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Insurance cover for growing businesses - what do you actually need?

May 18, 2021
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Business Insurance Cyber Insurance Liability Insurance Professional Indemnity Insurance Property Insurance

When people first start their business, its fair to say just about everyone is looking to continually grow it. But as your business grows, your risk exposures become increasingly complex and the financial and physical risk becomes more prevalent.

Insurances that were fine when you were just starting out in business may no longer be sufficient to reduce or manage your risks. In fact, not having the correct insurance, or indeed being underinsured, can leave your business open to litigation or worse, being financially crippled.

So, what type of insurance do you need for your growing business?

Professional Indemnity Insurance

As your business has grown, is it providing more advice to clients? People usually associate Professional Indemnity Insurance with lawyers, accountants, engineers, etc. But if your business is providing casual advice around your products or services you could be leaving yourself open to litigation and legal costs. As your business grows, you may not be aware of the risks associated with providing advice to clients and the additional insurance needs this may raise.

Management Liability Insurance

With most growing businesses, there becomes a need to employ staff to help with the work load. This brings about it a lot of regulations and requirements you will need to meet as an employer. If you were to be sued by a disgruntled employee, This can include unfair dismissals, harrassment, etc. Management liability insurance can protect both your business and personal assets from litigation as well as cover potential legal costs.

Cyber Insurance

Technology has never been more prevalent in our businesses. As your business grows your reliance on emails, databases and websites will continue to grow as well. Unfortunately, this reliance plays into the hands of cyber criminals who target businesses using viruses, ransomware and other cyber attacks. Cyber attackers are often one step ahead of any internal measures put in place to help reduce this risk. Losses associated with cyber attacks and any associated fines can be in the hundreds of thousands. Cyber insurance can help you recover from these attacks, including rebuilding databases and removing infected software, as well as replacing lost income and paying fines associated with attacks.

Property Insurance

You might purchase additional assets for your company as your business grows. This could include machinery, plant & equipment or even an office or warehouse. This can be a way of really spring-boarding your business growth. However, when you become a property owner you need to ensure you have the right types of insurances to meet the requirements of your bank and reduce your financial risks. Property insurance can help to ensure any disaster does not financially devastate your business.

Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

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Business Package

Purchase up to six products under one Business Insurance Package.

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We love seeing businesses grow and want to help your business continue to grow. Speak to us today to ensure that your protection plan continues to evolve with your business.

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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.

LARK Insurance, ABN 56 635 745 176, AFSL 240549

This article originally appeared on Lark Insurance Website and has been published here with permission.