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Protecting your Business is about minimising your exposure to potential risks. It's your responsibility to identify risks in your Business and decide which ones to insure against.  Here are a few important considerations you need to take into account.

Business Insurance is about protecting against unplanned, unexpected, sometimes catastrophic events, such as the above, and criminal damage that can and does occur.

Don't rely on it won't happen to me!! According to a recent report,  natural disasters are a big hit to the economy with small Businesses wearing up to 72% of the billions of dollars of economic impact.

Examples included the Queensland floods and Black summer bushfires that particularly affected regional small Business communities. Disasters can strike anywhere.

We recommend small Businesses conduct thorough risk analysis and households regularly reassess their environment's dangers. Steps that can help you and your Business. Contact us a Blackburn Accounting to help you with the risk analysis.

Here are a few simple things you can do:

• Take out a comprehensive insurance policy - it is one way to protect your Business, your customers and your income against such events. Without it, you might find you are unable to trade or have big out-of-pocket expenses to meet that could result in closure.
• Develop and implement a Quality Procedures and Practices Manual.  By improving consistency and quality it will help to reduce risks.  By training your staff to perform their duties with consistency and with due care it will help provide a quality service which helps to reduce risks.
• Adopting a Risk Management framework is a useful method for identifying potential risks and consequences.
• Read the policy fine print, and understand the terms and conditions. Cheaper premiums may not be the best value in the long run. 
• Know what cover you are getting and paying for.  Ensure you are reviewing your insurance annually.  This will help identify gaps in the policies.  For example, we had a customer who bought a new car and continued to pay the policy of the old car without getting another insurance policy.  They had an accident with the new car and found out they were not insured!!