Is your business protected as it grows and evolves?

Is your business protected as it grows and evolves?

Keeping your business protected is one of your primary long-term goals, but as your business grows and evolv­­­­­­­­­es, so do your risks. In other words, due to a change in needs, a growing business will experience increased internal and external challenges. 

Recognising how this growth changes your risk profile and, subsequently your insurance requirements, helps to ensure you understand the risks and are able to choose the right amount of protection that fits your needs. 

To help manage your changing risks, here are six steps that can be used to ensure that you have the right amount of protection for your growing business.

  1. Consider new risks: As your business grows, new risks will emerge, from new products to fire to importing. Make sure you tell your insurance adviser of your plans. They can work with you to identify new risks and the best way to manage them, including through insurance coverage. For example, new data breach laws, supply chain disruptions and compliance risks. 
  2. Review insurance covers and update your insurance adviser: Ensuring you have the right amount and type of cover in place is critical to protecting your business when facing change. Understanding your risks, such as adding machinery breakdown cover for loss of profits, may be needed to protect profits and pay wages, or updating sums insured will assist in managing the financial risks and assist in the ongoing success of your business. 
  3. Updates to sums insured: Make sure your insurance sum insured are adequate for today’s rebuilding or replacement costs. Most building and material prices have increased 20% - 30% over the past 12 -18 months. Inflation, shipping delays and the cost of inputs are all expected to increase over the coming year. 
  4. New cover for new risks: Discussing the new risks and challenges for the business with your insurance adviser may raise issues such as retention of some risks, changing existing insurance cover or looking to add additional insurance cover. For example, if you are beginning to export products to the USA or Canada, has your insurance been upgraded, or is new cover required?  With increasing cyber-attacks and new laws, cyber insurance is to be considered.
  5. Review excesses: Consider adjusting your excess/deductibles. It may reduce your premium and better align with your risk tolerance. 
  6. Partner with a trusted insurance adviser: Work with an experienced insurance adviser who can work with you and discuss the best risk and insurance options for your business.

As a growing business, your insurance covers must be updated regularly. 

This can include considering new risks, updating sums insured, adding additional coverage, evaluating excesses/deductibles, and looking for advice from a trusted insurance adviser. 

To protect your growing business, why not talk to an insurance specialist about your company’s changing needs today? Find your local adviser. 

Important Information 

This communication including any web links or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice. This type of insurance product is designed for small and large businesses, that want to be covered against financial loss relating to accidents or personal injury involving contractors or sub-contractors.

We strongly recommend that you consider the suitability of this information, in respect of your objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.


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