Time is a testament to how good business relationships are and after many years of talking to our business clients about their business insurance, we know how important a quality insurance program is to them as well.
Our focus has always been to help clients protect what’s important and an annual insurance health check is an essential part of that process.
Here’s our tips for covering your risks in 2022.
Assess your risks
Map out your risks, the potential hazards your business faces and their consequences. There are tools available to help with this process on the Business Qld website which you can access here.
Once you’ve done a business risk assessment to identify anything which can happen to adversly affect your business, then you can decide which ones have the potential to cause the most harm. Everyone’s tolerance for risk is different and so your strategies for managing these risks will depend on a number of things, including your cashflow and cash in reserve. Put in place some strategies like disaster recovery plans, emergency management, health and safety procedures and invest in essential insurances.
Put in place the right Insurance Cover
Many small business take the view that disasters won’t happen to them and will often overlook the importance of adequate insurance cover. This can be due to a lack of funds or not quite knowing where to source the cover they need. Your accountant, solicitor and insurance broker can assist with this process. They can advise on the best business structure to trade and invest through and how to protect your assets, yourself and your family.
Be smart about Self-Insurance
All too often people under-estimate the insurance cover they need which can leads to under-insurance issues at claim time. Any risk of injury, health, safety, lawsuits and where the negative impact is hard to predict and expected to be significant is generally best properly insured. Paying for an un-insured or under-insured risk can be significant and a fatal blow to cash flow, especially if there isn’t enough in reserve.
Don’t forget business risks can change over time as you pursue new opportunities or make changes to meet changed market conditions or operate in new markets.
An annual insurance review is a must
With the start of 2022, now’s the time to make sure all your risks are properly insured for the new year. Take the opportunity to give us a call for a business insurance review with one of our Qualified Professional Insurance Brokers.
We’ve been helping a range of different businesses in all types of industries with their insurance needs for many years and we’d love to help you too. Give us a call today.