SMEs worry about risks, but don’t insure against them. That’s the headline finding of this year’s Vero SME Insurance Index.
According to the Index, a major risk gap exists. While many business owners have major fears about the potential for their business to fail, they’re not sure if they have the right insurance cover in place to protect against that failure. They’re confused about how well they are covered by their insurance.
Does this sound familiar? Are you certain that your insurance provides adequate coverage? How long has is been since you last reviewed your policies? As a business owner, you need to take steps to avoid the risk gap.
Growing business, growing insurance requirements
Most SME owners know they need insurance and many organise it in the early days of the company’s growth. But how many business owners review their insurance needs regularly?
As your business grows, so too do your insurance requirements. Growth requires you to broaden the number and types of risks you manage. So you need to regularly examine your insurance policies to ensure they are covering the expanding scale and changing nature of your business.
An unexpected event can be all it takes to sink a small business – even when it has insurance, but not the right insurance. Make sure you undertake an annual insurance assessment to take any potential new liabilities and risks into account.
Having insurance is important. But having the right insurance is absolutely vital. Having the wrong insurance could be a recipe for disaster. If your coverage isn’t adequate, it could lead to your business having to close its doors.
Partner with a specialist insurance broker
While insurance companies have made it easy for SMEs to buy policies online, there’s no guarantee that the policy will fit your specific business needs. The range of insurance options on the market can be overwhelming, and the time you spend sifting through products and policies could be far better spent working on your business.
You wouldn’t dream of doing your own legal work or carrying out your own medical tests. So why is insurance any different? You need to protect what’s important to you and the value of obtaining advice from an insurance broker should not be underestimated. When it comes to selecting the right insurance, an insurance broker will do all the hard work for you, work out the best option for your business and provide you with invaluable advice.
Your business is unique and important to you. Insurance is the key that gives you the peace of mind you need against unforeseeable circumstances and allows you to focus on growing your business. Avoid the risk gap and seek the best advice about the right insurance coverage to meet your business needs.
Emjay Insurance Brokers provides risk management advice and insurance solutions to businesses of all sizes. They make it easy for you to access the advice and services you need to ensure your business is protected. Contact us today to discuss your needs on (02) 9796 0400.