There are plenty of major decisions you will be required to make along your journey as a small business owner, some which will involve a level of risk. One of the biggest risks your business may face is not having adequate business insurance in place, leaving it exposed in the event of a claim.
Luckily you don’t have to be an insurance wiz kid to know the basics of business insurance. This quick business insurance guide is here to give you some tips and tricks when it comes to getting to grips with your business and its business insurance.
Are you covered for the right kind of business activities?
In the business world, things can change very quickly, like the nature and operations of your business. Assess what you are currently covered for and make sure that you have the right type of business activities noted on your policy. An example of a change could be that your business now offers mobile services such as delivery or face-to-face consultations away from your business premises.
Have you got enough cover in place for your business assets?
As your business grows, so does the need for more business stock and assets. What you may have originally covered your contents and stock for could have significantly increased since you last updated your policy. Double-check what amount you have cover for and what the real value of your assets are.
A good way to keep track of your business assets and their value is by keeping receipts of your purchases. This can also help too in the event of a claim where you may be required to provide proof of assets.
Do you know what you are covered for?
There’s a good possibility that you set up your business insurance policy and just pay your renewal each year that it comes around. But taking some time out to read and really understand what you are covered for can save a lot of confusion and headaches down the track.
If you’re unsure that your policies are still appropriate for your business have a chat to an insurance specialist. There may be different types of business insurance which might be more appropriate when it comes to protecting your business’ current needs.
If you haven’t got one on hand, request for a copy of your Product Disclosure Statement and policy documents to get a good understanding of the inclusions and exclusions of your policy.
Be claim ready
Nobody wants to be faced with a claim, but in the event you had to lodge a claim, it is important to have the knowledge and confidence of what to do. Having an idea of the process, who you need to contact, what documents may be required etc can help take away some of the stress of the situation.
For information on making a stress-free claim, check out our article here to learn more.
Get your business insurance sorted
Whether you are looking for a new Public Liability insurance or Building insurance policy, renewing an existing one or just want to ask some questions, BizCover is here to help. Jump online or give us a call to find out how we can protect your small business without the drama or hassle.
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