What is underinsurance? Is your business protected?
Why you should take a second look at how your business is covered.
Successful businesses can grow quickly, and while it's great for the bank balance, growth presents some unexpected challenges, especially when it comes to managing risk.
Take our insurance health check for your business
If you answer 'yes' to one or more of the below, and you might need more cover:
- Has it been 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)
- Has your premises increased in value?
- Could your business survive if it had to stop trading for 6 months?
Many businesses fail to take out the right level of insurance to protect their business from the unexpected. Incidents like storm damage or theft are most common, but in a digital world, businesses also need to consider cyber risks and broader business interruption threats.
Unlike most personal insurance, business insurance is less of a set-and-forget scenario. Insurance 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 to have a policy that covers your business for the state it's in right now, otherwise you could be underinsured, which according to the Insurance Council of Australia, up to 80% of businesses are.
Underinsured? It's an easy fix.
If you think your business might be underinsured, or you're among the 26% of small to medium sized business owners the Insurance Council of Australia found have no general insurance, it's worth exploring your options.
Just head to cgu.com.au/small-business or speak to one of our insurance specialists, so we can make sure your business has all the cover it needs to help you grow in confidence.
Recommended Reading: Sharing the load at home
Recommended Reading: The Australian Mums In Business Report
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