Have You Read Your Policy?

01 Jun 2020

So, you’ve taken out some type of insurance recently, you’ve got the policy document and filed it away, but did you read it?

Most of us would agree; insurance policy documents are not the most fascinating of reads. But they really should be read and most importantly understood. They hold detailed information about exactly what you are covered for.

In this post, we highlight the important bits you should look for in your insurance policy and explain why.

When reading your policy, look out for the following things:

Find the important stuff underneath the  jargon. Insurance policies can be confusing, but the jargon and pages of information are there for a reason. They contain the words and phrases detailing what is and is not covered in your policy. To make it easier to understand and make sense of what you are reading, go through the ‘Definitions’ section which explains terms used in the document.

Look for important dates in your policy. You will be covered for a certain period of time, so look for the policy expiry/renewal date. There will also be information about the time-frame you have to file for a claim after an accident or incident. 

What you’re covered for and exclusions. Your policy will detail what you are covered for, but take note of the ‘Exclusions’ section, these tell you about the things you cannot claim for.

Look for policy limits. Every insurance policy includes information about the maximum amount of money the insurer will pay out for a claim. Also, look for your excess, this is the amount of money you have to pay toward a claim.

Take note of important conditions. Your policy will include a section outlining the insurer’s responsibilities and what your responsibilities are. Look for procedures to follow to make a claim.

Following the tips above won’t make reading your insurance policy a more exciting read, but it will help you make sense of the important information.

So, don’t take the risk, read and ensure you understand your insurance policy.

If you have a query about your policy, the team at Tradesure can help. We provide Trade Public Liability, Tradies Tool Insurance, Tradesmans Injury and Illness Insurance, Tradies Trailer Insurance and Builders Contract Works Insurance. Talk to Tradesure today.

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