AUTHOR

Mark Palframan

Director

Mark commenced his Insurance Broking career at Atlantic in the year 2000 and before long he was drawn into challenges and career opportunities that an International Broker represented. Mark spent time with Willis in Melbourne and Sydney, getting exposure to clients in varying industries. He returned to Melbourne where he spent time with a mid-tier broker. This move reinforced his enthusiasm for working alongside business owners and decision makers where he knew he’d be a positive influence and add real value to clients. In 2010 Mark re-joined Atlantic as a director to work alongside his father Graeme. Mark enjoys working with a diverse group of clients with varied and quite often complex insurance requirements. Over time Mark has developed a strong Risk Management focus. Mark’s strength lies in identifying and understanding the Insurance needs of Businesses and individuals and being able to carefully guide them and assist in making informed decisions in relation to their risk through decision making process. Creating a culture within the next generation of Brokers that can develop and progress their careers with Atlantic Insurance, is especially rewarding for Mark.

LICENCE NUMBER

AFSL 246369

CREDENTIALS OR QUALIFICATIONS

Marks holds a Bachelor of Commerce (Insurance and Marketing), is a qualified ANZIIF (Fellow) CIP and QPIB.

Avoiding Common Pitfalls in Business Insurance Selection

If you’re in business, you will need insurance to cover your business assets, employees, operations and liabilities. However, common mistakes with insurance coverage can leave a business vulnerable. When navigating the complexities of large and small business insurance policies, there are five common mistakes to avoid.

Top 5 mistakes to avoid with business insurance

1. Under insuring your business

Businesses often get caught out by not insuring assets at correct and current valuation levels. This can result in financial impacts in the event of a claim where underinsured items are not paid in full. You may be underinsured if you have changes in business activity or asset upgrades. It’s essential to regularly review your insured sums so your business has total coverage. These figures should reflect current replacement costs, not original purchase prices. Atlantic Insurance Client Managers take the time to reassess insurance needs when changes occur in your business.

2. Not creating the right insurance cover program

Standard insurance policies may only cover some of your business’s risks. Depending on your industry and operations, consider additional coverage options such as cyber insurance, business interruption insurance, or public liability insurance.

Insurance policies often have exclusions and limitations that define what is not covered, which may vary according to the insurer. Failing to understand these provisions may result in unpleasant surprises when making a claim. Carefully review your policy wording and access expert guidance from your insurance broker.

Location plays a significant role in insurance premiums and coverage. If your business operates in an area prone to natural disasters such as floods or a high crime rate, check that your insurance adequately covers these risks.

3. Overlooking the importance of risk management

Many businesses overlook the importance of a robust risk management strategy, which can make accessing insurance challenging or more expensive.

Identifying, assessing and prioritising potential business risks demonstrates to insurers that you are prepared for unforeseen events like natural disasters, cyber-attacks, employee injuries or supply chain disruptions.

4. Failing to analyse data and claims trends

Your business data can be used to deliver insights regarding insurance. Analysing claims data and trends can help identify patterns that can inform future risk management strategies. For example, you may experience property damage claims during colder months. This data can help your Client Manager secure more favourable terms and insurance premiums for you. A lack of awareness can result in taking out generic insurance policies that may not be tailored to your unique risk profile, which may expose your business.

5. Not consulting with an experienced insurance broker

Business insurance can be complex. Working with an insurance broker such as our experienced Client Managers at Atlantic Insurance who take the time to understand your business and have experience in your industry can ensure your business has the right coverage and is adequately protected.

How Atlantic Insurance can help you with business insurance

At Atlantic Insurance, we have assisted businesses of all sizes and industries since the early 1980s. Our team has developed a strong understanding of various businesses’ insurance needs and risks.

If you are unsure which policies may be the right choice for your business, contact us today. Our experienced Client Managers will provide comprehensive advice on the most cost-effective business insurance options to protect your business in the event of a loss.

Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.

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