Risk protection in an urban setting

The Elders Insurance brand may be more readily associated with the rural sector, yet it is very active in urban areas around Australia too.

The Metro Melbourne office is a case in point, where Elders Insurance agent David Powell deals with a diverse range of clients, ranging from those in the more urban central areas right out to lifestyle properties in the outer regions.

With over thirty years of service in the insurance industry, Mr Powell notes that being based in a big city does have its differences.

"In the city you're looking more at vandalism, fires and theft - tools being stolen from work sites, for example - but also weather related losses, just like other places around the country," explains Mr Powell.

Yet one constant is that businesses are often underinsured - and possibly unaware of this fact.

"A lot of businesses only look at insuring their properties, they think that's all they need to worry about. But a serious property damage or disruption to their business means they mightn't actually return to business if they don't protect their income while the business can't operate due to damage.

"Going back many years ago, the gas supply in Melbourne was cut off due to a fire. As a result, many businesses couldn't trade - restaurants for example - but those with business interruption insurance could claim for their loss of income."

Even though the case for interruption insurance is an easy one to make, Mr Powell says that there is still a lot of guesswork in this area.

He says that where Elders Insurance can assist business owners is by stressing the consequences of underinsurance and helping them to make better informed decisions about the level of their covers.