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3 ways to make sure your small business is covered in 2022
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And just like that we have a brand new year upon us. 2022 is sure to be full of its own challenges (hopefully a few less than the last couple of years) and opportunities.
You likely have big plans for your small business this year. They may include revenue in growth, accessing new markets, streamlining operations, or even stepping back from day to day operations to spend more time with family. Whatever your 2022 plans include, you should have a catch up with your insurance adviser to ensure that your protection plans can allow for the changes your business may experience throughout the year. Exciting new changes in your business such as purchases of machinery/vehicles, changes in business activities or selling new products all come with additional risks and its important to understand and mitigate these risks.
Here are three things you should be doing this month to make sure you get 2022 started the right way:
Business risk assessment:
A business risk assessment involves laying out the potential risks and hazards that your business faces and the impact they may have. LARK Insurance includes a risk assessment as part of our complimentary first meeting. During this risk assessment we take an in-depth look at what risks your business may face, what options are available to mitigate those risks through both insurance and changes to procedures (because its always better to spend less on insurances than you have to). You can learn more about business risk assessments here.
Review your current insurances:
Has it been a while since you sat down and really looked at what you are covered for? Has your business changed since then? Things like changes in turnover, staff and business activities can have a big impact on your policy and if your insurer doesn’t know about changes like this it can mean major gaps in cover for your business. Its important to sit down to review these things at least once a year with your insurance adviser. LARK Insurance can do an insurance review with you free of charge. This will help you have the peace of mind that your insurances are right for you and your business.
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.
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.
Has it been a while since you sat down and really looked at what you are covered for? Has your business changed since then? Things like changes in turnover, staff and business activities can have a big impact on your policy and if your insurer doesn’t know about changes like this it can mean major gaps in cover for your business. Its important to sit down to review these things at least once a year with your insurance adviser. LARK Insurance can do an insurance review with you free of charge. This will help you have the peace of mind that your insurances are right for you and your business.
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Keep your insurance broker up to date:
You should keep your broker up to date with the changes that are occurring in your business. They can then make the necessary changes to your insurance program to keep your business running if an insurable event was to occur. Keeping your insurance broker up to date also means that you have someone to bounce ideas off around how to best self insure where possible.
Get in touch with us to kick your 2022 off the right way. We offer complimentary meetings where we can cover off all of the points above and ensure that you have the right business insurance in place for what you’re doing.
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.
LARK Insurance, ABN 56 635 745 176, AFSL 240549
This article originally appeared on LARK Insurance Blog and has been published here with permission.
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