ICA launches website to help consumers Understand Insurance

A brand-new initiative called Understand Insurance has been launched by the Insurance Council of Australia (ICA).

It's purpose, explained Rob Whelan, chief executive officer of the ICA, is to help individuals across the country get to grips with their business insurance needs.

"Understand Insurance is a significant step forward by the industry to improve its engagement with consumers and Australian communities," he said in a November 28 statement.

The website is easy-to-use and provides visitors with advice on a wide range of insurance-related topics.

These include identifying the hazards in your business that could result in a loss-causing event, how to purchase insurance, tips on choosing the correct policy for your situation, ensuring you have enough coverage in particular areas, keeping your premiums down and how to make a claim.

Mr Whelan said Understand Insurance has taken over a year to develop and was created in response to feedback from "policyholders, governments and consumer advocates" throughout Australia.

All groups felt the public's knowledge about the benefits of possessing insurance was not complete - an issue that was especially apparent following the "disaster-filled years" of 2010 and 2011.

Australia has been affected by more than its fair share of loss-causing events over the past few years.

According to Mr Whelan, a staggering $9 billion worth of damage and destruction has impacted many properties - both residential and commercial - across the country since 2009.

However, he revealed, a "significant portion" of the people affected were either underinsured or, even worse, not insured at all.

"Without adequate insurance cover, many households and businesses will struggle
for many years to rebuild their lives," stated Mr Whelan.

So, make sure you check out Understand Insurance and talk to the team at Elders Insurance about your business property insurance and other cover options today.