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Here are some suggestions you can consider as far as making changes to your covers to reduce expenses.

  • Increasing the standard policy excess. Consider $250 to $500 or $500 to $1,000, or maybe higher
  • We do not recommend that you reduce sums insured on key policy sections, particularly Fire and Business Interruption. These classes of cover are subject to under insurance/co-insurance clauses, which could cost you dearly in the event of a loss
  • Do not remove statute covers such as; Public Liability, Professional Indemnity or Workers Compensation
  • Consider premium funding on renewal – to further assist with cash flow
  • Consider dropping some covers you may have which, whilst important and convenient, in the event of a loss, will not largely impact your business in the long term.

For example,

  • Glass replacement-  if you have a lease Agreement, potentially your Insurance premium have doubled in this regard
  • Money – this typically covers cash; how many still deal in cash?
  • Machinery/Electronic breakdown – this can be an expensive cover. It may be cheaper to have a good maintenance agreement to avoid breakdown

It is said that ‘desperate times call for desperate measures’, and this can be the case when the economy goes into a downturn. When unemployment rises, insurers typically see an increase in crime related claims.

As a result, we recommend you also consider:

      • Premises security – alarms and locks. Is the level of you burglary cover adequate?
      • Cyber security – who has access to computer systems?
      • Employee fraud – it might be time to double check the systems you have in place in these uncertain times.


If there is anything we can do to help you during this uncertain period, please reach out either via email at or call us on 03 9847 0863.

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