The right business insurance can protect a company against a range of things such as loss of income, public liability, legal costs and damages to property and equipment. But it is important to make sure you know exactly what your policy is covering you for. A product disclosure statement can be a daunting document, filled with fine print and unfamiliar terms. It is easy for business owners to feel overwhelmed by the content of their policy and it is all too tempting to simply assume you’re properly covered for the risks associated with your business.
However, the worst case scenario is thinking that you are covered for an event, then realising after it has actually happened that you never were. It is also crucial to re-evaluate your cover as your business goes through changes. Expansions, downsizing and offering new products and services can all prompt new business risks. Even something as simple as moving offices could leave you exposed to new risks unique to that location.
Being 100 per cent sure about your coverage necessitates expert advice to guide you through the policy selection process. An impartial third body may be the best person to talk to when canvassing your insurance options.