Regular interaction with your insurance adviser critical

The key to being an effective insurance provider is staying as close as possible to clients.

That's the approach taken by Brett Sutherland from Elders Insurance Maitland in NSW.

As a highly experienced insurance adviser, Mr Sutherland helps his clients avoid the all-too-common issue of underinsurance.

The risks associated with not arranging sufficient financial protection for business assets are clear - they could leave you with a big bill just when you can least afford it, or even in the case of a lack of business interruption insurance, put you out of business after a loss-causing event.

Preventing this from happening to his clients is a priority for Mr Sutherland, who prides himself on the close relationships he forms with clients.

He says that by regularly interacting with them, he can help them ensure that their business insurance policy keeps up with the evolution of their business.

"If there is a change in a business, it is important to review the sums insured," said the Maitland insurance agent.

Change can come in many forms. It may be renovation to commercial properties which increases their value, and more importantly the cost of rebuilding them in case of loss or damage.

It could also be the addition of new machinery or equipment which needs to be protected from the financial risk of breakdown, damage or theft.

Insurance isn't a luxury, but a critical part of any decision to invest in new business assets.

By talking through new acquisitions and developments with their Elders Insurance agent, business owners can ensure that they view each decision from a risk management perspective.

And though economic times may still be trying for many businesses, a loss causing event can bring about an even worse financial hit at shorter notice - unless there is comprehensive insurance cover in place.