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5 Tips for Finding the Right Insurance Cover for Your Business

August 2, 2022 | Insurance Investment Strategies

It’s easy for businesses to not think about insurance until something goes wrong. Insurance isn’t always needed, but when things go wrong, you’ll be glad that you have it.

It’s also something that every business should think about because it can save your business in times of need. To help you get started on the right path and make sure you have the best insurance cover for your business, here are a few tips and tricks.

1) Do Your Research

It’s always a good idea to do your research when you start to shop around for insurance cover for your business. Generally, income protection insurance covers 70% of your monthly income. But is this the only insurance you need?  It’s important to make sure you know what you’re getting and to make sure that you know how much it’s going to cost you. Here are a few things you should try to find out as you begin to look for insurance:

  • What kind of insurance do you need?
  • What kind of insurance can you afford?
  • What things can be covered by insurance?
  • What is going to cost you in premiums?

Knowing what you need and what you can afford is essential when it comes to finding the right type of insurance cover for your business.

2) Make Quality Your Priority

When it comes to purchasing insurance cover for your business, it’s vital that you purchase from a quality company. The reason is simple: a quality company will provide you with quality insurance.

While a good price can be tempting, you don’t always get what you pay for. If you purchase insurance from a company that has a great reputation, you’re more likely to get everything that you need at a great price and the peace of mind that your policy will be honoured should you ever need to claim.

3) Know the Risks

You can’t get insurance for everything, and some things are easier to insure than others. Some risks are more expensive to insure, and some may be more worth the cost.

It’s a good idea to know what risks your business faces. If you know that you face certain risks that have costly consequences, then you can find insurance that will help protect you against them.

Getting insurance for everything may not be necessary. Choosing what risks you want to cover and what risks you’re willing to accept will help you to find the right insurance for your business.  Always remember that there’s no one-size-fits-all approach when it comes to business life insurance; you need to know and understand different types of insurance before deciding which ones are right for you.

Typical business insurance options for small and medium businesses (including sole traders) include:

  • Business Expenses Insurance
  • Business Partner Insurance
  • Key Person Insurance
  • Life Insurance
  • Total and Permanent Disability Insurance
  • Trauma Insurance
  • Income Protection

4) Get Referrals

Be sure to ask for referrals. Friends, family and business associates are great resources for finding great insurance for your business. Chances are, they will have at least one great business insurance provider that can meet your needs. A financial adviser experienced in working with self-employed clients will also be a wealth of knowledge when it comes time to conduct research and make your choices.

5) Review Your Insurance Regularly

Reviewing your business insurance cover is an important part of keeping your business safe and protected. You want to make sure that your insurance is still working for you.

You also must make sure that you’re still covered for everything that you need, and whilst also ensuring that you’re not paying for things that you don’t need.

Are You an SME Owner? Protect You and Your Business

Knowing your options and knowing what you need is going to be essential for you to find the right insurance for your business. If you know what you need and you know how to find it, it’s much easier to keep your business safe and protected.

If you’re considering your financial future, it’s always a good idea to seek the best financial advice in Byron Bay, Ballina and the Northern Rivers. Coastal Advice Ballina Byron has a highly skilled Wealth Protection Team of four with over 50 years combined insurance experience who are on hand to assist you with all insurance matters and will support you from application through to claim.

Call us or book online to secure your complimentary first appointment with us today and get started!

REFERENCES:

DISCLAIMER: Coastal Advice Group Pty Ltd is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

(Trading names of Coastal Advice Group Pty Ltd include Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Compass Advice Port Macquarie, Wealth for Life Financial Planning and Coastal Advice Group Brighton/Somerton Park).

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