It’s time to think about the risks you face..
In the ups and downs of a COVID-affected economy, it’s only natural if your business has experienced many changes. For some, it has been a very difficult time with reduced turnover and income. Others have been fortunate enough to adapt to the challenges and carried on growing. So have the risks your business carries changed too? Maybe it’s time to consider a comprehensive insurance review and audit, to ensure you are adequately covered.
For some SMEs, it may be that the business is trading less or has changed its methods, with the flow-on effect of lowering the risks. Now is the time for every business to re-evaluate their insurance protection and make sure it offers the best fit for their unique operation.
The coronavirus has generated new types of risks, and it is vital to reassess insurance cover to be sure it is keeping up and not leaving unexpected exposures. It’s not wise to just “set and forget”, assume your policy has somehow kept up with the changes you’ve made to your business processes. Sweeping changes to consumer and employee behaviour brought about by the pandemic also means your business may have new protection gaps. This has triggered the introduction of some new insurance policies that you should be aware of.
Working from home, for example, has opened new areas of liability. Cybercrime has seen an explosion in phishing and ransomware attacks that every business needs to take very seriously and meticulously prepare for.
Insurers recognise there have been widespread income reductions related to the pandemic and are placing an emphasis on the development of affordable solutions to fill protection gaps. They are currently working in association with insurance brokers to design new commercial product packs, meaning we won’t always need to source different policies for you.
Small business insurance products in particular are constantly being adapted to add new benefits. Savvy business owners can take advantage of this to secure some additional coverage automatically just by making a simple switch. Australia’s SME business owners should familiarise themselves with the latest offerings and these revised and new products. Unfortunately, many who try and navigate the plenitude of cover themselves may well be exposing themselves to another type of risk – coverage that doesn’t totally meet the risks they face.
For example, you should consider or re-evaluate products as wide-ranging as Business Interruption, Cyber Liability, Professional Indemnity, Farm, Commercial Vehicle, Public & Products Liability, Personal Insurance, Workers’ Compensation, Management Liability, Transit and Business Travel – all that and more!
We work on your behalf and help negotiate your path through each risk to extract the best value for the best cover. Getting the deal that fits your needs, at the right price is why an increasing number of SME businesses have turned to brokers for expert assistance. We understand the available coverage in detail and can advise you on the type of insurance you need so you can rest easy knowing you’re protected against catastrophic loss.
If you have built your business from nothing and worked hard to grow its value, you should protect that value. So take a little time now to protect all that effort and capital by considering the types of risk you face, and the consequences of not carrying adequate insurance. Then give us a call and we’ll help you through the risk evaluation, as well as the policy selection and premium negotiation processes.
This article originally appeared on Adroit Insurance & Risk Blog and has been published here with permission.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Adroit Insurance & Risk.