Why EOFY is good for your business

October 15, 2018
Small Business

The end of the financial year – tax time – can be burden for a tradie juggling multiple responsibilities but it also forces you to take stock of where you are now compared to last year.

Have you grown your business? Invested in new plant, equipment or a vehicle? Expanded your premises? Taken on new staff? Created a new division or specialism? Or the opposite: have you streamlined your operations, sold off assets you’re no longer using, cut down on personnel?

All these factors affect a trade insurance for a building business. You may need increased cover or add-on policies or, conversely, you may still be paying for protection that no longer applies.

Try this simple self-test

Ask yourself:

  • What has changed since your last insurance renewal?
  • Have you bought new equipment or do you intend to?
  • Do you plan on expanding your business?

Don’t undervalue yourself

Most business owners understand the value of insuring against the unexpected but sometimes they can’t resist the temptation to economise. In a recent Insurance Council of Australia (ICA) survey more than 10% of respondents admitted to being underinsured for the value of their business assets. Only 1.9% of businesses with insurance believed they were adequately insured.

The reasons for underinsurance most commonly were:

  • not being able to afford more insurance
  • feeling the premiums were too expensive
  • the fatalistic belief that you can never be adequately insured.

Talking to a broker can help avoid selling your building business short on insurance cover. Just having someone to guide you through the steps to identifying and assigning dollar values to your assets can help break down the process and clarify what information you need to provide to bring your new policy up to date.

Because imar is a trades insurance specialists, you can rely on us to provide you with the kind of cover that you need. Just talk to us. Give imar a call today on 1800 284 627 for an obligation-free discussion and quotation on your business insurance needs or fill in your details on our get a quote page.

This is a general overview of insurance issues. To the extent that any material in this document may be considered advice, it does not take into account your objectives, needs or financial situation. You should consider whether the advice is appropriate for you and review any relevant Product Disclosure Statement and policy wording before taking out an insurance policy.

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