on your Fixed Asset Register and ensure they are covered by an active policy
4) Assume the worst happens (fire, accident etc) and work out what the recovery process would include and the time it would take to get back up and operating.  Ensure any business losses during this period are covered or acknowledge the risk and mitigate it to an acceptable level.

If you have any questions about your business and truck insurance needs contact BGI Insurance today.

​



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BGI Brokers Pty Ltd | ABN 18 144 834 337| CAR No. 000374852 and Kathy Calleja | AR No. 000374851 are Authorised Representatives of Community Broker Network Pty Ltd | ABN 60 069 916 184 | AFSL 233750

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  • Home
  • Insurance
    • Business >
      • Business Insurance
      • Audit Insurance
      • Public & Products Liability
      • Industrial Special Risks
      • Construction Insurance
      • Marine Cargo Insurance
      • Motor Fleet Insurance
      • Workers Compensation
      • Information Technology
      • Commercial Strata
      • Truck Insurance
      • Corporate Travel
      • Trades Insurance
      • Farm Insurance
      • Rural Insurance
      • Office Insurance
    • Professional Lines >
      • Professional Indemnity
      • Directors and Officers
      • Management Liability
      • Employment Practices
    • Domestic/Personal >
      • Home Insurance
      • Contents Insurance
      • Landlord Insurance
      • Personal Valuables
      • Residential Strata
      • Motor Vehicle Insurance
      • Travel Insurance
      • Personal Accident and Illness
    • Claims
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  • Our Partners
  • Contact
  • Quick Quote