Help get your business insurance up to scratch
For every business owner, cash flow is the beating heart of your operation. But without adequate safeguards in place to protect against the unexpected, businesses can quickly find themselves floundering – or even failing. That’s why it’s essential you have business insurance to help cover your potential losses.
Australian business owners are, by and large, on top of their obligations when it comes to insuring themselves. If you're one of these, well done. You've taken the first step to safeguarding your business.
But just because you’ve taken out a policy, it doesn’t mean it’s the right fit for your business. This could also be the case if you haven’t checked your policy in a number of years.
The 2018 SME Insurance Index found a number of trends in business owners who rarely review their insurance policy once it’s instated:
Rather than finding out your current policy doesn’t cover all the damage you’ve incurred after an even, make it a point to review your insurance policies at least annually, and update them accordingly.
There are three forms of mandatory insurance that may be applicable to your circumstances. If you don’t have the relevant insurance, you run the risk of severe fines and even prosecution if a claim is made against you:
There are a number of additional insurance options that could help protect your precious assets and keep your business running smoothly in the event of an unexpected incident.
It’s important to factor in your business type and your company’s exposure to risk while exploring additional insurance options.
Different businesses will have their own specific requirements, so it’s best to get professional advice before committing to a particular product.
The below are three common additional insurance options that may be offered by some insurers.
There are a number of additional insurance options that could help protect your precious assets and keep your business running in the event of an unexpected incident.
Business insurance is a vital tool to help protect your company’s day-to-day operations and could help you get back on your feet if the worst happens.
This information does not take into account your personal circumstances and is general. It is an overview only and should not be considered a comprehensive statement on any matter or relied upon. Consider obtaining personalised advice from a professional financial adviser and your accountant before making any financial decisions in relation to the matters discussed in this article, including when considering tax and finance options for your business.