It’s important to review your business insurance needs on a regular basis. Why? In the current environment there is increased competition and premium reductions amongst life insurance companies, constant improvements and importantly your ever changing needs and objectives.

As a business owner or individual it is essential to have the right type and level of insurance in place. If you or your business is uninsured or underinsured you are vulnerable to major loss.

Did you know your Self Managed Superannuation Fund can pay your personal insurance? Be sure the policy is in the fund trustee’s name (‘as trustee’) rather than your name only.

There are three types of insurance usually available within a super fund, including a self-managed super fund (SMSF). Generally you can purchase the following types of insurance; Life Insurance, Total and Permanent Disability (TPD) Insurance and Income Protection Insurance.

Peter a client of Sullivan Dewing realised he had three different insurance polices which covered the same things. By reviewing his needs with an insurance broker Peter was able to reduce this policy to one with considerable cost savings.

So make it a habit to review your insurance needs and current policies annually to make sure you are getting the most value.

For more information or help with reviewing your insurances please contact Steve Noble from Steve Noble Insurance on 9543 7878.