While successful businesses can grow quickly, growth presents some unexpected challenges, especially when it comes to managing risk. According to the ABS, over 90% of all Australian businesses are small to medium enterprises, employing over 40% of the workforce. Together, they generate 33% of Australia’s GDP.
Australia is a nation of small business owners, over 90% of all Australian businesses are small to medium enterprises.
Many businesses fail to take out the right level insurance protection. especially from unforeseen incidents like storm damage or theft, which are the most common. But businesses owners need to consider cyber risks too, such as the theft of loss of customer data and broader business interruption threats.
Business insurance, unlike personal insurance, is less of a set-and-forget scenario. Premiums are calculated based on the size of a business, the value of its assets and its activity. These are constantly changing, so it’s important that a policy covers your business for the state it’s in right now. According to the Insurance Council of Australia, up to 80% of businesses are under insured.
The right cover can make all the difference. It can be tempting to cut costs with basic cover, but the only way to be sure you’re fully protected is to get a quote based on accurate details about your business.
Having your cover tailored to your industry means you’ll be ready for the unexpected.
- Values change, especially if you own property, have your premises increased in value?
- More than a year since you last reviewed your business insurance or did a risk management plan?
- Has your business grown in the last 2 years? (eg: amount of stock, annual turnover etc)
- Could your business survive if it had to stop trading for 6 months?
If you are not sure about one or more of the below, and you might need more cover.
Underinsured? It’s an easy fix. Logan Insurance offer online applications or call us today on 1300 787 789.