Do I need cyber insurance?

Any business today should consider cyber insurance, as it is an increasingly large risk.  If your business has a website, emails or electronic records, you’re vulnerable to cyber hacks or social engineering attacks. 

A cyber attack can cost you money, threaten your intellectual property and put your customers’ personal information at risk, which can cause untold damage to your reputation.

For more information on cyber insurance and whether it's right for your business, call the friendly professionals today.  Westralian Insurance is a locally owned and operated business who pride themselves on finding the right insurance solution for your business.

Call (08) 9302 1388 or visit www.westralianinsurance.com.au

Is my business underinsured?

Underinsurance is a concern for businesses as well as homeowners.  The results of underinsurance can be catastrophic for a business who makes a claim for property damage or business interruption.  Some insurers apply an 'average' or 'co-insurance' clause on their policies, which means if you insure for less than the full value of the property (or less than your full annual turnover or gross profit in the case of business interruption claims), a claim can be reduced in proportion to the amount of the underinsurance. 

Consequently, an underinsured business can be left with a fraction of the true claim cost in the event of a loss. The best way to avoid underinsurance is to get a survey of your building or appraisal of your goods by a professional, who will advise you of the correct value to insure for.  An accountant can offer the same service for your turnover and gross profit figures, in order to avoid underinsuring for business interruption.

If you've got questions about underinsurance, Westralian Insurance can help!  Call our friendly and knowledgeable staff today, on (08) 9302 1388 or visit www.westralianinsurance.com.au