Safeguard Your Business with an Insurance Policy Review
MKP Group
Sep 26, 2022 · 1 min read

Insurance is a great way to mitigate the risks to your business, but it’s important to have the right policies in place at the right time. As your business grows and changes, your insurance policies need to change accordingly, and the best way to find out how to get the right coverage is to have an insurance policy review.

Your business is always evolving. Whether its new developments in technology, shifting economic pressures or unexpected growth opportunities, things can change pretty quickly in the earthmoving industry. That means the risks you face today are likely to be much different to the risks you faced just a year ago. Having the right insurance policies in place to mitigate these new and emerging risks is vital for the success of your business, and the best way to make sure your business has the proper amount of coverage is to undergo a policy review with an insurance broker.

1. The Importance of a Policy Review

Did you know that 62% of Australian SMEs are unlikely to have the right insurance in place to protect their business1, and that 1 in 10 businesses with insurance don’t have enough cover to protect themselves against business interruption, legal liabilities or loss or damage to their assets?2 This is known as “underinsurance” and can greatly increase the threat of a business failing if, or more likely, when, something goes wrong.

In the earthmoving industry, the risks businesses face can change quickly. Due to the time pressures owners face in the day-to-day running of their businesses, safeguarding against these new and emerging risks can often be deprioritised, increasing the business’ chances of becoming underinsured. A policy review ensures you have the right level of insurance to protect your business so that it can continue to operate even when the unexpected occurs.

2. When to Have Your Policy Reviewed

It’s good business practice to not only review your policy each year, but also when there are changes to your usual business operations. There are a number of factors that should trigger a policy review, including:

  • New lines of work: remember, what may seem like a small change for you can be viewed as a large change by your insurer;
  • Purchasing of new equipment and other business assets;
  • New risks to the business due to changes in business operations, including cyber risks;
  • Staffing: either increasing or reducing the size of your team;
  • Changes in clients or contractors;
  • Changes in ownership or directorship.

3. The Benefits of Insurance Policy Reviews with Moody Kiddell & Partners

A policy review with one of MKP’s Earthmoving Insurance experts ensures your business is properly covered moving forward, and can save you valuable time and money.

Industry Experts

At MKP, we have over 40 years experience of partnering with earthmoving contractors. We know your industry and understand the challenges your business faces. Our Earthmoving Insurance Experts understand the equipment contractors use, and how critical they are to your business.

MKP uses all this knowledge to tailor the right insurance policy to cover your business and its assets.

We Dig Deep with Our Service

We pride ourselves on doing what we say we are going to do, when we say we are going to do it. We don’t use jargon, never rush you into a decision and walk you through why we believe our choice is the best insurance policy for your business.

The Right Cover

As your business grows, so do your insurance needs. We advise you every step along the way to make certain you always get the protection your business needs. MKP’s Earthmoving Insurance experts ensure that you have the right cover in place, so that when accidents happen you can get back to business faster.

Partnerships that Last

We partner with our clients for the long term, and are proud to have multi-decade and multi-generational partnerships with our clients. At MKP, your success is our business, and we value valued service, integrity and performance above all else. Over forty years, this has meant different things at different times. At certain moments it is helping a client grow their business, at other times it is focused on securing what they already have. In either case, we pride ourselves on being there for you every step of the way.

With MKP Insurance, a review of your business insurance policy can give you the peace of mind that your business is properly protected, with the right types of cover in place.

Call Moody Kiddell & Partners on 1300 000 657 today to have your policy reviewed by one of our Earthmoving Insurance experts.

1 (QBE SMEs and Insurance Report – Pureprofile research study of 609 Australian SMEs completed for QBE Insurance during April 2019)

2 Insurance Council of Australia, Non insurance in the small to medium sized enterprise sector, July 2015.

MKP Group
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