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Insurance – an investment into your enterprise!

Sep 9, 2014

Sourced from Nett Magazine, May 2014 issue.

It’s an often-overlooked part of running a small business, but insurance is far too important to ignore. As any small business owner will tell you, running your own business is a time consuming endeavour. That’s why it’s actually quite easy for things to ‘slip through the cracks’ :- especially when its something you only generally need to think about once a year, like insurance.

“Insurance must be viewed as an investment into your enterprise – and when you make an investment, you should carry out proper due diligence”.

What insurance do you need?

If you have any doubts about your coverage or you simply don’t have the time to fully scrutinise your risks, you should seek out the advice of an insurance adviser. Relying on the expertise of an insurance adviser is a great way of ensuring you’re getting the best level of protection for your premium. Do you know what your current insurance actually covers you for and the protection it provides?

The Big Mistakes

One of the most common mistakes that small business owners make when it comes to insurance, is to buy an off-the-shelf policy, file the paperwork and never think about it again. The issue with that approach is that it doesn’t take into account any business growth or expansions – and it won’t be long before you’re inadequately insured, and running the very real risk that even a minor mishap could spell the end of your business. Its important to think about how your business has changed and how valuable it is.

Time to rethink your cover?

Re-assessing your policy is one of those tasks that typically time-poor small business owners will put off as a bit of a chore, but the experts tell us that it’s actually a crucial part of making sure your business is in good shape, and able to weather the inevitable storms that could occur.

New gear? New policy!

As any business grows, there will always be the need for investment in equipment upgrades or even building improvements to your premises. Make sure you review your sum insured on your policy so it matches the cost of totally replacing all your equipment and contents if they were all lost in a single event.

Business Interruption cover

One aspect of business insurance that is still a bit of a mystery to many owners is Business Interruption cover. Where many small businesses make sure that their equipment, stock and staff are all insured, what happens in the event that you are unable to trade at all for a period of time? Have you ever thought about insuring your revenue? “In a lot of cases the loss of revenue is more than the cost of replacing property or contents damaged after an event.”

Need more information? Contact AustBrokers Comsure today, and we will be able to assist you.

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