Industrial Special Risk Insurance
Businesses that operate at industrial scales or have some highly valuable and operationally critical buildings and equipment are exposed to unique risks that could result in crippling financial losses.
While building and content policies might provide some protections, there could be a lot more at stake for your business if you lose access to buildings or a critical piece of machinery is stolen.
Unfortunately, many business owners and managers underestimate the knock-on effects, or they falsely believe their existing industrial special risks insurance (ISR) has them fully covered.
Let me explain.
What Is ISR Insurance?
Industrial special risks insurance is a policy that protects businesses from the direct and indirect impacts of loss or damage to critical and highly valuable physical assets.
Under most policies, the cover would be designed for highly specialised risks on assets with a value of more than $2 million.
In most cases, this will involve large buildings, industrial-scale machinery, as well as large volumes of stock stored in warehouses.
ISR insurance policies are generally broken down into two sections of cover, and our recommendation to all business owners is to reduce their risks by taking out both on one policy.
Section 1: Material Damage
This covers the immediate impact resulting from loss or physical damage to the insured assets. If there was a catastrophic loss of stock and buildings due to a warehouse fire, your industrial special risks insurance would cover that loss.
Section 2: Business Interruption
But loss or damage to physical assets can also have serious consequences on your ability to continue operating as a viable business in the short term.
By having business interruption cover added, you would also be protecting your revenue stream from consequential loss to avoid running the risk of insolvency.
Many of our new clients are not fully aware of all the optional policy wording available to them and have ended up in a situation where they are unnecessarily exposed to risks.
If you have any concerns about your industrial special risks insurance cover, then contact our dedicated business insurance team on 1300 886781.
What Risks Does It Cover?
By working with many different businesses from all types of industries, we have encountered certain risks that we always advise our clients to focus on.
These are risks that people often underestimate, as many business owners focus too much on just property damage and loss of critical assets.
If you have any concerns about the following risks being protected under your existing insurance policy, then talk to one of our brokers today.
1 – Flood Cover
Property damage from flooding is an optional extra on most industrial special risks policies.
You also have to make sure that it covers you for the full value of your assets. Some policies will include flood cover automatically, but only up to a value of $500,000, which could leave you exposed to serious financial losses.
At Aspire Insurance, our dedicated business insurance team will help you to fully assess the true value of your assets. And we’ll make sure that your ISR policy has the right wording and covered amounts to reduce your risk exposure as much as possible.
2 – Claims Preparation Costs
This is an important extension for your ISR policy. Claims preparation will most likely require independent consultants and assessors because the value of these claims is often so high.
These expenses could run into the hundreds of thousands, depending on the scale of the property damage and consequential loss.
Our team will also assist you in a claims situation to make sure that you get the maximum value from your claims preparation policy extension.
3 – Prevention Of Access Cover
This is an important extra that many business owners don’t fully consider. If other buildings or access roads in the vicinity of your business property become damaged, this could result in you not being able to access your premises.
In serious industrial accident situations or natural disasters, this could result in a huge consequential loss if government authorities prevent you from continuing your business operations for several days or weeks due to public safety issues.
If you would like one of our experienced brokers to explain these risks in more detail and have your existing policy reviewed, then contact us today on 1300 886781 for no-obligation advice and policy quotes.
Reduce Your Risk Exposure With Aspire Insurance
The service that we offer to all of our business insurance clients extends beyond just a review of your policy needs and providing you with competitive quotes.
By partnering with us, you will also benefit from these key services.
24/7 Support Services
Claim situations can happen at any time of day, and in the case of an industrial special risks policy, the stress and worry in the initial stages can be overwhelming. That’s why we offer a 24/7 support service to ensure that you get the advice you need when you need it most.
Policies Recommended For Your Business Requirements
Every business is different, and valuing assets is an important part of taking out an insurance policy. We will always take all your individual requirements into account to make sure you are fully protected.
Automatic Policy Review At Renewal
As your business grows and evolves, you might become exposed to new or larger risks. And insurance companies are constantly coming up with new and innovative ways to better protect your financial interests.
We will fully review your options and requirements at each policy anniversary so that you avoid unnecessary risks.
Face To Face Contact
When it comes to an industrial special risks policy, it’s important to meet a broker face to face for advice. This is the only way that your broker can fully understand your business and its valuable assets to avoid a situation where you could be underinsured.
Call Us Today
If your existing ISR policy is due for renewal or you have any concerns about it not fully protecting your financial interests, then contact our team at Aspire Insurance today on 1300 886 781.
We will provide you with advice and a no-obligation quote so that you can have the peace of mind you need to focus on running your business.