EOFY Insurance Review
The end of financial year (EOFY) can be a busy and stressful time time for business owners. There’s budgets to be finalised and tax related activities to be completed.
It is also the best time for business owners to review their insurance and understand whether their cover is keeping up with the changes in their business.
Renewing without reviewing your insurance could cost you in the long run
Many business owners simply renew existing policies without taking into account changes that have happened during the last year, or consider ones that are planned for the new year, which could mean that their cover won’t be up to date.
It is important to review your insurance each year.
Your business may be exposed to new risks you have not considered before and your cover may no longer be appropriate.
If you don’t have time or are wondering, how do I know whether I have the right cover for me in place, seek your insurance brokers advice.
We can help you analyse your risks and work out what type of policy will protect your business, We’ll then find cover for you and tailor so it can meet your specific needs.
Here’s 5 things you can check when reviewing your insurance for the EOFY.
Are you leasing a new premises or new equipment? Are you going to commence using subcontractors in your business? Consider carefully any new contracts that you are entering into and how they change your business risks and therefore your insurance needs.
New Equipment and Building Insurance
Have you purchased any new equipment for your business or contents for your office?
You may need to adjust the sum insured on your policy to cover replacement cost in case everything was lost, for example, in a fire.
Have you made improvements or changes to your premises? You may need to increase your building sum insured.
Consider the fluctuations of stock that may occur during the new financial year. Is your coverage adequate for peak periods?
The costs involved if your business trading was interrupted are significant! Are you insured for Business Interruption? If so, you need to ensure your revenue sum insured is adequate for the new financial year. If not, you should consider what costs are involved if you had to cease trading for an extended period.
Changes to employee numbers
Have you employed more staff?
You will need to ensure your Workers Compensation Insurance has been updated. Also you may like to consider Management Liability to cover risks such as unfair dismissal or workplace bullying claims and Directors and Officers Liabilities.
Do you need to amend your insurance?
The end of the financial year is a busy time, but please don’t let your insurance suffer! Take time to review what is in place and what is required. Austbrokers SPT Insurance Brokers can help with a full insurance program review. Just call our office to arrange an appointment and we will be happy to visit you at a time that is convenient.
Contact Austbrokers SPT and review your insurances today.
Call us on 02 9525 9311 or 1800 263 908.
This advice has been prepared without taking into account your objectives, financial situation or needs. You must therefore assess whether it is appropriate, in the light of your own individual circumstance, to act upon this advice. If this advice contains information about a particular financial product, you should ensure you obtain a Product Disclosure Statement in respect of that product prior to making any decision to acquire that product.