Your business doesn’t stand still, so why should your insurance?
Now is the perfect time to check if your coverage still matches your business reality. Most SMEs experience significant changes in their first six months – new staff, equipment purchases, larger contracts, or expanded operations. Each of these changes affects your risk profile and could leave you dangerously underinsured.
Quick Check: Do Any of These Apply to You?
- Hired new staff since January?
- Purchased equipment or vehicles?
- Won larger contracts or increased turnover?
- Changed your service offerings or expanded locations?
- Added vehicles to your fleet?
If you answered yes to even one of these, your insurance needs have changed. The problem? Many business owners only update coverage at renewal time. If you have a claim in the meantime and haven’t disclosed these changes, you could face a reduced payout – or worse, a denied claim.
Three Areas to Review Now
1. Asset Values: Is your sum insured still accurate for equipment, stock, and contents? Walk through your premises and update your asset list.
2. Revenue Protection: If your turnover has grown, does your Business Interruption coverage reflect current revenue and fixed costs?
3. Liability Limits: Are your Public Liability and Professional Indemnity limits adequate for the size of contracts you’re now handling?
Take Action This Month
Don’t wait for renewal time. A 15-minute conversation with your insurance adviser now could prevent a six-figure problem later. Your professional insurance adviser can help you identify coverage gaps, adjust limits, and ensure you’re protected for the business you’re running today – not the business you had last year.
Speak with one of the LA Insurance advisers to book your complimentary mid-year review. We can provide advice and options to meet your budget and needs.
References
Australian Small Business and Family Enterprise Ombudsman. (2024). Small business counts 2023-24. Australian Government. https://www.asbfeo.gov.au/