One of our long-time clients had their insurance policy with an insurance provider, which was due for renewal on 21 December 2024. Their existing policy only included $5,000 coverage for deterioration of stock, including vaccines stored in fridges. Recognising the potential risk, we reviewed their coverage and recommended a switch to another insurance provider – securing $50,000 coverage for vaccine and stock deterioration.
Fridge breakdown leads to major loss
On 25 December 2024, the pharmacy’s fridge unexpectedly broke down. When staff returned after Christmas on 26 December, they discovered the entire stock of vaccines had been compromised due to the temperature rise. The client immediately contacted us, and we lodged a claim with the new insurance provider.
A better policy delivers a payout
The total vaccine loss amounted to $36,000, and after the $500 excess, the client received a payout of $35,500. Had they remained with their previous insurer, their payout would have been just $4,500 – a staggering $31,000 less than what they received. Not only did the client receive significantly better coverage, but they also benefited from a more competitive premium.
This case highlights the importance of regular insurance policy reviews to ensure businesses have the right level of protection. At Allfin, we don’t just find policies, we find tailored solutions that safeguard our clients when they need it most.
If you’d like to review your insurance to make sure you’re covered, contact our team at Allfin Insurance Brokers.