[vc_row][vc_column][vc_row_inner el_class=”container”][vc_column_inner][vc_column_text]When you need to make a claim, the last thing you want is for it to be denied because you didn’t have the right cover, or you undervalued your assets. That\u2019s why we\u2019ve put together some tips on how you can avoid underinsurance.<\/p>\n

Value your assets correctly<\/strong><\/p>\n

Undervaluing their assets is one of the most common errors tradies make when it comes to insurance. Your insurance cover needs to represent the true value of your assets, including buildings, tools and machinery. You may have gotten it right in the beginning, but if you\u2019ve upgraded your tools or added more into the collection but haven\u2019t updated your cover, you might find yourself in some hot water.<\/p>\n

What could happen?<\/em><\/p>\n

Undervaluing your assets may mean you\u2019re forking out the difference come claim time. If someone decides to steal your stuff, you\u2019ll only be compensated for the much lower amount you set when you first took out your cover.<\/p>\n

Don\u2019t mix business and personal<\/strong><\/p>\n

Private insurance policies don’t always cover damage\/loss to your personal vehicle or tools if they\u2019re being used for work purposes. This can make for some pretty sticky situations later on.<\/p>\n

What could happen?<\/em><\/p>\n

Unfortunately, if something happened, like getting into an accident on your way to work, your claim could be denied. Why is this? If you only had personal insurance in place but you were driving your vehicle with tools in the back, it\u2019s considered commercial use and your claim would be denied as you don\u2019t have commercial cover To avoid being caught out, make sure if you\u2019re using your personal vehicle to carry tools or equipment for work, you get some commercial cover sorted.<\/p>\n

Make sure you have the right cover<\/strong><\/p>\n

A number of things can happen on-site, so it\u2019s important to make sure you\u2019re covered for every possible situation. Some policies require extensions so it\u2019s important to know exactly what you\u2019ll be covered for.<\/p>\n

What could happen?<\/em><\/p>\n

If one of your employees causes damage to a window while sanding the frames, you would try to claim it on your liability insurance, but if you don\u2019t have a faulty workmanship extension in place, you might not be covered.<\/p>\n

Want to make sure you\u2019ve got the right cover in place? Give us a call today.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row el_id=”related-post”][vc_column][vc_custom_heading text=”Related articles” font_container=”tag:h2|text_align:center|color:%2313143e” use_theme_fonts=”yes” el_class=”title my-5″][vc_basic_grid post_type=”post” max_items=”4″ element_width=”3″ orderby=”rand” item=”918″ grid_id=”vc_gid:1650320948429-f5f2f77a-e516-0″ el_class=”related-posts mx-auto mt-3″][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_row_inner el_class=”container”][vc_column_inner][vc_column_text]When you need to make a claim, the last thing you want is for it to be denied because you didn’t have the right cover, or you undervalued your assets. That\u2019s why we\u2019ve put together some tips on how you can avoid underinsurance. Value your assets correctly Undervaluing their assets is one of the […]<\/p>\n","protected":false},"author":1,"featured_media":5729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-5727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance"],"acf":[],"yoast_head":"\n