1 in 10 Australian small businesses with insurance don’t have enough cover to protect themselves.
Many Australian businesses are underinsured, which gives them a false sense of security and leaves them exposed to potential risks in case of an incident.
Business owners and companies who become complacent with their insurance often don’t seek professional advice. Instead, they are tempted to choose policies without full consideration, often online for convenience, and pay the premium monthly, assuming they’re fully covered. In some cases, business owners don’t even know that they’re not properly protected until it’s too late. When disaster strikes, they find out that the insurance policy they’ve purchased doesn’t cover them for the event, or their insured amount is much less than they actually need to get the business back on its feet.
Read this guide to underinsurance for more information on underinsurance and the steps you can take to avoid it – Underinsurance Guide.
Insurance is a key part of reducing your business risk and ensuring it succeeds into the future. Seeking professional advice from your insurance advisor can help ensure your business is protected.
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.