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Scaling Up? Don’t Let Your Insurance Lag Behind!
Growing your business is an exciting time. It also brings challenges, including reviewing business risks.
We can discuss your plans and provide useful recommendations for managing your main financial risks that will suit your needs and finances.
Key areas that will need your attention:
- Staffing: Whether you’re hiring your first employee or building a larger team, updated workers’ compensation cover is important for each State & territory that you operate in;
- Contractors: If you engage contractors, they may not be covered by your workers’ compensation. Make sure they have their own insurance, such as personal accident or workers’ compensation, to protect both themselves and you.
- New Assets and Equipment: From vehicles to specialised machinery. Your property and machinery cover should be updated, as well as your Business Interruption cover.
- New product lines: Expanding into a new product or importing from a different supplier in Australia or overseas? Let your insurance adviser know, so they can update the Public & Products Liability insurance, to ensure cover remains in place.
- Cyber risks: Over 50% of all small and medium businesses have been targeted by cybercriminals. Managing the security of your customers and confidential business data is essential. Cyber insurance is a simple way of reducing the financial impact and getting your business back up and running.
Planning for your business growth should include review of your risks and insurance covers. Speaking with your professional insurance adviser will give you options and financial peace of mind.
Contact us today for a tailored review of your growing business.