Here’s a quick guide to make sure you still have the right type and amount of cover for your key financial risks as your business undergoes change.

Consider new risks: As your business changes or grows, new risks can emerge. For example, new products may need to be advised to your insurer, product recall or errors and omission cover considered if your giving sales advice.

Existing insurance cover: Ensuring you have the right type of cover is essential. If you import directly from overseas, you may need Marine Cargo as well as Marine Transit or you may need to purchase cover for importers liability, not just retailers' liability.

Review sums insured: sums insured for Buildings; Plant & equipment should be updated to reflect costs have increased 20% - 30% over the past 2 – 3 years. Have new stock or new locations been considered?

Review excesses: Consider adjusting your excess, it may reduce your premium and better align with your risk tolerance for the next year.

Partner with a trusted insurance adviser: Work with an experienced insurance adviser who can work with you and discuss the best risk and insurance options for you and your business.

Protect Your Business as It Changes

Spending time to review your key financial risks, type and amount of insurance cover will reduce potential gaps and ensure the major financial risks are covered. Speak to your insurance and risk adviser today, they’ll be able to discuss your plans and options.

General Advice Warning

The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.