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Is your Business Insurance Right for You?

In the words of author Elizabeth Scott, ‘Things change. Stuff happens, Life goes on.’ As business owners, we know this only too well. And, as much as we try to predict, prepare, and protect ourselves, unexpected events do happen.

So, what’s the best way to:

  • Safeguard yourself, your business, and your loved ones?
  • Look after your physical, mental, and financial wellbeing?
  • Reduce the impact of stress and uncertainty on yourself, and your business?

Regularly Review your Business Insurance

Business owners are busy people. Between managing the costs of running a business, mentoring staff, exploring opportunities, and avoiding threats, it’s easy to forget to reassess your insurance needs. While your memory may be jogged when the yearly renewals pop up in your inbox, it’s best to schedule insurance reviews more often than once per year.

Neglecting to review your current business insurance could leave you in a world of drama if an unexpected situation arises, and you need to make a claim.

As businesses grow, so do the risks.

While you may assume that the worst will never happen, claims are common for small businesses, so it is important to be prepared and protected from unforeseen events. While ‘insurance’ often gets a bad rap, the cost of cover can be surprisingly reasonable in comparison to the costs when something goes wrong.

When circumstances change, check your policy. Does it meet your needs and provide complete and cost-effective coverage?

Businesses evolve over time. Situations change. Different decisions are made, influenced by the push-and-pull of market forces. New people and technologies are employed, and industry regulations alter. When these changes occur, it’s time to make sure your business insurance is sufficient to protect you in every way possible.

  • Staff – As your business develops and your revenue stream increases, you may take on new employees to keep up with growing demand. Check that your insurance cover reflects the current size of your business.

The recent global pandemic has seen a rise in people working solely from home, or businesses adopting a hybrid work/home model. Cyber issues are a genuine threat.

Employees’ home arrangements may not be as secure as ‘the office’, and easier points of entry can make it statistically more likely for a cyber-attack to occur. Does your insurance cover this change in circumstances and cover the threat of a cyber-attack? Are your employees’ tools and equipment included in the policy for home usage?

  • Equipment and Tools – Do not wait for your insurance renewal date to review your equipment cover. The tools you use are an essential part of your business success, so you’ll need to update your policy as the value of your business equipment grows. Keep a thorough and up-to-date inventory of business equipment. This will make it easier to update policies and helps to ensure you can cover any losses if you need to make a claim.

Benefits of using an Insurance Broker

Conducting a business insurance review can be a time-consuming, laborious, and often confusing process. And, even when you take the time to do the research, how can you be fully confident that the insurance you choose will fully cover you if it’s needed?

This is where a business insurance broker is invaluable.

They will:

  • Review your current policies and business landscape
  • Match your needs with available insurance products to customise your insurance solution
  • Explore the fine print to help you avoid any unexpected surprises
  • Combine an understanding of your circumstances and goals along with your level of risk tolerance
  • Potentially save you money on your premiums
  • Prompt you about renewals and changes of circumstance

Online insurance databases are no match for personal knowledge and experience. Only a broker will be able to match your personal circumstances to potential policies and work through the complexities in a truly individualised way. And, in the event of a claim, a good broker will spring into action to provide advice and practical assistance.

Just as life and business have had to adjust to the impact of Covid-19 lockdowns and restrictions, the business insurance landscape has also been affected by this global change in circumstances. While we may not have been able to predict this event, the past two years serve as a good reminder to regularly make sure your business is correctly insured, and that you are fully prepared and protected for any unexpected future events.

ii-A provides a helping hand to ensure your insurance cover is thoroughly reviewed and tailored for your business. Contact Polina Kesov on 1300 00 2481 or polina@ii-a.com.au