With more products and services hitting the market every day, knowing how to best protect your business should be your top priority.

Top tip: Consult an insurance broker, if you haven’t already.

Most businesses grow rapidly in their first few years. That’s where an insurance broker can really help. A broker knows you’re busy, and works behind the scenes to make sure you get great value from your cover. Plus, brokers are experts in insurance, which immediately takes the headache out of pouring over endless terms and conditions.

At Austbrokers Canberra, we’ve been supporting businesses for long enough to know all about these four common insurance mistakes—it’s why we’ve written this Health Check to help you avoid them.

Mistake One: Your businesses' details are patchy or out-of-date.

 Ask yourself: Does my insurer have an up-to-date AND accurate description of my business?

We hope that your business is doing well! That’s why we want to remind you that you need to keep your insurers or your broker up-to-date on the facts. If things aren’t quite right in your business description, or things have changed, your business could be at risk.

Your insurer will need to know things like:

  • Accurate employee numbers
  • Who your key employees are
  • An up-to-date list of all assets and debts
  • What aspects of your business are on- and off-line
  • What your major risks are

Mistake Two: Not reviewing insurance products often enough

Ask yourself: Am I reviewing our cover at regular, scheduled intervals?

Setting up a half-yearly review of your insurance products might not be your top priority as a business owner—but it should be in the top five.

David Marjoribanks, General Manager of Austbrokers Canberra says, 'It’s essential you are up-to-date with your details. If you don’t have one already, a broker can arrange regular catch-ups and intervals that suit your business.'

'These meetings can also provide an opportunity to learn about new-to-market products and potentially reduce your expenses.'

Without regular reviews, you might not be aware of the latest facts, and your insurers might not know everything they need, to ensure you’re properly covered.

Mistake Three: Taking the cheapest option first.

Ask yourself: Am I looking for value over cost?

As with all things, it can be very tempting to make quick savings and take the cheapest option first. Unfortunately, this can cost you big-time in the long run. Most budget insurance products lack a level of cover adequate to keep your business safe.

If you've seen a cheaper option than your current premium, get in touch with your insurance broker now, to discuss the pros and cons of the product.

Mistake Four: Not considering your online liabilities.

Ask yourself: Am I considering both our off- and on-line risks?

Using web and cloud-based services has become commonplace in most businesses. Unfortunately, this has also added a growing number of threats to profit. Protecting your digital assets and data is just as important as protecting your buildings, fleet or machinery. In fact, a breach or hack could be even more costly than damage to your material assets. Worst of all, it can damage your customer relationships – the core of your business.

If you’re not sure about how to stay safe online, it’s time to talk to a cyber insurance specialist. Tennille Jorgensen from the Austbrokers Cyber Insurance team says: ‘The landscape has changed drastically for businesses in the last ten years. Protecting your buildings and fleet from fire, damage or theft used to be one of our clients’ key concerns. While that hasn't changed, we see more and more requests for complex insurances to cover data protection and online presence. It’s just as essential.’

Have you got questions? Has our Health Check given you some ideas about how to better protect your business? Call Austbrokers Canberra now, for an expert consultation. We broker bespoke, personalised insurance products to cover all your business needs.

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