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Monday, 21 February 2011

Truck Insurance it's a goodyear

Veronica538 at work as truckdriverImage via Wikipedia
You’re a truck driver and driving alone at night. Suddenly, headlights from an oncoming vehicle point straight at your eyes. The sharp swerve missed the car, but you hit a tree instead, and the impact overturned your vehicle. You’re lucky to be alive.
We hear about truck and machinery accidents on the news all the time, but most of us think we are indestructible and such things will never happen to us.
Truck drivers could be driving with their eyes closed due to fatigue from working long hours. This may increase the possibility of having an accident.
Believe it or not, many accidents are not caused by the truck drivers. Most people are intimidated by huge trucks driving next to them, or don’t have patience being stuck behind a big, slow truck. So what do drivers do about this? They speed up and overtake the truck (ignoring placards not to do so), or speed up to avoid giving way to a truck wanting to overtake them.
Whatever the reason for accidents, they happen.
A container truck. Cab-over design.Image via WikipediaI’ve dealt with claims relating to trucks being vandalised, set on fire, stolen, colliding with other vehicles, hitting trees and kangaroos, or being clipped by other vehicles.
Are you insured?!?
As a truck driver, your truck is your largest and most important asset of your business. You may have one, two, or a fleet of vehicles in your company to help you earn an income. Why wouldn’t you protect your assets against a disaster? If you have insurance for a trucking business, check if you have the following covers in place:
    Rob Knell, monster truck driverImage via Wikipedia
  • Accidental damage, fire & theft on the truck or machinery
  • Public Liability
  • Hazardous goods
  • Care, custody & control
  • Business Interruption
  • Damage as a result of work involving digging
  • Marine cargo
I get nervous hearing about uninsured or under-insured businesses or vehicles. Without the right cover, your business could possibly come to a halt, unless you have thousands of dollars lying around to continue running the business. What if you carry hazardous toxic chemicals and your truck has overturned on a busy highway?

What if it was your negligence that caused the accident and you are sued? If due to a disaster, you can’t operate your business, and as a result there is no income for the business, how will you  pay for the fixed expenses of the business (such as rent and wages)? These are all the scenarios you need to think about when taking out insurance.
Insurance is the determining factor on the survival of your business after a major accident.
You can hire an insurance broker to give you professional advice and find the right cover to protect your business properly.
Cynthia Yap is an experienced Insurance Broker who has been with Central Insurance Brokers for the past decade. Having witnessed many businesses go down as a result of business owners not taking sensible insurance advice, she can keep you on the Road.

Here is a quick reference guide to covers

Tuesday, 15 February 2011

Crazy Storms are you Protected?

Cynthia Yap is an experienced Insurance Broker who has been with Central Insurance Brokers for the past decade. She talks about using insurance to protect your assets.
Different parts of Australia have encountered some unexpected weather during the first month of autumn.

I am talking about the severe hail storms in Melbourne and Western Australia and flash flooding in different parts of the Eastern States, and winter hasn’t even arrived! What about the flooding caused by record-breaking rainfalls in Queensland?
Location of Western Australia.Image via WikipediaMost scientists will tell you there is evidence that our climate is changing. Even though there is much debate on the causes of climate change, the most intense argument is over the human impact on this matter. To some, humans are the sole cause of global warming, while others don’t think we are responsible at all.
Observed changes in Australia include increased temperatures, declining rainfall in certain areas (causing drought), rising sea levels, and extreme weather occurring more frequently.
Apart from actively taking steps to help improve the environment, don’t forget to protect yourself and your assets from any disaster.
You can insure your personal assets like your house, contents and motor vehicle against damage caused by natural disasters, fire, theft and accidents. Cover for accidental damage and flood need to be nominated, as they are usually not automatically included in policies.

For business owners, depending on whether you are a service provider, retailer or manufacturer, check to see if you have any of the below summarised covers:
·         Fire – damage to a building, stock or contents caused by fire.
·         Theft – stock or contents stolen from your business premises.
·         Business Interruption – this covers the loss of income you would have made in the period your business was closed (as a result of a disaster). It covers costs involved in moving to and operating from a temporary location, and fixed expenses including wages, utilities and rent. This section may be the most valuable cover for your business, because a business that is not operating cannot produce income.
·         Public Liability – if you cause injury to third party or damage to third party property arising from carrying out your business.
·         General Property – covers your business tools and equipment during transit and on-site, damaged as a result of fire, collision or overturning of the vehicle. Theft is also covered if the tools are stolen from a locked vehicle or by forced entry.
·         Glass – internal or external glass on the premises, including windows, ceramic basins, mirrors and neon signs.
·         Money – covers loss or damage of money from the premises during and after business hours, at your residence, in a safe and during transit.
·         Machinery Breakdown – covers plant, machinery and mechanical equipment in the event of a sudden and unforseen event.
To avoid disappointment when lodging a claim, be sure to read your policy wording and understand exactly what you are and are not insured for. Don’t be afraid to ask questions about your policy. At renewal time, make sure you check the sum insured of your assets, so you are not underinsured.
As an insurance broker, it’s always heartbreaking to witness a limited claim, due to a restrictive or inadequate policy, just to save a few dollars. What’s even worse than underinsurance is if you don’t even have a cover in place to begin with.
Remember! Insurance is like a parachute. The only opportunity to test it is when you have to use it, at which time, one is more concerned with the quality rather than the price.

For obligation free advice contact
Cindy at Central Insurance Brokers Perth WA
T: 08 93688999
Central Insurance Brokers are leading Independent Brokers in Perth W.A.
Est., 1980