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.
If you answer 'yes' to one or more of the below, and you might need more cover:
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.
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.
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