How to reduce your business insurance costs

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More expensive premiums, higher excesses and narrower coverage are set to become an insurance reality for many Australian businesses. Here’s how SMB’s can prepare for a hardening market.

Australian businesses have benefited from a soft insurance market for some years now, but it’s time to prepare for a change.

We spoke with Steadfast Broker Technical Manager, Michael White about the cyclical nature of the market, the factors that drive it and how you can prepare for a harder market.

What is a hard or soft insurance market?

The nature of the market is driven by the availability of insurance, explains White.

“If there’s a lot of capital coming into the insurance market, it’s easier to get cover – so in a soft market insurers will chase business,” he says.

A soft market can therefore mean lower insurance premiums, discounts, broader coverage, smaller excesses,  narrow exclusions and insurers writing more policies with higher limits.

A hard market, on the other hand, is experienced when there is a decreased availability of insurance capital.

With decreased availability can come higher premiums, lower policy limits, bigger excesses, wider exclusions, narrower policy coverage and less competition between insurers.

Which pockets are hardening?

Certain parts of the Australian insurance market are showing signs of hardening already.

“We’re certainly seeing insurers not supporting certain kinds of risks such as for directors and officers generally, but in particular, D&O Side-C coverage for investor claims,” says White, referring to products that protect companies from claims made against it and its directors and officers.

High-risk property is also becoming harder to place.

“These are property risks where they have a lot of issues around the building – buildings that are unoccupied, poorly maintained or generally in a distressed condition,” White says.

Professions and businesses with a history of losses are also likely to find it harder to secure the kind of coverage they’re seeking, White adds.

The two main ways you can take advantage of a soft market are through locking in savings on premiums and excesses, or by securing higher policy limits or broader cover now if you will need it later.

Taking advantage of a soft market

The two main ways you can take advantage of a soft market are through locking in savings on premiums and excesses, or by securing higher policy limits or broader cover now if you will need it later.

“For example, if you have cover for $5 million and you know you are soon going to need it expanded to $10 million, it may be easier to get now and cheaper in the long run,” White says.

Your insurance broker may also be able to lock in future renewals on a favourable basis.

How to prepare your business

There are two main ways in which you can ready your business for a hard market.

The first is by factoring in increased costs. If you’re aware of the cyclical nature of the insurance market, you have probably been taking advantage of its current state and may have prepared by saving for the inevitable: more expensive premiums, higher excesses, lower policy limits or narrower coverage.

If not, start factoring in these costs now.

“The cost is going to be significant,” White says. “So businesses must budget for the increases if they want to maintain their cover.”

The second way is by having a long-term relationship with a good insurance broker. No matter what stage of the cycle the market is at, a good broker will understand it and your business, have good long-term relationships with insurers and be able to secure you the best cover for your individual circumstances, as well as being able to advise on likely future changes to insurance costs.

A good broker is also invaluable in a hard market when policy wordings are narrower, limits are lower and excesses are bigger  – as we’ve previously discussed, brokers can be your advocate should a claim be rejected.

For expert advice on insuring against the risks your small business faces, talk to us today.

Important note – the information provided here is general advice only and has been prepared without taking in account your objectives, financial situation or needs.

Sarina Insurance Charity for 2018 – The Smith Family

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So many disadvantaged children want to do their best at school, but they just don’t have the support. So we have decided that The Smith Family will be our Charity for 2018.

As a sponsor, we have been able to connect our student to a local Learning for Life Coordinator like Marion. She works closely with sponsored students to understand their unique circumstances, so she can link them with the learning support they need.

Nothing makes Marion prouder than seeing the students she has supported for years collect their graduation certificates. Then there are days when the desperate need of a family reduces her to tears. It’s all part of being one of our Learning for Life Coordinators.

Marion has spent 10 years delivering the support that you make possible. And she wouldn’t trade it for anything.

“You see some of these families in such crisis and you just think, ‘How on earth are these kids going to get through?’ Often there’s a very downcast persona in them,” said Marion.

In this video, Marion gives you an inside look at the impact of your sponsorship.

Find out more about The Smith Family here.

NRMA study reveals Australian motorists’ greatest worry

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Illegal phone use behind the wheel has topped the list of Australian motorists’ road fears, with 72% of drivers listing it as their greatest worry, and more than half calling for stronger police presence to tackle the problem, according to a new NRMA study.

Other worries revealed in the survey of 1,500 NRMA members were drunk drivers (56%), speeding (55%), aggressive driving (46%), drug-affected motorists (41%), and driver fatigue (38%).

Dimitra Vlahomitros, NRMA road-safety expert, said it is understandable that many Australian drivers are deeply concerned about people using their phones illegally behind the wheel, 9news.com.au reported.

“You can tell almost instantly if the person in front of you is focusing on their phone and not the road because they look like they are driving drunk,” Vlahomitros said. “Australia has the highest concentration of smartphones in the world, and we know that the number of people caught using their phones illegally is on the rise.”

To tackle the problem of illegal phone use behind the wheel, 56% of those surveyed said the “most effective way” was visible policing. Coupled with unmarked police cars, that number leapt to 79%. In comparison, a mere 9% said speed and red-light cameras were an effective deterrent, the report said.

“It is also not surprising that there is such strong support for the role of police in keeping us safe on the roads,” Vlahomitros said. “A greater number of clearly marked, visible highway patrols is the most effective way to change bad behaviour because drivers never know if there is one around the corner or over the hill. You can’t catch a drunk driver with a speed camera.”

The news follows a recent finder.com.au study which found 40% of Australians admitting to eating while driving, while 20% said they look at their phones and text, 9news.com.au reported.

Insurance Business Australia Editor Article

What insurance terms mean

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A lack of understanding around what insurance jargon refers to could cost you dearly. Here are some industry terms and concepts you should be clear about before signing anything.

Insurance is a contract (i.e. a legally enforceable agreement) between two or more parties. It typically involves an individual or business paying premiums to transfer specific risks to an insurer. If something does go wrong, the insurer then has to pay for, say, a burnt-down shop to be rebuilt.

So far, so simple. However, as is the case with most contracts, insurance policies are complicated. To understand how they work you should, at a minimum, get familiar with the following.

Key insurance terms

Product disclosure statement: In certain types of insurance, such as home and motor, your insurer needs to provide you with a product disclosure statement. As well as the insurer’s contact details, this sets out the significant benefits, cost, terms and conditions, cooling-off period and dispute-resolution process relating to the policy they are offering.

Duty of Disclosure: When you take out an insurance policy, renew a policy or vary it, you have a duty to disclose to the insurer every matter that you either know or a reasonable person in the circumstances could be expected to know are relevant to the insurer whether to accept the risk and if yes, on what terms. You can’t, for example, be diagnosed with a terminal illness and then apply for a life insurance policy while keeping the diagnosis secret.

Agreed value/Market value: Let’s say you purchase a motor vehicle, costing $20,000 for your business. You’ll have the option of insuring the vehicle for either agreed or market value. Agreed value means you and the insurer agree to a set sum (for example, $20,000) being paid out in the event of a successful claim.

Market value means the insurer will only pay out what they would currently be worth in the market. If the vehicle is stolen three years after being purchased, the pay-out might only be $16,000.

Excess (also known as deductible): To discourage claims, especially for minor losses, and to reduce premiums insurers use a carrot (no-claim bonuses) and a stick (an excess). In the above example, the insurer might insist on an excess of $500 on the vehicle. That way, if the vehicle is damaged, the business owner out of their own pocket pays for the first $500 of the cost of repairs. Policies with larger excess are cheaper. That’s because you’re less likely to make a claim and will get a relatively lower pay-out when you do.

Compulsory insurance: While businesses often have the choice to insure against risks or take their chances, some insurance policies are legally required. For example, workers’ compensation insurance is compulsory for any business owner who has employees. Likewise, professional liability is compulsory for professionals in many occupations.

Exclusion: This is a clause in the policy which sets out the circumstances in which an insurer will not be liable for a claim under the policy. For example, a motor vehicle policy may exclude cover for the theft of a vehicle if the keys were left in the ignition. Failing to be aware of exclusions in an insurance policy is a common and often costly mistake.

Period of cover: The period for which an insurer agrees to cover you, usually a year.

Waiting period: Some types of insurance, such as income protection, require the individual making a claim to support themselves for a period of time (until a lump-sum payment is made or recurring monthly payments start). If money is tight, you can lower premiums by agreeing to a longer waiting period.

Benefit period: This refers to the period of time in an income protection policy in which an insurer will pay out if you suffer a loss covered by the policy. For example, some income protection policies pay out for one year, others until retirement age. Again, a cost-benefit trade-off needs to be made; the longer the benefit period, the more expensive the policy will be.

General Insurance Code of Practice: People often worry an insurer will take their money but try to wriggle out of providing a pay-out if they make a claim. However, insurers must abide both by the law and a code of practice developed by the Insurance Council of Australia. If you have issues with an insurer (or are worried you might), you should read the code.

“Australia is one of the world’s most underinsured first-world nations. Australian SMEs owners don’t appear to be any less blasé than their non-business-owning compatriots.”

Underinsurance: This can refer to one of two things:

  1. Having no insurance at all. Most businesses do not take business interruption insurance, meaning that they cannot claim economic losses when the business has to close down for some reason.
  2. A policy that doesn’t cover the value of what is being insured. For example, if you insure a building and the replacement cost of the building is $2 million but you only insure for $1 million, if the building is burnt down, you can only recover $1 million. If the building is damaged but can be repaired for less than $1 million, the insurer may be able to reduce any payment to reflect the underinsurance. This is to encourage you to insure for full value and pay the right premium.

Australia is one of the world’s most underinsured first-world nations. Australian SMEs owners don’t appear to be any less blasé than their non-business-owning compatriots.

Still feeling confused?

Fortunately, it’s possible to outsource the task of checking whether your policies offer either agreed or market value or have any unreasonable exclusions to an insurance broker (i.e. an intermediary, who acts on behalf of you in applying for insurance).

If you need expert advice on whether your policies are providing the cover your business needs at a fair price, contact us and we will be happy to speak with you.

Valuables and Collectibles insurance. Valuation updates now due?

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When was the last time you had your jewellery valued? And what about that fine art collection in your home or office boardroom? Whether you have the odd piece or a truckload, chances are your precious items are worth a lot more than you think.

Fine art is not just limited to paintings and works on paper. All manner of Collectibles fall under this heading, including sculptures, porcelain, jade, photographs, tapestries, sports and other memorabilia, vintage clothing, antiquarian books and manuscripts, antiques, stamps, coins, vintage clocks, finely crafted musical instruments and wine.

Like any other item of value, it’s important that your Collectibles are properly covered in case of theft, fire or other misfortune. Although no amount of money may replace your prized collection, it can help you to rebuild it. First and foremost, insuring your collection involves talking to your broker. Find out whether or not your precious items are covered under your current policy and if not, how best to get proper cover.

You’ll need the services of a professional valuer to assess and confirm a true value but their fee will prove to be negligible in the event of an insurable event further down the track, especially if your collection is of significant value. A written appraisal will prove the worth of your valuables.

Your policy may require you to photograph and/or video your entire collection but do it anyway, it will make a future claim an easy process. If possible, make sure that the date stamp is imprinted on the photo(s) or displayed on the video. This will help to prove the authenticity of the images if necessary in the future. Include images of yourself wearing the jewellery or show an art piece in-situ in your home or office

As a final step to documenting your collection, take a written inventory of each piece, including a detailed description. Once you have all of the necessary paperwork and information gathered store the appraisal, your insurance policy and any written, photographed or video documentation relating to your collection in a safe place easily accessible by you, your family or associates.

While the documenting process may seem like a lot of work now, it will prove to be worthwhile if an event results in the loss of your collection. You may never need to make a claim but the process will provide you with great peace of mind just knowing that it is there.

What insurance cover does a growing business need?

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One of the drawbacks to owning a growing business is having more at stake. An expanding business is likely to be having dealings with an ever-increasing number of individuals, getting involved in a wider range of commercial activities, even expanding into new locations.

A growing business usually requires a growing workforce. With more equipment and larger premises come more expensive rent payments. In such circumstances, any revenue-disrupting interruption to its activities can soon escalate into a cashflow crisis.

In short, the cover that was sufficient when you were a sole trader or running a scrappy start-up isn’t likely to be adequate once you’re heading up a thriving enterprise. The end of the financial year is a great time to think about how your business has changed over the last 12 months and review your insurance policies. If you’re pressed for time or simply want the reassurance of an expert opinion, a Steadfast Insurance broker can assist you.

Employers’ liability insurance

When it comes time to make your first employee hire, you’ll be legally required to take out workers’ compensation insurance. You should consider taking out a form of back-up workers’ compensation insurance called employers’ liability insurance. This is because it’s possible for an employee to suffer an illness or injury that is job-related yet not covered under a standard workers’ compensation policy (employers’ liability insurance can cover for these type illnesses, injuries and fatalities.) Even if it’s not a legal requirement, to be an employer of choice, you could have employers’ liability insurance as an additional benefit if you want your employees to have better cover in the event of an employee suffering a misfortune.

Directors’ and officers’ insurance

A growing business will inevitably become more hierarchical and possibly move from a sole trader or partnership business structure to a company one. In any largish enterprise, there are individuals – executive directors, non-executive directors, executive officers, senior managers and the company secretary – who shoulder important responsibilities.

Understandably, these people don’t want to be placed in a position where they could suffer personal financial loss as a result of doing their job. By providing directors’ and officers’ insurance, a business owner can provide cover to key staff and board members. That means they can be reimbursed for their legal costs if competitors, creditors, employees, liquidators, regulators or shareholders take legal action against them.

Business interruption insurance

The more your business grows, the larger its fixed costs are likely to be and the more expensive an interruption to its smooth functioning will become. A suburban café may only be out of pocket a few hundred dollars if a blackout means it has to shut down for the afternoon. In contrast, it’s estimated Starbucks’ recent decision to close its US stores for an afternoon (to provide racial-bias training to staff) cost around US$12 million (A$16 million).

If an unfortunate event means you need to shut up shop, your revenue will typically be severely impacted during the shutdown period. Nonetheless, you’ll probably continue to face the usual wage, rent and other business costs. As explained more fully here, business interruption insurance can provide a pay-out to cover you for those costs, as well as make up for lost sales.

Cyber insurance

In the digital age, an IT issue can be as devastating as any fire, flood or storm. The two threats businesses, especially smaller ones with limited IT budgets, most need to worry about are ransomware attacks and data theft.

A ransomware attack results in a business’s files being encrypted. Important data is rendered inaccessible, which can make it difficult or impossible for a business to keep operating – until a ransom is paid to return things to normal. It’s estimated that, globally, ransomware inflicted US$5 ($A6.5 billion) of damage in 2017.

Governments in Australia and elsewhere are tightening privacy regulations and stiffening financial penalties for data breaches. If a malicious actor overcomes your cyber security and captures your customers’ personal data, the consequences can be more serious than brand damage. You could find yourself being investigated by the government regulator and being sued by your customers. As explained more fully here, cyber insurance can help cover financial losses arising from a cyber security breach

Source: This article was first published by Steadfast Well Covered
https://bit.ly/2IlCYCB

Mandatory Data Breach Notification Scheme

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Cybercrime and its potential impact on business operations is well understood today with reports about data breaches, malware attacks and email scams of all kinds making the the news almost daily.

Businesses with websites, and that’s just about every business, hold data and information about customers. This sensitive information is at serious risk of being accessed by cyber criminals following a malicious cyber attack that results in data breach.

The cost to Australian business of data breach is staggering, numbering in the tens of millions of dollars, as detailed in a 2017 report produced by the security division of IBM.

What was once mainly a problem for big business now encompasses small and medium businesses of every description with service providers at the top of the list of industries targeted.

Recent legislation means that it is now mandatory for any affected business to report a data breach to the government and its customers.

If a business suspects they have been subject to a data breach, they will be required to carry out an assessment within 30 days. If there are then reasonable grounds to believe a data breach has occurred, the business will need to notify the Australian Privacy and Information Commissioner, as well as all the affected individuals.

The government believes the new scheme will strengthen the protections afforded to everyone’s personal information, and will improve transparency in the way that the public and private sectors respond to serious data breaches. It will also give individuals the opportunity to take steps to minimise the damage that can result from unauthorised use of their personal information.

https://www.oaic.gov.au/privacy-law/privacy-act/notifiable-data-breaches-scheme

How to protect your business from the costs of data breach.

1. Businesses should take reasonable steps to make sure personal information about customers is held securely – including being equipped with a clear response plan in the event of a data breach.

2. Be sure to have sufficient cybercrime insurance to cover the cost to your business of any breach. Insurance can cover the cost of:

  • IT advice and services to ‘clean’ your IT system.
  • Loss of income due to interruption to your business.
  • Legal liability costs if an affected customer takes legal action

3. Call us for more information. An affordable, cyber insurance policy will free you to concentrate on running your business. The insurance will watch your back.

Contact Sarina Insurance to discuss how we can help protect your business from the costs associated with data breach.

Aussie farmers

How Dangerous is Your Job?

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Do you work in the agriculture, forestry and fishing industry? Well, according to SafeWork’s Key Work Health and Safety Statistics Australia 2017, your job could quite literally be putting your life at risk. According to finder.com.au, the industry has been rated the most dangerous in the country for the third year in a row.

 

If you’re in the transport, postal and warehousing industry, your prospects aren’t much better, with this industry coming in at a close second. If you want to feel the safest at work, you might want to look for a job in financial and insurance services, as they’re among the safest jobs in the country, with only 620 injuries and no fatalities in 2016.

 

The dangerous job ranking was determined by the number of deaths per 100,000 workers and the compensation claims per 1,000 workers.

 

Over the past few years, the most dangerous industries have remained fairly consistent, however, mining dropped one place from sixth to seventh and jobs in gas, water and waste services jumped from ninth place to fifth in the last year.

 

The jobs making up the top three most dangerous industries contribute to a whopping 69 per cent of the country’s fatalities.

Aussie farmers

 

Sadly, since 2003, 3,414 Australians have lost their lives at work making life and income protection insurance a necessary safety net to protect not only your own financial well-being but also that of your family.

 

Experts have also warned that sole traders and independent contractors aren’t always covered under worker’s compensation like other employees are, and should consider income protection as a security net.

 

If you think it will never happen to you, take a moment to think about the construction worker that was recently killed while operating a cherry picker on the Gold Coast or the woman who lost a large chunk of her scalp in a shearing shed accident in NSW.

 

Do you work in one of Australia’s most dangerous professions? Or do you just want some extra peace of mind if something does happen to you and you’re unable to work for an extended period of time? Talk to Sarina Insurance about life and income insurance protection today!

affordable property insurance mackay

Insurance Price Hikes Leaving Mackay Residents at Risk

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Homeowners in Northern Queensland have been left in a state of stress in the aftermath of Tropical Cyclone Debbie – which hit the coast of Queensland and NSW In March of last year and caused an estimated $1.85 billion of damage – as their insurers have now raised premiums by as much as 60 per cent and are refusing to insure a number of high-risk properties.

the aftermath of tropical cyclone debbie

Areas of the Whitsundays and Mackay have been the worst affected, as the ACCC launches an inquiry into the affordability and availability of home, contents and strata insurance across most of the region.

 

 

“Many consumers in Mackay have expressed significant concern about the cost of insurance and the rate that insurance premiums have risen from year to year,” an ACCC spokesman said.

“The main concerns that the ACCC have heard throughout this inquiry relate to insurance premiums that have become or are becoming unaffordable, especially for lower income people…”

 

Last month, the Daily Mercury even reported on a mother of three from South Mackay who was left in a state of shock when her home and contents insurance bill increased to three times its usual cost, despite no claims having ever been made in the 40 years her parents had owned the property.

 

“We used to pay $180 a month. It’s now $480 a month. How can families afford to pay close to $100 a week on top of mortgages, private health and all your other expenses?” she asked.

 

“Even though we’ve never made a claim we get slogged with a ‘just in case a cyclone hits your home’ premium.

 

“I’m glad the ACCC is investigating this…”

 

When she queried the price increase with her insurance provider, they determined that because a claim had never been made, it’s more likely one will be made in the future and that natural disasters like Cyclone Debbie were a contributing factor to price hikes. A number of other providers wouldn’t provide cover for her area.

home and contents insurance mackay

 

Greater Whitsunday Alliance CEO Garry Scanlan spoke up on the issue, expressing concern about the possible economic impact of residents being unable to obtain home and contents insurance that provides cyclone protection.

“Honestly, if something isn’t done about this you’re going to see most of Australia start to move below the Tropic of Capricorn because the northern region can’t get insured and therefore people can’t live there,” he said.

 

“It goes for the whole region and rest of the north. If you can’t keep families here imagine what impact that will have on  regional economy, one that is still on the mend in Mackay and the Whitsundays.

 

“We are trying to shine a light on the issue as it’s vast here and affects everybody that’s carrying insurance.”

 

Further research into the issue has revealed that close to 70 per cent of homes and businesses in the area have reported substantial price increases, with hikes of more than 60 per cent being made to most policies.

 

This falls in line with similar price hikes that have taken place in the region as a result of other natural disasters. For instance, in the period from 2005-06 to 2012-13, premiums in North Queensland rose by 80 per cent in the aftermath of countless natural disasters, including Cyclone Larry, Mackay storms and Cyclone Yasi.

 

Many residents in North Queensland were already paying an average premium of $3030 for home and contents insurance, which was nearly three times the Queensland average of $1015. Thanks to higher storm risks in this part of Australia, Queensland, and especially north Queensland have the highest property insurance premiums in Australia, with NSW residents only paying an average of $963, while many of the other states spend $700 or less on their property insurance.

 

Rockhampton residents have faced similar issues in the past, with a number of the homes in the area being insured under value, as the prices are simply too high.

 

High storm risks and the substantial cost of providing adequate coverage for these areas have seen insurance providers take drastic steps to limit their losses when natural disasters strike. This issue is currently under investigation, but for the time being, resident’s best hopes are to work through an experienced home and contents insurance broker.

 

As industry professionals with close working relationships with a number of the area’s insurance providers, Sarina Insurance can work on your behalf to obtain the best possible insurance for the best available price.

 

If you’re having trouble obtaining coverage for your property and are at a loss for what to do, contact us today! We’ll take the time to hear your concerns, establish your needs and do our best to secure you the insurance you need.

home and contents insurance

Tips for Throwing a Safe New Year’s Eve Party

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It’s no secret that New Year’s Eve tends to get a bit rowdy. From thousands of people out crawling the streets, every club and restaurant being completely booked out, and house parties breaking out across the country – it’s definitely a night worth celebrating.

 

If you’re having people over for New Year’s Eve, these tips will not only ensure your guests have a good time and get home safely, they’ll also ensure you don’t have to deal with any property or vehicle damage.

 

New Year’s Eve and Drinking

drinking alcohol

Alcohol and New Year’s Eve go hand-in-hand with each other. When you have people downing beers and drinking vodka like it’s lemonade, make sure you store all of your valuables in safe places where they can’t get damaged. Your latest gaming console, for instance, might not fair too well if a vodka raspberry is poured all over it.

 

Also, try to keep note of how much your guests are drinking. If anyone seems like they’ve had enough, start switching their drinks for water and make sure they’re eating as well.

 

Finally, make sure your guests have a safe way to get home. For instance, have a couple designated drivers to get intoxicated people home safely, or if you have space, put together some makeshift beds so people can stay the night.

 

Party Sparklers and Fireworks

new year's eve safe party tips

Backyard fireworks are illegal in Queensland. Only people who have the appropriate licenses are able to handle fireworks and other explosive materials. As such, drunkenly lighting up some fireworks in your backyard is not advisable.

 

Also keep in mind that if you do set off backyard fireworks illegally and their use results in any burns or fire damage to part of your property, the damage will not be covered by your home and contents insurance – making backyard fireworks both a safety and financial risk!

 

A great alternative, especially for kids that want to have a bit of fun is sparklers. Just make sure they’re lit outside and that they’re careful not to hold them too close to any plants or flammable items.

 

Make Sure Your Party is Registered

new year's eve party

Pretty much every local cop will be working on New Year’s Eve, so if you don’t want your rager to get broken up too early, make sure you register your event with your local police station. This should be done approximately two weeks before the event.

 

However, police will still attend events if they receive any noise complaints or any calls related to misbehaviour.

 

 

Keep Your Eye Out For Party Crashers

new year's eve party crashers

The unruliest partygoers are usually gate crashers. To avoid your party getting out of control make sure your event is invite only and monitor the people coming and going over the course of the night.

 

If you’re sending invites to the party online, especially over social media sites like Facebook, make the event private/invite only, so it will only be visible to people who are actually invited.

 

If you do notice people rocking up who you don’t know, and they refuse to go when you turn them away, call your local police to escort them from your property.

 

Bringing in the New Year with a bang can be a lot of fun, but the last thing you want is to spend New Year’s Day trying to lodge a claim for property damage with your insurance broker or provider.

 

So, keep safe this New Year’s Eve, and talk to your insurance broker at Sarina Insurance if you have any questions about what is and isn’t covered in your home and vehicle insurance policies.