EOFY check-in: Is your business insurance still doing its job? 

The end of the financial year is a great time to take stock of how your business has grown. It’s also an opportunity to check if your business insurance still fits the way you work.  

Maybe your revenue’s gone up. Maybe your services have evolved. Maybe things just look a little different to how they did 12 months ago. 

Whatever the case, these five questions can help you figure out if your current cover still has your back, or if it’s time for an update. 

1. Is your turnover higher than last year? 

Congrats if business is booming! But keep in mind that a bump in revenue can affect your level of risk. And with it, your insurance. 

Some policies, like Public Liability and Professional Indemnity insurance, use turnover as a factor when calculating premiums and limits. If your numbers have changed, it might be a good idea to keep your insurance provider informed. 

2. Have you added new income streams or services? 

Maybe you’ve added consulting to your services. Maybe you’ve started running workshops or built a side hustle into your main gig. Expanding your services is great for growth, but it can also shift your risk profile. 

For example, if you’re now offering professional advice, you might need Professional Indemnity insurance. Pivoting to selling products might require you to consider Product Liability insurance. If you’re handling clients in new ways, or generating income from something you weren’t doing last year, it might be worth making sure your cover still reflects what you’re doing now. 

3. Have you taken parts of your business online? 

Selling through a website, sharing files on the cloud and consulting clients through Zoom are now pretty standard practice for most businesses. But digital operations can bring about digital risks. 

Cybercrime is on the rise, and small businesses are just as likely to be targeted as big corporations. If you’re storing sensitive data, accepting payments, or even emailing customers online, it’s less of an ‘if’ and more of a ‘when’. It might be worth considering Cyber Liability insurance if you haven’t already.  

4. Have you bought any new equipment or tech? 

New year, new gear? If you’ve added or upgraded your equipment in the past year, make sure to check if it’s covered under your current insurance policy. Replacing lost or damaged tech can be expensive. Plus, if your equipment is essential to keep your business running, the resulting downtime can cause further lost income. A quick review now can help ensure you’re not left footing the bill if anything something goes wrong. 

5. When’s the last time you reviewed your policy? 

If your answer is “never” or “not since I bought it,” you’re not alone. Many business owners assume their business insurance is a set-and-forget matter, only to find out during a claim that their policy doesn’t cover their business the way they thought it did. 

If you haven’t looked at your policy in a while, now might be the time to check in. Pay attention to the limit of liability, what your excess is, and what exclusions apply. It’s also a good idea to make it a habit to review your policy at least once a year. It’s one of the simplest ways to make sure your cover is still up to date. 

Make business insurance one less thing to worry about this EOFY 

You’ve already powered through your taxes and spreadsheets. Why not tick off your business insurance while you’re at it? 

BizCover makes it easy to review, update or switch your cover. No paperwork, no waiting. Just quick, affordable insurance trusted by over 260,000 Aussie businesses. 

Head to BizCover and wrap up your financial year with confidence. 

This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. 

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