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How to Protect Your Business From Unforeseen Circumstances

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Anyone running their own business understands that sometimes it can be a risky venture. It could be that although you think you’ve covered all bases, sometimes you might need to protect your business from unforeseen circumstances.

Many situations aren’t easy to predict. From problems with your premises, fire or a flood and even cyber-attacks, it’s not always possible to predict every eventuality.

For any Australian to maintain a successful business, it’s crucial to examine what might go wrong and seek expert help.

As experts in helping to protect businesses from unforeseen circumstances, join us in our helpful guide below to discover how to mitigate the unexpected.

So you can understand a little more about protecting your business from unforeseen circumstances, read on to find out where to start. Or you could simply talk to an expert now and get some immediate assistance.

What Are the Risks for Your Business?

Before you can successfully protect your business from sudden jeopardy, it’s worth taking some time to compile a list of any risks your business might particularly be exposed to.

Every business has different needs, and all run differently, even in the same industry.

So, your risks may not be the same as others, although some will be similar. So although it may be more straightforward, it’s not just a case of ‘one size fits all’ when it comes to protecting from potential business pitfalls.

Make a list of key risks

What are the key risks that, if they happen, will cause major issues to your business? Suppose you are an online entrepreneur, for example. In that case, if you lose internet connection for a period or get hacked, it could put your business offline and cause serious difficulties.

It might be that you own a bar or restaurant and what you don’t need is for all your refrigeration to stop working suddenly, and you lose three days' supply!

So ideally, write a list of every type of key risk or unforeseen circumstance you might encounter. In this way, you can start managing those risks.

Make sure you try and cover all aspects of your business that could go wrong, including legal action, from customers, clients, and employees if you employ staff.

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Hire an expert

It’s also worth considering protecting your business reputation, including your intellectual property, alongside any potential unforeseen pitfalls in your industry.

There is also specialist insurance available to help cover the costs if you have to shut your business for any time, known as business interruption insurance.

This area would benefit from an extra pair of hands with specialist knowledge and experience, such as an insurance adviser or business mentor.

They can provide information to help you reach better-informed decisions to ensure you have the right insurance for you and your business.

The government also has an online guide to help assess risks for businesses which is worth checking out.

Obtain the Right Insurance

If you are an employer, there are specific types of insurance that are mandatory, such as workers' compensation.

However, contractors are not usually covered, so you may also need public liability insurance. If you own cars or trucks, you’ll also require CTP insurance, which is mandatory. You may also need to cover property damage to your own and other people's cars and property.

An experienced insurance adviser will be able to help you find a unique package of insurance that covers all types of business risks. Insurance can be tailored for all types and sizes, regardless of your industry.

As with any kind of insurance, it’s crucial to understand exactly what your premiums cover and don’t cover if there are any excesses to pay, and how much the excess is. Also, make sure you fully understand any policy limits and the sums insured by your policy.

How to Protect Your Business From a Cyber Attack

Shocking government statistics uncovered that nearly half of the $1 billion cybercrime costs to Australian businesses leave SMEs picking up the costs.

This is mainly because many smaller businesses are easier to target for cybercriminals than larger companies.

Worryingly, of those SME cybercrime victims, a shocking 60% will shut down within six months after the attack.

If you handle customers' data, own an online retail store, or just store your own data, you might benefit from cyber liability insurance. This insurance covers damage done by hackers, extortion, business interruption and third-party liability costs.

Even if you aren’t sure that your business is at risk, it’s surprising to realise that just by just simply sending an email, you could be vulnerable to attack.

Focus on Risk Management

The best way to protect yourself against any unforeseen circumstances in the cyber world is by making sure you make risk management a priority.

It is crucial to make sure everyone in your business understands how to protect themselves, you and your company from unwanted cyber-attacks.

Ensure your team has ongoing training and is aware of incident response plans if dealing with a cyber-attack.

It’s also important as a business owner that you exercise good password health and make sure all security is updated correctly.

An experienced insurance adviser can help you understand the level of cyber risk relevant to your business and assist with advice and solutions.

Get a Business Insurance Package

A business insurance pack can be put together with a bespoke set of insurance policies to protect your business from risks.

A business insurance pack is very flexible, reduces administration and enables you to get package discounts. An expert insurance adviser will help you structure the proper protection covering the risks common to small businesses.

Business insurance policies work by giving you and your business the flexibility to pick and choose the right types of cover for you and your business.

Protect Your Business From Lawsuits

If you give advice or offer a service for a fee, you could be at risk if a client says you’ve made a mistake, causing them financial loss, even if it turns out not to be true.

Professional indemnity insurance will provide you with cover for legal defence costs and pay for any damages if you are indeed found to be responsible.

Public liability is crucial for anyone with customers and clients on their premises or who owns or occupies buildings.

People can trip, slip or fall, hurting themselves. Even if it’s a leased shop or office, your lease agreement may make you responsible for legal defence costs and payment of damages if awarded by a court.

In the same way, a contractor, such as a builder, might be carrying out work at someone’s home, and an unforeseen accident arises, resulting in an injury and potentially an expensive lawsuit.

Public liability insurance protects you and your customers and clients if there is an injury on your premises or if you work away from your business, office or home. It covers the cost of legal defence costs and any compensation awarded by a court.

To Sum It Up

For over 25 years, we have prided ourselves on helping Australian businesses like yours. Our commitment to all our clients is to provide insurance advice and solutions tailored for you and your business needs and expert risk and claims management advice.

Click here to find your nearest Insurance Advisernet agent.

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General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Insurance Advisernet, ABN 15 003 886 687, AFSL 240549

This article originally appeared on Insurance Advisernet News and has been published here with permission.