As insurance premiums rise more and more Queensland businesses are running the gauntlet, reducing their cover under insuring their assets or cancelling their insurance altogether in an effort to reduce or avoid skyrocketing insurance costs.
An exclusive Chamber of Commerce & Industry Queensland (CCIQ) survey revealed some staggering statistics showing just how hard the premium increases have hit small businesses.
As insurance premiums rise more and more Queensland businesses are running the gauntlet, reducing their cover under insuring their assets or cancelling their insurance altogether in an effort to reduce or avoid skyrocketing insurance premiums.
An exclusive Chamber of Commerce & Industry Queensland (CCIQ) survey, the Business Insurance Report July 2014, revealed a whopping one in eight Queensland small businesses are underinsured while others cancelled their insurance opting to become 'self-insured'.
The survey also lifted the lid on some other staggering statistic that demonstrate the full impact rising insurance costs have had on Queensland businesses including:
- 51.3% of businesses reported decreased profitability in their operations as a result of rising premiums
- Businesses had experienced an average increase of 58.2% in their latest premiums
- Increases of more than 2500 per cent were reported
- 26.1 per cent reported decreased investment as a result of higher insurance costs
- 40 per cent had changed insurance companies
- 32.3 per cent reported having a very poor to average experience while making a claim
It's at times like these you need peace of mind that you are adequately insured at competitive rates and will be looked after if and when you need to make a claim. Hanrick Curran is pleased to be associated with Ausure Insurance Brokers South East Queensland to provide our clients with an experienced well-resourced General Insurance broker who can tailor cover to deliver business continuity at affordable prices.
The Ausure team are more than happy to assist you with an obligation free review of your insurances, so please speak with your usual Hanrick Curran Adviser on 07 3218 3900 or contact Nathan Case, Principal of Ausure Insurance South East QLD directly on 07 3218 3966 to discuss your insurance needs to receive peace of mind when it comes to insurance.