With the end of the financial year (EOFY) fast approaching, now is a good time to review your insurance and the levels of cover you currently have in place. Whilst the insurance may not be due on the 30th June, this time of the year presents an opportunity to review things such as turnover, profit and loss, stock levels, equipment purchases as well as any changes to the business that may have taken place throughout the year.
Talking to your insurance broker about any of the above shouldn’t wait until the renewal is due. Too often this is the case and business owners are caught short in the event of a claim. Things to consider discussing with your broker are:
- Reviewing the level of cover for the business’ contents and stock. Businesses may purchase new equipment or increase stock levels for a number of reasons which may require an increase in the cover.
- Turnover – These figures are used to calculate the appropriate level of cover for business interruption and public liability. If the turnover is higher than estimated, you may need to look to increase or amend the cover accordingly.
- Business Activity – There may have been a change in the business activity throughout the year where different services are used, different suppliers etc. It is important to communicate these changes with your broker to ensure that the policy that is currently in place is most appropriate.
At Carbon Insurance Brokers, we pride ourselves on being accessible which encourages strong communication with our clients. Our insurance experts have access to a wide panel of providers, ensuring we find a policy that best matches your needs. In between compiling your financials in preparation for the EOFY, call us to discuss your insurance needs. You can call our office on (08) 9446 8588.