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Tips to help you manage interest rate rises and retain staff

Insurance Claim Business Insurance Business Interruption Insurance

As interest rates rise and premiums also increase, businesses are looking for ways to reduce the financial impact of rising costs.

One way is to consider increasing your policy excess. Policy excesses are the amount of money that a business must contribute towards the claim, with the insurer paying the balance.
Increasing your policy excesses will usually result in a lower premium.

Retaining employees in a tight labour market is difficult. What would happen if you had a large fire or storm damage and couldn’t operate for a lengthy period of time? Could you afford to keep on your key employees?

Insuring Business Interruption cover will make sure you can continue to pay employees wages until the business is back up and running.

Otherwise, you may have to lay off key staff who are likely to be hired by a competitor. This can add another level of complexity to getting your business back up and running.

By insuring salary & wages, businesses can show their employees that they are committed to their continued employment, boosting morale and productivity. It can also help in attracting new employees.

If you are considering increasing your policy excesses or Business Interruption for salary & wages, it is important to speak to your insurance adviser.

They can help you to assess your individual needs and find the right solution for your business.

Here are some additional considerations when making these decisions:

• The industry and size of your business, as well as your annual turnover;
• Your incident and claims history;
• The amount of salary & wages that you want to cover will also affect the cost of your insurance policy.

It is important to weigh the costs and benefits of these changes. However, these can be a valuable way to mitigate the financial impact of a business interruption and protect your business in the event of a claim.

insurance policy premium Rising Insurance Premiums and How An Insurance Broker Can Help insurance premiums

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.

Adroit Insurance & Risk, ABN 75 078972 700, AFSL 244 348

This article originally appeared on Adroit Blog and has been published here with permission.