When you run a business, having insurance often feels like a safety net. You pay your premiums, check the box, and feel relieved. But are you really covered? Many business owners think they’re protected, only to discover gaps in their coverage when it’s too late. 

It’s not uncommon to assume you’re fully protected, but insurance and asset protection plans should be reviewed regularly, especially as your business and personal circumstances evolve. 

Are You Sure Your Business Is Fully Protected? 

Business insurance is essential, but is your current policy keeping up with your company’s growth? Many business owners set up coverage when they first start out but forget to update it as things change. As your business grows, with hired more staff or taken on bigger clients. These changes could leave you underinsured if your coverage hasn’t kept pace with your business’s growth. 

And what about your personal protection? As a business owner, are your personal assets, like your home or savings, secure? If something goes wrong in your business, whether from a legal issue or financial difficulty, your personal assets could be at risk if your protections aren’t strong enough. 

Common Gaps in Your Protection Plan 

One of the biggest risks for business owners is being underinsured or assuming their coverage is enough when it’s not. Here are a few common areas where gaps can appear: 

  • Income Protection: What if you’re unable to work for a long time due to illness or injury? Without income protection, your financial stability could be in jeopardy. 
  •  Liability Insurance: Are you fully covered against potential legal claims? Many business owners don’t realise their liability insurance might not protect them from all risks. 
  •  Key Person Insurance: If you’re essential to your business’s success, have you thought about how the business would run without you? 

Have You Recently Reviewed Your Coverage? 

Life and business situations can change fast. Perhaps you’ve expanded your business, bought a new home, or your family has grown. Any of these changes could create gaps in your insurance and asset protection if they haven’t been addressed. It’s important to regularly review and update your coverage to make sure it’s complete and current. 

We’re here to help you assess your financial setup and spot any gaps in your protection. Our aim is to ensure both your business and personal assets are properly covered for your current needs. Contact us today, and let’s talk about how we can protect what matters most to you. 

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About Allied Accountants

Allied Business Accountants connects you with a network of top accounting, legal and financial services professionals to streamline and maximise every aspect of your business performance.

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About the Author: David McKeller

David McKellar is a Chartered Accountant and Director of Allied Business Accountants, an accounting firm specialising in providing strategic advice and taxation services to business owners, investors and Self Managed Superannuation Funds.

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