Home – New Forums Money matters I need insurance for just one month, where do I go?

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  • #981822
    BroodsBigBras
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    Hi All

    Bit of back info for you, run an online bra store, also sell the products from a mini home store, all is covered by home business insurance. I may have the opportunity to have a showroom/shop for either the space of 1 week to 1 month, I’m basically moving the home store (so racks and all underwear) to the shop and once my casual lease is up bring it all back home and operate from home again.

    My current insurance does not cover me or my stock to be taken to another location, I’ve done some ringing around earlier today and everyone wants me to sign up for a year which I don’t need, I just need temporary insurance. I most likely will need 20 million public liability but I need to have about $20000 to cover stock/content for theft/fire/water etc

    Does anyone know of a company who will offer part time insurance? For example there are companies out there who only set up shop around November and December for Christmas decoration shops, they would also only need part time insurance so where do they get it from?

    Any help or advice on this would be great thankyou :)

    #1133084
    HelloSusie
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    • Total posts: 5
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    Hey there

    You can probably take out the annual policy and then cancel it once you have no need for it.

    Insurers have to have a “cooling off” period, which is typically 14-21 days. You are able to cancel in that time with no penalty.

    Also, in my experience you can cancel insurance policies at any time throughout the policy term, without the kind of crazy financial penalties like cancelling a mobile phone contract mid-term. There is typically a nominal fee, such as $30-$50 to cancel.

    Of course, if you are taking out finance to fund the policy, that’s a whole other kettle of fish.

    Check out what they say about cooling-off and cancellation in the Product Disclosure Statement for the policy you are looking to take out, or give them a call.

    Cheers
    Susie

    #1133085
    DiDavey
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    Hi there,

    If you’re still looking, tryTony Carmusciano from Woodridge Insurance. He’s a broker and seems to more than just the run of the mill insurance types. I’ve dealt with him and he’s really good (loves a chat though!) His number is 0488 992 445

    If he can’t help, he should be able to point you in the right direction or at least help find a solution for you.

    Good luck!
    Di

    #1133086
    Past-Member
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    Not sure if you have checked the Flying Solo FB page, but someone reminded us that AAMI has stallholders and expo insurance (for a week or weekend etc). Would be worth check with AAMI business.

    #1133087
    LucasArthur
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    apparently if you need ‘the right tool for the job” “you’ll be ok with allianz” because it has “business insurance made easy” that can “protect your business in minutes” with “simple & flexible insurance designed for your business”…

    Not sure where i seen this information, oh thats right.. it is one of those 10 (yeah 10) banners on this post.. oops.. :p

    Cheers
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1133088
    alliedib
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    BroodsBigBras, post: 151151 wrote:
    Hi All

    My current insurance does not cover me or my stock to be taken to another location, I’ve done some ringing around earlier today and everyone wants me to sign up for a year which I don’t need, I just need temporary insurance. I most likely will need 20 million public liability but I need to have about $20000 to cover stock/content for theft/fire/water etc

    Most insurance policies will provide you with ‘temporary removal’ cover under the fire / theft however this may be limited to a % of the Sum Insured you have.
    What I do is have the insurer note ‘additional premises X’ for particular dates – they generally will do this for a nominal premium – however home based insurers may be different.

    Public Liability is an ‘Anywhere in Australia’ cover usually and isn’t restricted to your premises – i find it strange that they will not cover you temporarily for an additional premises (but again this may be a home-based insurer issue)

    Insurers have to have a “cooling off” period, which is typically 14-21 days. You are able to cancel in that time with no penalty.

    I wouldn’t suggest you doing this – Liability is a ‘long term’ policy in which claims (especially for products) may take a while to materialise. If you cancel during the cooling off period the cover is cancelled from the date you took the policy out from, not the day you cancelled it.

    My suggestion would be to talk to an insurance broker about getting a complete policy set up for your business (instead of the home-based policy). You may be surprised how competitive the premium is (especially if you want to do things like set up a physical store for a month or so).

    #1133089
    BroodsBigBras
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    All great advice and now that you have pointed out the Allianz ads I can see 3 of them looking back at me as we speak……tad freaky. The randoms I’ve spoken to in person all keep saying “just get insurance and then cancel it after 1 to 2 months and I just don’t feel completely right/ok about doing that so having some other advice is handy. I do like the idea of getting my current insurance to add an extra location for a set date and also the expo insurance, AAMI never mentioned that when I spoke to them the other day so will call again and then I’m moving onto brokers.

    I’m still waiting to hear back from the real estate, the owner of the complex is still deciding as they would prefer a longer lease than what I’m after but at least it isn’t a no yet so I’m still hanging in there with every finger and toe crossed. I’ve done the completely wrong thing gone and got my heart set on the place without knowing if I’ve got it or not.

    Big thanks :)

    Edit: Also forgot to mention that I did ring Allianz the other day for a quote on just liability and stock coverage for theft/fire/flood, nothing else and they want to charge 4 and a half times more than what I’m currently paying for my home business insurance

    #1133090
    Anonymous
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    Hi Brood,

    We put a call out about this on Facebook for you, and there are some suggestions for you to check out on this thread.

    I hope that helps,
    Jayne

    #1133091
    alliedib
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    • Total posts: 453
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    FS Concierge, post: 151508 wrote:
    Hi Brood,

    We put a call out about this on Facebook for you, and there are some suggestions for you to check out on this thread.

    I hope that helps,
    Jayne

    Be careful as AAMI doesn’t automatically cover products and has a size limit for stalls under its online system.

    If other brokers can’t assist please PM me and I will see what I can do for you.

    Regards,

    Mark

    #1133092
    AgentMail
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    • Total posts: 1,741
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    There is nothing wrong with taking a policy and cancelling it when it is no longer needed. I used to work in commercial insurance, and it happened often. For example, in Aviation, we would see a flight carrier insure for an example 50,000 seats for the year, and would then adjust this to the actual number of seats it travelled at the year end.

    I know your situation is not quite the same, but if, say you were to sell your car, do you think that you should have to continue insuring it because your policy hasn’t expired?

    Insurers have a cancellation policy, so make use of it

    #1133093
    BroodsBigBras
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    • Total posts: 31
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    DiDavey, post: 151311 wrote:
    Hi there,

    If you’re still looking, tryTony Carmusciano from Woodridge Insurance. He’s a broker and seems to more than just the run of the mill insurance types. I’ve dealt with him and he’s really good (loves a chat though!) His number is 0488 992 445

    If he can’t help, he should be able to point you in the right direction or at least help find a solution for you.

    Good luck!
    Di

    Thanks for this suggestion Di, I have given him a call and so far he has been the only person who can somewhat help me out, funny guy and definitely a straight shooter which has been good.

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