Your Risks Are Always Changing. Your Insurance Should, Too!
Running a business is like riding a rollercoaster—exciting, unpredictable, and sometimes a little nerve-wracking. As the Insurance Broker Hobart relies on, we know that one minute, everything’s running smoothly; the next, you’re hiring new staff, upgrading equipment, or expanding into new markets.
Now, here’s the real question: Has your insurance kept up?
If your insurance broker at RSM Tasmania isn’t in the loop, you could be exposed to risks you haven’t even considered. And let’s be honest—no one wants to find out their policy is outdated when it’s time to make a claim.
When Should You Call Your Broker?
Think of your insurance like a safety net—it only works if it’s strong enough to catch you. Here are a few moments when you should pick up the phone:
You’ve made a big move – New premises? Bigger office? Your coverage might need an update.
You’ve invested in new gear – Whether it’s a fleet of vehicles, fancy equipment, or high-tech tools, these need to be properly covered.
You’re hiring more staff – Employees, contractors, casuals… each comes with different insurance implications.
Your revenue has taken off (or dipped) – A shift in income can affect your risk level and policy needs.
You’re offering something new – Adding products or services? Working with different industries? That could change your liability.
You’ve taken out a business loan – Banks often require specific insurance policies—don’t wait until the paperwork’s due!
The Cost of Staying Silent
Let’s imagine you’ve just expanded your business, bought new machinery, and hired extra staff. Business is booming! Then, disaster strikes—fire, theft, a liability claim… and suddenly, you realise your insurance hasn’t kept up.
What happens next?
A nasty financial surprise – Your policy doesn’t cover the new risks, leaving you with an unexpected (and expensive) problem.
A rejected or delayed claim – Insurers won’t pay out if they weren’t told about key changes.
Legal headaches – If regulations have shifted and you’re non-compliant, you could face fines or lawsuits.
Unnecessary costs – On the flip side, you might be overpaying for coverage you don’t even need!
How to Stay One Step Ahead
The good news? Avoiding these pitfalls is easy. Here’s how:
- Make insurance check-ins part of your routine. A quick chat with your broker can save you thousands down the line.
- Think of insurance as a business tool. It’s not just a safety net; it’s part of your growth strategy.
- Use expert advice. At RSM Tasmania, we know how to tailor policies to fit your business like a glove.
Stay Covered, Stay Confident
Business is unpredictable, but your insurance shouldn’t be. Keeping RSM Tasmania in the loop means fewer surprises, fewer risks, and more peace of mind.
Need a quick insurance health check? Let’s chat today!
Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances, have a chat with us at RSM Tasmania Insurance Brokers Hobart.
Talk to Roger Hosie and stay ahead with RSM Tasmania’s insights.
Call Now! (03) 6244 7854, or email .
