Austral Risk Services are risk advisors and insurance brokers for small, medium and large business. Based in Western Australia, we provide comprehensive risk management services and leading insurance solutions to protect your business, company or organisation.
Call us on 08 9344 6650.
News > Austral Articles > Business Insurance - 3 simple steps to build strength and resilience into your SME
When running a business, large or small, we’ve identified 3 easy steps to feeling secure in the knowledge that you have the right business insurance in place.
1. Take the time to understand your business risk
No matter what size your business, you have risk. Some of these risks mean that you’d go out of business if they happened. Some are not quite so concerning. And let’s face it; you have to have some level of risk to be in business in the first place.
So your first job is to write down all your risks and then decide what actions you can take with all your risks.
Austral have got a great risk assessment tool for SME business – you can download your free copy here.
2. Find the right insurance
Ok. So now you know your risks. It’s time to speak with a professional about how you can protect yourself and your business against these risks.
An insurance broker will help you inure for all risks that are insurable. They will more than likely also recommend some insurance for associated that risks that you may not have even considered.
Having an insurance broker who can assess all the insurance options available to you can save you time, money and most importantly, ensure that you are covered properly – and that there are no surprises when things go wrong.
Time and time again, we hear of businesses who believe they have adequate insurance cover in place only to find out they haven’t and have to pay, or worse still, are liable and have to defend their reputation. An insurance broker is invaluable in making sure that you are covered no matter what.
3. Take the time to review and update your insurance regularly
Finally, your business is not static. Things change. And your risks will change too.
Make sure you make a date in your diary every year to review your risks and take any necessary actions to eliminate, reduce or insurance against the risks in your business. And set your date with your insurance broker to review and update your insurances. This is all part of good business practice.
Remember you’re in the driving seat. The more you know, the better placed your business will be.
Download your complimentary copy of our SME Business Guide to Risk here.
Austral Risk Services are risk advisors and insurance brokers for business. We help build strength and resilience into businesses of all sizes. You can contact us here about your risk management or business insurance.
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