Keeping Your Business Fresh and Covered
Spring has been with us now for a month and you may well have been doing some Spring cleaning. The flowers are blooming, the birds are singing, and somewhere out there, some poor bloke just sneezed from all the pollen.
At RSM Small Business Insurance Tasmania, we understand that it is a wonderful time of the year when we can dust off the winter cobwebs, fling open the windows, and make a start on those long-overdue to-do lists. But don’t stop at clearing out your garage — this season is also perfect for giving your business insurance a bit of a “spring clean”.
Why Should You Spring Clean Your Insurance?
Think of your insurance policy as that storage cupboard you’ve been avoiding for years—it’s likely full of things you no longer need and missing a few essentials. When was the last time you gave your business insurance a good look-over? If the answer is “I can’t even remember,” then it’s time to take action.
Over time, your business changes—maybe you’ve upgraded your equipment, hired new staff, or expanded your services. And, just like that cupboard with expired tins of beans and that one sock you swear you’ll find the match for, your insurance policy could be outdated, holding coverage for things you no longer need, or worse, missing important cover that could save your business in a crunch.
The Spring Checklist for Your Insurance Policy
Update Your Inventory
Have you bought new gear? Maybe you’ve gone all out and invested in that flashy coffee machine for the office (hey, productivity matters!). Make sure any new assets are listed in your insurance policy so they’re protected. Likewise, get rid of the coverage for anything that’s now out of use—like the trusty old fax machine collecting dust.
Check Your Liability Coverage
You’ve hired new employees or expanded your services—fantastic! But that could also mean increased liability. Make sure your insurance policy reflects your current staff numbers and the scope of your business activities. You don’t want to get caught without adequate liability cover if things go pear-shaped.
Revisit Business Interruption Coverage
Remember those couple of days last year when the office flooded, and you had to move everyone to a café just to keep the Wi-Fi going? Business interruption coverage can help you stay afloat during unexpected setbacks. Make sure your policy is up-to-date with your current location and operations.
Review Workers’ Compensation
With Spring being all about growth, your team may have grown too. Workers’ comp is crucial to protect your business and your employees, so ensure your policy covers everyone who’s now on the books. Nobody wants to get caught without it when Murphy’s Law inevitably kicks in.
Are You Adequately Covered for New Risks?
The business landscape changes quickly. From cyber threats to changes in regulations, it’s important to check whether your current insurance is keeping up. Just like you wouldn’t want last year’s stale Easter eggs in your cupboard, don’t settle for outdated insurance that doesn’t match the risks you face today.
Out with the Old, In with the Right Cover
Reviewing your insurance policies doesn’t have to be an arduous task. It’s all about dusting off what you don’t need and polishing up what you do. It’s the ultimate business spring clean—with none of the sneezing. And if you find it hard to navigate (whoops, I mean handle!) the intricacies of insurance policies, that’s exactly why we’re here.
Here at RSM Tasmania Insurance Brokers Hobart, we’re ready to help you simplify the process. Our team will work with you to make sure your policy fits your business like a glove (and not the kind that’s lost its partner under a mountain of paperwork).
So grab a cuppa, take a fresh look at your coverage, and if you find yourself feeling a little lost, we’re just a call away. Let’s make sure your business is fully equipped to blossom this Spring!
Need help spring cleaning your insurance?
Talk to Roger Hosie and stay ahead with RSM Tasmania’s insights.
Call Now! (03) 6244 7854, or email .
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.
