With business costs rising across the board, you may be considering if your current insurance policies provide the best protection and value.
It’s an important question. After all, if your money can be better spent elsewhere, it makes sense to do it. The answer will be different for every business. But at its heart is the need to identify – and prioritise your business risks and manage them, including the cost of insurance and any excess you have chosen.
For example, to reduce the premium, you might choose not to cover cheaper tools or equipment, as they can easily be replaced if damaged or stolen. However, insurance will still be the best way of protecting your business premises and expensive plant & equipment if are lost, damaged or destroyed.
It’s a classic ‘risk vs reward’ scenario. Whichever way you decide to go, our strongest recommendation is to seek professional advice before deciding or making any changes to your existing insurance coverage.
How can we help your business manage and recover? Why not ask us today how we can help you and your team.
Contact our team at answers@oceanins.com.au