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Why Business Owners Shouldn’t “Set and Forget” Their Insurance

Business Insurance

Title: Why Business Owners Shouldn’t “Set and Forget” Their Insurance

By Kunal Monga – Insurance Advisor, Arcuri & Associates

As business owners, we’re used to juggling many things at once—clients, staff, growth plans, and finances. So it’s understandable that once a business insurance policy is in place, it’s tempting to file it away and move on. But here’s the catch: “set and forget” could cost your business far more than you realise.

In my role advising SMEs and corporates across industries, I’ve seen how quickly a business’s needs can change. Whether you’ve hired more staff, expanded to new premises, taken on new equipment, or shifted operations online, your risk profile changes. If your insurance hasn’t kept up, you might be left underinsured, exposed, or paying for cover you no longer need.

Here are a few scenarios I commonly see:

1. Stock and Contents Grow—But Sums Insured Stay the Same
Retailers or wholesalers that increase inventory heading into a new season often forget to update their cover. A fire, storm, or theft during peak period could leave you thousands out of pocket if your policy doesn’t reflect current stock levels.

2. Business Interruption Overlooked or Misunderstood
Many assume “property insurance” is enough. But what if a major claim halts your operations for weeks or months? Business Interruption insurance can cover lost income, rent, or fixed expenses during downtime—but only if set up correctly. And importantly, it needs regular review to match your revenue growth.

3. Equipment on the Move—But No Portable Equipment Cover
From tradies to creative professionals, many use tools or tech off-site. Yet I often find this crucial Portable Equipment cover missing. Damage or theft while on the road won’t be covered under a standard contents policy.

4. Growth Means You Need to Consider Management Liability
Hiring staff, dealing with customers, and signing contracts—these bring legal responsibilities. Management Liability protects your business and directors from claims like unfair dismissal, WHS breaches, or statutory fines. If you’ve grown beyond a sole trader or partnership, it may be time to review.

So, What’s the Solution?

Make insurance reviews part of your business rhythm—just like reviewing your finances or setting goals. A good broker (like me) will make this process straightforward and tailored. At Arcuri & Associates, we don’t just sell policies—we partner with you to understand your operations, risks, and plans, then match cover accordingly.

Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

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Business Package

Purchase up to six products under one Business Insurance Package.

Details Get a quote!

If it’s been over 12 months since your last insurance review, or your business has changed in any way, now’s the time to reconnect.

Let’s ensure your insurance keeps pace with your business, not your past.

Need help reviewing your current cover?
I’m always happy to have a chat—no pressure, no jargon. You can reach me at kmonga@arcuri.com.au.

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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.

Kunal Monga, Arcuri & Associates Insurance Professionals, ABN 22 006 299 298, AFSL 235409