What is indemnity? This is the sum of money that will be paid out to you. You can indemnify for physical loss to your building or contents, loss of business income, extra expenses to get your business up and running again, expenses for you to live somewhere else while your home is being restored or rebuilt, to name but a few of the items you can insure.

You pay money to the insurance company and they agree to pay for these unexpected, accidental losses that you would not want to pay for on your own.

How much will I get paid on my insurance claim? This is determined by the value of the item that is damaged, destroyed or lost. So how do you protect yourself in a claim? You need to be sure that your records are up-to-date and that you have purchased insurance to give you what you expect.

It is up to you to do some questioning of what you have for insurance coverage. Talk to your insurer, agent or broker. Ask questions until you get the answers about your insurance that you are looking for. Ask for help and advice from your adviser. This is their job. Work with this adviser for you to gain control so you spend your insurance dollars well.