The Top 7 Business Risks And What Smart Tasmanian Business Owners Can Do About Them
At RSM Tasmania we provide the small business insurance Tasmania needs in 2025. Here’s 7 of the top risks you need to focus on.
Look, we know running a business is equal parts passion, pressure and praying your Wi-Fi holds out. But while you’re focused on customers, cash flow and keeping the team caffeinated, there are a few bigger-picture risks creeping up in the background.
At RSM Tasmania, we help small business owners all across the state prepare for the unexpected — not with crystal balls, but with smart, reliable insurance strategies. So here are seven risks on our radar this year — and a few ideas for how you can stay ahead of them.
1. Cybercrime Is Still Winning
What’s the risk?
Phishing, data theft, ransomware… Cyber threats are growing faster than you can say “multi-factor authentication”. Even small businesses are now prime targets — especially those storing customer data or operating online payment systems.
Your move:
Cyber insurance is essential — not optional. It can help cover costs like system recovery, legal fees and even reputational damage. And make sure your team knows how to spot a dodgy link. Education + insurance = your best defence.
🖱️ Get serious about cyber risk:
👉 Cyber Threat Report 2023–24 – Australian Cyber Security Centre
2. Natural Disasters (Yes, Even Here)
What’s the risk?
Tasmania may not cop the same scale of bushfires or cyclones as the mainland, but storms, floods and even prolonged power outages can cause serious disruption — especially if your business relies on perishable stock, electrical systems or transport routes.
Your move:
Business interruption cover can be a lifesaver. So can a good disaster recovery plan. Make sure your insurance includes protection against localised events, not just large-scale disasters.
3. Employee Claims & Injuries
What’s the risk?
Slip-ups (literal and legal) happen. Whether it’s a ladder fall or a stress leave dispute, worker-related claims can cost serious time and money — and leave business owners feeling exposed.
Your move:
Make sure your Workers Compensation Insurance is up to date, and that your processes for WHS are documented and followed. If you need help with workers comp cover in Tasmania, we also run a dedicated site at 👉 wcomptas.com.au
4. Inflation & Rising Costs
What’s the risk?
From materials to maintenance, costs are up. That’s not just a cash flow issue — it can also leave you underinsured if your cover hasn’t been reviewed recently.
Your move:
Review your sums insured annually. Talk to your broker (that’s us!) about the real cost of replacing stock, equipment or buildings in today’s dollars. What was enough in 2022 might fall far short in 2025.
5. Legal Liability and Unexpected Claims
What’s the risk?
Something goes wrong with your product or service — and suddenly there’s a legal letter on your desk. Liability claims can come from customers, contractors, or even the general public.
Your move:
Public liability, professional indemnity and product liability insurance are all on the table here. The right policy can help protect your business from claims and court costs — even if the complaint turns out to be baseless.
6. Supply Chain Disruption
What’s the risk?
One link in your chain snaps — and it can bring your business to a halt. Overseas delays, local supplier failures, or transport hold-ups all spell trouble.
Your move:
Have a Plan B (and maybe a Plan C). Diversify your suppliers where possible, and consider insurance that covers you for lost income due to supplier failures or delays.
7. Reputation Damage
What’s the risk?
In the age of online reviews, one angry customer or social media misstep can spark a reputational crisis. And no, your nephew’s Canva skills won’t fix it.
Your move:
Some policies include crisis communication or media support to help you manage the fallout. Prevention is great — but backup is better.
Final Thoughts
These aren’t scare tactics — they’re real risks that can affect even the best-run local businesses. But here’s the good news: with the right cover, the right advice and a clear understanding of what’s out there, you can face 2025 with confidence.
📞 Call us today for a no-pressure chat about your current cover and what’s really worth protecting.
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 .
