The Advice Series: Understanding your insurance cover
There is a wide range of insurance products available on the market. Insurance advisors will ensure that you are getting adequate insurance cover. Having a decent understanding of insurance contracts will ensure you’re comfortable with what the cover protects you, your assets or business against.
Understanding your risks
Our risk advisors harness their specialist skills, professional expertise and sophisticated tools to identify and mitigate risks, to help reduce the frequency and impact of potential claims on your assets and insurance policies. Only after a thorough needs analysis and in-depth risk assessment have taken place, do our advisors embark on developing an insurance solution with your risk profile.
Your needs are unique, therefore your insurance cover should be too. Since no two people are the same – or businesses for that matter – we don’t offer one-size-fits-all insurance solutions and advice. Our risk advisors take into account your unique needs, risk exposure, affordability and insurance market trends when putting together a customised insurance solution that is suitable for your risk profile.
Ensuring you’re adequately covered
Since our advisors work with various individuals and businesses, they are able to offer guidance to a policyholder in terms of the type of policies available to them. By analysing risk profiles, an advisor can establish if an individual requires third-party insurance and if business interruption cover would be advantageous for a particular company, for example, as well as even ensuring that an underwriting process is accurate.
What is covered and what isn’t?
Although it is ultimately the policyholder’s decision of what they want to be covered, the onus is on the advisor to ensure their client understands exactly what is included in the insurance policy and what isn’t, and under what conditions are attached to the insurance policy. A good understanding of the cover by the policyholder sets expectations, ensuring they are comfortable with what they are protected against and that there are no nasty surprises when a claim arises.
Our risk advisors are experts with experience and specialist know-how in offering insurance solutions. Brokers can help customers understand how to mitigate their risk and make sense of insurance products that best suit their risk profiles. Be sure to check out the next blog in the Advice Series, ‘We have the expertise’.