Why Getting Your Name Right on Your Insurance Policy Matters More Than You Think

 

Hey there, I’m Jody Williams from Oracle Group Insurance Brokers, here to share something that might sound like a no-brainer but is surprisingly easy to overlook—and way more important than you might think. It’s all about making sure the name on your insurance policy is spot-on. Yep, it’s that simple. And here’s why it matters a ton.

The Name Change Game

Imagine you’re a carpenter. Back in the day, you teamed up with someone else, maybe another carpenter or your spouse, and you were doing business as a dynamic duo. Time goes by, and things change. Now, you’re running the show under a shiny new Pty Ltd banner. Your business evolved, which is great, but did your insurance policy get the memo?

Double-Checking is Key

Here’s the deal: insurance, especially liability insurance, is all about the details. It covers you based on specific terms, like who you are when something goes down that leads to a claim. Built something as a partnership but now you’re a solo act or a company? If something from your partnership days causes trouble, your current company-named policy might not cover it. That’s why your policy has to mention both the old partnership and your current setup.

How to do it right

  • Look Back: Think about any changes in how you’ve done business. Switch from a partnership to flying solo or setting up a company? That’s important.
  • Tell Us Everything: Let us in on your business’s life story. The good, the bad, the evolving. We’re here to make sure your insurance actually fits your needs, no matter how your business has changed over time.
  • Update Your Policy: We’ll help you tweak your policy so it’s got you covered, reflecting both who you were and who you are now. This way, you’re protected all around, whatever chapter you’re in.

Let’s Wrap It Up

It might just seem like paperwork, but getting the name right on your insurance policy is a big deal. It’s about making sure you’re covered, no matter how your business story unfolds.

Questions? Curiosities? Just want to make sure you’re in the clear? Drop us a line. We’re here to help make sure your insurance works as hard as you do.

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General Advice Warning

This blog post contains general information only. It does not take into account your objective, financial situation or need. Please consider the appropriateness of the information in light of your personal circumstances.

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Jody Williams

Jody Williams

Jody Williams is the perfect broker to select the right insurance on your behalf, saving you time and money. And the best part is – she works for you, not the insurance companies.

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