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Combating Catastrophic Events: The Mental Benefits of Insurance

If you elect to purchase an Insurance policy, this is you transferring the risk to an Insurance company as opposed to retaining this risk yourself. An insurance policy aims to return you to your pre-loss position, typically by receiving monetary compensation in the face of a sudden and unforeseen event which results in a loss. It is an essential tool to keep you afloat when disaster strikes, offering invaluable financial protection and reducing uncertainty.

Did you know that the right insurance, while managing financial risk, can also help to lower your overall stress levels? Good insurance coverage has the power to lower anxiety around catastrophic events occurring, reduce stress right after a major event has occurred, and reduce the long-term impacts of the event.

Learn more about the nourishing impact of good coverage on the mind, as well as where to find reliable Insurance Brokers in Melbourne to experience peacefulness.

Before disaster strikes

A 2017 study explains that stress is strongly associated with environmental uncertainty. There is a large correlation between the unpredictability of future events and anxiety, as well as worry around preparedness for potential catastrophic events. Insurance has the power to lower concern around the occurrence of unpredictable events, acting as reassurance that in the event of catastrophe you will be prepared with compensation.

This is more important now than ever as in recent years we have seen an increase in catastrophic events. Insurance Business Australia states since 2020, nearly 800,000 Australians have lodged flood or storm related claims—1 in 25 Australians. In this time of increasing uncertainty, natural disaster and extreme weather, obtaining reliable insurance is invaluable to ease the mind.

In the aftermath

Right after a catastrophic event has occurred, cortisol levels will be heightened and you will be concerned about repairing damage and gaining control of the situation. The right insurance will lower your stress and help you to feel more in control, knowing there is financial assistance available.

A Broker such as Atlantic Insurance also has the skill sets, the relationships and contact points required to ensure satisfactory outcomes in the most efficient time frame possible. You can rest assured that the assistance you need will be provided, and provided quickly, with this insurance solution.

Often when these wide-scale events occur resources can be deployed to remediate the affected areas. While this is very useful, the process may involve inherent issues with supply chain and labour delays. This can exacerbate the problem, and relying on this alone as a solution may cause more stress. Business insurance or personal insurance remains a dependable solution.

Long-term impacts

With a good insurance plan, after a major event has passed you will be less likely to harbour long-term anxiety as you will be able to get back on your feet quicker to minimise any long-term impact on yourself, your family and your business.

A Broker that understands your expectations and can navigate the claims process efficiently is paramount to reduce long-term stress and allow you to return to life as normal as soon as possible.

Other ways to reduce anxiety around unpredictable events in your business

Ensure your business has continuity plans in place.
Be open to new technologies and innovation that can ensure you can minimise any downtime to your business in a worst-case scenario.
For good risk management, conduct a risk analysis and change any unsafe practices.

On a personal level

Prioritise yourself and your family.
Stay connected with loved ones.
Reframe events as opportunities.
Seek help.
Remain self-aware, learn to recognise stress in yourself and take steps to reduce it once noticed.

How to find reliable Insurance Brokers in Melbourne

A reliable Insurance Broker, from the outset, will make themselves available and get to understand your needs and expectations. Trustworthy Insurance Companies will also be approachable and transparent, with quick and informed answers, and focus on personalised advice for your specific industry.

Atlantic Insurance has a client-centric approach which ensures continuity of servicer and contact points, and is able to provide tailored insurance advice. Our Client Managers take the time to understand your specific expectations and requirements to guarantee you are granted the peace of mind that reliable insurance provides.

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