How good is it being a small business owner? You had a great idea, turned it into a business and now you are your own boss. Congratulations!
But between managing costs, exploring opportunities and avoiding threats, insurance can often be forgotten about as you look to expand your business.
While there are many important things for you to juggle, neglecting a review of your business insurance could leave you in a world of drama.
So here are three reasons now might be time to review your policy.
1. Business circumstances change
Your business may not be the same as it was when you started, and your insurance should keep up with the times. Too often businesses wind up without the right cover because the original policy is just renewed without the owner factoring in a change of their business activities.
From the moment you register your ABN, you are entered into the competitive world of business. Your decision making will be influenced by the push and pull of market forces and your business will change accordingly. New technologies and regulations could make or break your business. Or maybe you have had to adapt your product or service to compete in this new environment. When circumstances change it’s a good idea to make sure your insurance has you covered.
2. New business equipment
The equipment or tools you use to conduct your business are an essential part of your success. And you will inevitably need more as your business grows.
You don’t need to wait for your renewal date to review the amount of cover you have. As the value of your equipment grows, you can update your cover to help ensure you have sufficient insurance to cover your loss if you need to make a claim.
There are a number of cover options, such as Contents, Portable Equipment and Machinery Breakdown, that are designed to protect you if something happens to the tools you need to get the job done. Keeping a thorough and up to date inventory of your equipment can help make life easier when it’s time to update your policy.
3. Business has grown
As your business develops, your revenue stream may increase, and new employees may be onboarded to help you keep up with the growing demand.
Ensure that when renewing your policy it reflects the current size of your business. Ignoring it is not just bad business, but it could leave you without the right level of cover.
While there are many perks to being your own boss, overseeing everything can get quite dramatic. Luckily with BizCover, business insurance doesn’t have to be.
Click here to compare quotes or give us a call today – no dramas!