Business Insurance – don’t let a serious event destroy your future

July 8, 2021 | Robyn Bull

Last week we caught up with Melanie Such from Atlas Broker to share her first insurance presentation to our team, below is a piece created by Melanie discussing the importance of adequate and correct insurance for our clients.

Written by Melanie Such.

Even as an Insurance Brokers I understand that there are not too many people who like to spend time talking about business insurance. Unfortunately, if you don’t have regular discussions with your Insurance advisor about your business and any changes that have occurred, you may become underinsured or incorrectly insured. No one wants to find out that their business insurance is not ‘fit for purpose’ after an event has occurred.

A recent study conducted by QBE Australia showed that 62% of Australian Small to Medium businesses are unlikely to have the correct business insurances in place.

You have a plan. Your plan might be to expand and grow your business, strengthen the solid business you have now, develop it into a stronger business you will hand over to your children or sell your business to fund your retirement (which I’m sure you hope will be long and enjoyable).

Imagine for a moment that the business you are building right now, was involved in an event and that due to underinsurance or inadequate insurance you had to ‘start from scratch’. You might have to draw on your own personal savings to top up the business just to survive – to pay wages, rent, suppliers and other essential costs. Or possibly worse, cease trading and close your business altogether.

When should you have your policy reviewed by a broker?

If you have had the same insurance policies in place for a long time, there is a good chance that your circumstances are not the same as when the policy was first taken out. It’s good practice to not only review your policy each year, but also when there are changes in your regular circumstances.


There are many situations that should trigger a review of your insurance policies, including changes in the following: staffing, stock levels, sale or purchase of assets and equipment, increase or decrease in turnover, changes to business activities, changes to directorship and implementing ‘work from home’ practices.


Get the service you and your business deserve


As part of your relationship with your Insurance Advisor, the day-to-day management of your insurance cover should be clear, knowledgeable, informative and easily accessible. There should be no confusion about what you are covered for and whether it has been accurately prepared. Communication and clarity are essential. This includes holding regular review meetings to help make sure you continue to have the right level of protection and recommending changes where necessary to account for either new or emerging risks to your business.


Be confident about your business’s future


If you are not 100% sure that your current business insurance is correct, please organise for a professional insurance advisor to give you a review as soon as possible. Atlas Broker are available to LBW Advisory clients to have a no obligation conversation about your current situation. We welcome your call.


Melanie Such, Insurance Advisor, Atlas Broker, 0427 429 298












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