Business Insurance After You Have Made Claims
Are you struggling to get insurance after multiple claims or a high-value claim? Has your Insurance been declined, or has your premium gone up after a claim? In short, we can help in most cases. Call us today at 1300 669664 and speak with one of our consultants.
So why do the insurers decline to renew your insurance or
increase your premiums after a claim?
After having a high loss claim or multiple claims, your insurance is generally declined, or your premiums are increased by the insurance company, usually utilising a formula that will incorporate the cost of the loss over multiple years.
“I have never made a claim, but my premium has increased” is something we hear quite often. Generally, when your premium goes up unexpectedly, it is because your occupation or industry has been hit with many claims or with a few high-value claims. A classic example we have experienced recently is commercial motor insurance for courier vans. This industry was rife with motor insurance claims, so most of the insurers covering the commercial motor insurance pulled out of the market. Some underwriters did stay in the market but the premiums, to get a single courier van insured was over $3,000. As most courier operators were not willing to pay this amount, now nearly no insurance company will cover them.
We can help you after you have made a claim. You will need to talk with one of our consultants, and they will ask you for things like your claims history and may even ask for a copy of that claims history from your current insurer; they are generally happy to supply it. Once we have this information, we can take it to multiple insurers, and generally, if we can demonstrate some case that shows you have put plans in place to minimise the chance of this ever happening again, they will provide us with terms that we can then offer to you.
If you would like to talk with one of our consultants, feel free to give us a call at 1300 669664