Regular insurance review an imperative

When it comes to protecting business and farm assets, a comprehensive risk management strategy is a must.

Such a strategy involves identifying risks, eliminating or minimising them where possible, and where not, transferring them to an external source via a business insurance or farm insurance policy.

Managing risk isn't just a one-time task however, and demands constant attention and adaptation.

A good risk management plan is one that doesn't just gather dust once formulated, but is dynamic and responsive to change within your organisation.

When you consider how complex operations can become within any sort of business, including the many relationships established with other entities and organisations, it may seem like a lot of work is required to keep on the ball with managing risk.

What may come as a surprise is that if you ask an insurance expert what the most important thing businesses need to do to insure their assets continue to be protected, the advice you'll receive is relatively simple.

How do we know? We asked Julie Shore of Elders Insurance Narrandera what she would tell business owners hoping to manage risk over the long term.

"The biggest piece of advice I would give them is to review their insurance every year," said Julie.

"You need to make sure that your sums insured are adequate and that you are insured for the assets that you can't afford to lose."

Your Elders Insurance agent can partner with you to keep track of the evolving risks within your business and ensure your cover matches them.

That includes the changing cost of rebuilding structures, the cover needed for new business ventures and making sure that you only insure the assets you need to.