It's a sad fact that many small businesses fail after an unexpected event because of inadequate insurance. Research has shown that 70% (Insurance Council of Australia) of uninsured or under-insured businesses that incur a major insurable loss fail within the following year.

To help ensure the success of your business which you have worked so hard to build, there are a few ways you can achieve this through insurance by:

  • gaining a greater understanding of your business risks, 
  • getting expert advice on the type of risks that could impact your business, 
  • understanding the many types of insurance covers and why your business may need these

From our experience, many business owners understand why they need the basic insurances such as fire, burglary, glass, money and liability, but don’t understand the need for other insurances such as business interruption (BI). This is highlighted through the alarming statistic that only 31% of businesses actually take BI insurance (Cameron Research).

BI is a bit like personal accident cover for your business. After a major loss, not only does it cover your net profit and business drawings, it will help you meet ongoing business expenses, such as ensuring everyone’s salaries are paid and business loans repayments are met. It also covers additional expenses incurred to maintain turnover which could include providing funds for the cost of alternative premises or even paying for advertising to announce the recommencement of your business.

It covers all this and is a relative inexpensive form of insurance, so why wouldn’t you want to ensure your business is covered. Without it, a business actually has less than a one in 10 chance of survival following a major loss (Allan Manning LMI Group). We welcome the opportunity to assess your business risks and discuss your insurance needs with you.

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Disclaimer“This material contains general information only and may not suit your particular circumstances. To decide if a policy is right for you please carefully read the relevant Product Disclosure Statement (PDS) and/or Policy wording. While we have exercised due care and skill in preparing this information, Optimum Insurance Services (Optimum) does not accept any legal responsibility or liability for negligence or otherwise to you or anyone else who seeks to rely on this information. This includes, without limitation, loss arising from a possible failure of the information to comply with statutory or regulatory requirements or the failure of the information to identify other terms and conditions beyond those considered in this document. You should obtain advice to ensure that your policy provides adequate cover for your circumstances.

“Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services Licence No 240549, ABN 15 003 886 687.”

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Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative (No. 291220) of Insurance Advisernet Australia Pty Ltd (AFSL No. 240549).


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