How to spot insurance risks you didn’t know you had

 

Business insurance protects you from unforeseen disasters and losses that uninsured, you would not be able to financially recover from.

However, many Australian businesses may be underinsured and therefore lacking adequate protection. Running a business has inherent risks and unless you work in the insurance industry, there are probably a range of risks you’re not even aware of. In this article, we take a look at how to spot them!

One of the easiest ways to fall into the ‘underinsured trap’ is to purchase a ‘one size fits all’ insurance policy. Every business is different and every business has unique needs, customers, and risks. So it’s important to choose a policy that is tailored to match your needs and has the required amount of protection. Our advice? Choose an insurance broker over a standard online provider.

Professional advice

With years of experience and a thorough understanding of your industry, an insurance broker like Allsafe will be able to provide guidance and personalised advice. Are you concerned about injuries in the workplace, natural disasters, shortages in your inventory, or that your product might become obsolete due to new technology? Don’t worry, we can help you plan for risks before they have even occurred. We’ll make a realistic evaluation of the risks associated with your business and identify any grey areas that you might never have thought about.

Check your property

Insurance brokers like Allsafe, will even come on-site and do a survey of your premises to ensure that nothing is excluded and you’re fully covered. Your business might operate in an area that is prone to theft and vandalism, or be close to bushland that is vulnerable to fires. Or maybe the services you need, such as roads and communications, are frequently closed. Lost power supply? No access to the internet? Business operations interrupted by an accident that has occurred at a neighbouring premises? These are all things which your insurance broker will consider when customising your policy. Our consultative process ensures that our solutions will focus not just on the insurance, but also on minimising your risks from the very beginning.

Consider the worst case scenario

Unlike online providers and other generalised insurance products, your broker will consider every risk from every angle because the worst case scenario could be the result of multiple events impacting you at the same time. At Allsafe we always connect the dots. For example, if you own a seafood restaurant and one day you lose power that could cause your food to spoil. If this had occurred without your knowledge and the food was prepared, cooked and served to your customers, it might result in them getting food poisoning and placing your business at risk of a nasty lawsuit or legal battle. If your business is sued, that could also cause negative publicity. And then, when there are no customers coming in your doors, your stock will go to waste and cause financial losses and your staff will be unhappy because they won’t have any work to do. Risk management is a complex process, and one that many business owners skip! Don’t wait until the worst has happened to find out that your policy doesn’t cover you for all of the important stuff.

 

Call us on03 5231 3088, or send us an online enquiry today! No matter what size your business is, or what industry you work in, Western Insurance Brokers can help you protect your business and give you the confidence you need to grow your business without worry.