A growing business is great, right?
It’s exciting and rewarding when your business is enjoying a growth spurt. You feel everything is going according to plan.
Then reality hits home. Growth can also mean danger. It can put you in unfamiliar territory – needing more staff, larger premises, a higher inventory. These are all indicators that it is time you had some expert advice on protecting your ‘new’ business.
It is important to review and update your business insurance as it’s an investment in your business’s ability to survive and thrive.
Your Insurance Adviser can help you choose the right coverage for your business and help you keep it protected as your business complexities grow. Together, you can update your cover to make sure it is adequately insured.
Have you moved into larger premises? You should update your policy accordingly.
Are you using subcontractors? Have you bought new equipment? Check with your Adviser, you may need to revise or add to the covers you had in place.
Do you have Business Interruption insurance? You may need this cover. The costs of a trading interruption can be huge. Make sure your cover is for the right amount.
Introduction of more staff
If you’ve added new staff to your roster, you are legally required to update your Workers Compensation policy. You may also have to review your liability cover to ensure it is sufficient.
A growing business brings its excitement and its risks. So make the most of the good times and check with your insurance adviser to ensure your business growth is fully covered.
Like this article? Sign up here to get more CCIQ insights.
About the contributor:
Steve Currie is Resilium Insurance's Regional Manager Qld and NSW. He is one of the advisers CCIQ utilises to offer free, no-obligation strategic advice to members through our Experts on Demand service.