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Business Insurance Tips For A Strong Financial Year
The end of financial year (EOFY) chaos is finally behind us. You’ve crunched the numbers, lodged the paperwork, and maybe even breathed a small sigh of relief. But, before you move on completely, now might be a good time to turn your attention to something that often gets overlooked – your business insurance.
A lot can change in 12 months. If your policy hasn’t been updated since last EOFY, it’s worth checking that it still fits your needs; a few minutes now could save you a lot of stress down the track.
Why reviewing your insurance is important
If your business doesn’t look the same as it did last year, your insurance shouldn’t either. Maybe you’ve taken on more clients, started offering online sessions, or invested in new equipment. As your business evolves, so does your exposure to risk.
Too often, fitness professionals set and forget their insurance, only to find out during a claim that they’re underinsured. That means you might get a smaller payout than expected, or face costs your policy doesn’t cover at all.
Some of the biggest, typical gaps include:
- Unlisted new equipment
- Increased client capacity
- No cover for online or remote work.
The good news is, reviewing your insurance only takes minutes. A quick review can help close those gaps and keep your business protected.
As a quick financial year insurance prep checklist, ask yourself:
- Has anything changed in your business?
- Have you bought new equipment or moved locations?
- Did your client or staff numbers increase?
- Do you run any online classes or programs?
Any one of these changes could affect your risk profile and your current cover. So, if you answered ‘yes’ to any of them, it might be time to update your policy.
Step into the new financial year with confidence
This one small task can take one big weight off your shoulders, so take a look to secure peace of mind and to keep your business one step ahead.
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
Sharon Kenny
Sharon is the Head of Marketing at BizCover, a leading SME InsureTech player. BizCover offers the only business insurance platform for SMEs to instantly compare leading insurers and buy their insurance online and has over 200,000 active clients insured through the platform in Australia and New Zealand, including 5,500+ personal fitness and training professionals.
