Expanding businesses need to make insurance a priority

On Monday (July 29), the Sydney Morning Herald published an article about the importance of giving a little attention to your business insurance policy when your company is going through a period of expansion.

The article begins by claiming that many business owners forget to review and update (if necessary) their insurance policy when the structure of their company changes.

This is completely understandable - you'll have a lot on your plate during such a time, and whether your business property insurance cover is still adequate is probably no where near the front of your mind.

However, it should be. Whether you're hiring more staff or expanding the horizons of your businesses' operations - for instance, taking on work in heretofore uncharted territory or offering new products to your loyal customers - you will need to review your insurance policy.

Or, of course, organise a new policy if you don't already have one!

One of the forms of cover that this article lingers over is business liability insurance.

Robin Burt, agent of Elders Insurance Geographe, says that this type of cover is the base of all insurance. And the type of business liability insurance you organise will depend on what kind of work your business is involved in.

Mr Burt explains that cafe owners, for instance, will most likely need insurance coverage that protects them against claims from people who are injured or endure damages on the premises.

Businesses operating in the trade sector, on the other hand - who have employees or contractors going out to other people's sites - will require something that shields them from claims that their workers caused damages to a third party's property.

If your company wasn't undertaking off-site work but is now, your business liability insurance needs may have changed. Contact an Elders Insurance agent today - we can help you figure out what your new-and-improved business needs!