At Rapid Solutions, we are often asked about the process of making amendments and additions to a client’s insurance policy. This article serves to answer the question: ‘What is an insurance endorsement?’
Why should I have business insurance?
For many Australian business owners, their business is not only their source of income it’s their nest egg. For some, it’s something they hope to pass down to the next generation.
And you want to do everything you can to protect it, right?
Having Professional Indemnity and General Liability insurance can help safeguard you and your business financially – from claims made against you by customers and others your business comes into contact with.
It’s a buffer between a claim and your bank account.
Why should I choose Rapid Solutions as my insurer?
As the leading insurance provider for the property services sector, the team at Rapid Solutions understands our clients and their needs.
Over the past 25+ years, we have supported thousands of businesses across multiple life stages – from starting out to undergoing expansion to celebrating milestones in decades.
We have achieved this by being flexible, taking an individualised customer service approach and continuously monitoring industry changes. We make sure we can adapt alongside the businesses we insure.
What is an insurance endorsement?
An insurance endorsement is basically an extension that is added to your existing insurance policy, to enable cover to be provided for specific business activities. This could be any number of activities.
By having an activity endorsed on your insurance policy, you are ensuring your business has adequate insurance cover in place for it.
One way Rapid Solutions tailors our service to clients’ ever-changing needs is through an insurance policy endorsement.
Our background in primarily insuring the pest and building industries has taught us that seasonality has a significant impact on these types of property services businesses.
As such, many of these operators diversify their offering in slower seasons to include additional services that complement their core activity. To be covered for these activities, their insurance policy must reflect the scope of their work. Hence, endorsements.
What type of business activities can be endorsed on my policy?
As a specialist insurer for property services businesses we can offer high quality insurance cover on a range of business activities*. This includes:
- Cleaning and disinfection
- Urban pest and weed control
- Building inspections
- Agricultural pest and weed control
- Handyman and cleaning services
- Lawn/garden/tree care
- Methamphetamine testing
Ensuring your policy has suitable endorsements in place that align with your business activities will provide adequate protection. It is a savvy way to help safeguard your business from claims.
Some activities are in high demand around six months of the year, while others are not. We can tailor your cover to your needs.
Many property services operators welcome being able to easily diversify their offering during a downturn – e.g., expanding into cleaning services – and still be protected with insurance.
What do I need to add an endorsement to my policy?
An endorsement can be included in your insurance policy* when you first ask for a quote or it can be added to an existing policy.
At Rapid Solutions, we need to know as much as you can tell us about any business activity you wish to have on your policy. This includes holding any licence, permits or qualifications you are required to hold to perform that service.
And depending on the state or territory you operate in, your requirements may differ. That’s one area where our long-standing industry expertise comes into play.
For example, if you are an urban pest manager and wish to apply for an endorsement for termite pest services you will need to hold a qualification^ to certify your knowledge and skills in this field.
This is achievable by completing a course like the Timber Pest Manager, which Rapid Training runs.
What kind of business activities have been on-trend in 2020?
So far in 2020 we have seen business clients involved in a wide range of activities, including some that will be active year-round.
For some, this looks like:
- Pest and termite management – summer peak
- Building services – year round
- Cleaning services – year round
- Handyman and maintenance – year round
- Lawn, garden and tree care (including lopping) – summer peak
Want expert advice from the insurer who’s got your back?
Insuring your business can be confusing, particularly if you’re starting out or heading into expansion, but it doesn’t have to be. Our customer service team is here to support you and ensure you’re protected by the right cover.
Call Rapid Solutions on 1300 309 169 today to learn about adding an endorsement to your insurance policy. We’re committed to helping you put your best (well-covered) foot forward.
* Provision of cover and endorsed business activities are subject to normal underwriting criteria and conditions.
^ Refer to your relevant state regulatory/licensing authority to check requirements