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Getting Your Insurance Sorted for the End of Financial Year: A Guide for Aussie Businesses
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EOFY Insurance Check-Up: Safeguard Your Aussie Business for the Year Ahead!
As the end of the financial year (EOFY) looms, businesses across Australia are flat out finalising accounts, reviewing financial strategies, and planning for the year ahead. Amidst all the hustle, it’s crucial not to forget one vital aspect of your business: your insurance. Making sure your insurance is up-to-date and spot-on for your current needs can protect your assets, minimise risks, and even save you a few bucks.
Here’s our Top 8 tips on how to get your insurance sorted for the EOFY in true-blue Aussie style.
1. Review Your Current Policies
First things first, give your existing insurance policies a good look-over. Check the details to make sure they still suit your business operations. Have you bought new gear, expanded your premises, or changed your services? Any big changes should be reflected in your insurance coverage. If you don’t update your policies, you might end up underinsured, leaving your business exposed to unnecessary risks.
2. Assess Your Coverage Needs
As your business grows and changes, so do your insurance needs. Do a risk assessment to spot new risks and see if your current policies cover them properly. Key areas to check out include:
- Property Insurance: Make sure all your physical assets, like buildings, equipment, and stock, are covered.
- Liability Insurance: Check if your public liability, professional indemnity, and product liability coverages are enough.
- Business Interruption Insurance: See if your policy would cover potential loss of income if something unexpected happens.
- Cyber Insurance: With cyber threats on the rise, make sure your policy includes enough protection against data breaches and cyberattacks.
3. Consider Consolidating Policies
If you’ve got multiple insurance policies scattered across different providers, think about consolidating them. Bundling your policies with a single insurer can simplify things, ensure comprehensive coverage, and possibly save you some cash through multi-policy discounts. A streamlined insurance portfolio also makes it easier to spot any gaps or overlaps in coverage.
4. Update Your Sums Insured
One common mistake is not updating the sums insured to reflect the current value of assets. Inflation, market changes, and asset appreciation can affect the replacement value of your property and equipment. Make sure your sums insured are accurate to avoid being underinsured, which can lead to significant out-of-pocket expenses if you need to make a claim.
One common mistake is not updating the sums insured to reflect the current value of assets. Inflation, market changes, and asset appreciation can affect the replacement value of your property and equipment. Make sure your sums insured are accurate to avoid being underinsured, which can lead to significant out-of-pocket expenses if you need to make a claim.
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Abbie Wilson
5. Review Claims History and Adjust Your Risk Management
Looking over your claims history from the past year can give you some good insights into your risk management practices. Spot any patterns or recurring issues and adjust your risk management strategies accordingly. Taking proactive steps can reduce the likelihood of future claims, which might lead to lower premiums over time.
6. Consult with Your Insurance Broker
Your insurance broker is a top resource in getting ready for the EOFY. Brokers know the insurance market inside out and can offer tailored advice based on your specific needs. They can help you identify gaps in coverage, recommend policy tweaks, and negotiate with insurers on your behalf to secure the best terms and premiums.
7. Explore Tax Benefits
Certain insurance premiums might be tax-deductible, giving you potential financial benefits. Have a chat with your accountant or tax advisor to understand which premiums qualify for deductions and how to maximise your tax benefits. Proper documentation and timely payment of premiums are essential to take full advantage of these deductions.
8. Plan for the Year Ahead
EOFY isn’t just a time to reflect; it’s also a time for planning. Think about your business goals for the upcoming year and how your insurance needs might change. Are you planning to expand, diversify, or invest in new technology? Talk these plans over with your broker to make sure your insurance evolves in line with your business strategy.
Final Thoughts
Getting your insurance sorted for the end of the financial year might seem like a tough job, but with a bit of planning and expert advice, it can be a breeze. A well-structured insurance program not only protects your business against unforeseen events but also contributes to its overall financial health. As experienced insurance brokers, we’re here to help you every step of the way, ensuring your business is well-protected and set for growth in the new financial year.
Take the proactive step today – review, assess, and update your insurance to secure your business's future. Reach out to us for a comprehensive insurance audit and personalised advice tailored to your unique needs. Let’s make the EOFY a smooth and productive transition for your business.
Happy End of Financial Year!
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Abbie Wilson
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
Abbie Wilson, National Insurance Brokers, ABN 22165146789, AFSL 233750
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