Farm Insurance Australia :: Articles

Business: Avoiding Loss with Proper Risk Management Strategies

Business: Avoiding Loss with Proper Risk Management Strategies

A Financial loss is something that no business wants to suffer - and small business owners will do their best to avoid downtime, expenses and accidents.
But will insurance provide the total solution? Or is there more needed to ensure business continuity?

Insurance

Solid protection in the form of commercial insurance, should buildings, tools or materials become damaged, is important for company survival, and many individuals believe that having insurance coverage will replace losses in the case of fire, theft or accidents.
However, there are many financial considerations that business insurances cannot cover.
For example, while your business insurance might provide coverage to replace damaged machinery vital to your company's functioning, the lost productivity from the beginning of the accident to the end of downtime can mean serious costs that could be crucial to your company's survival.
Farm Equipment Finance and Loans
Looking for the best way to finance your Farm Equipment? Well, look no further! Simply submit our 2-minute business loan enquiry form ... and we'll help get you qualified for the best rate Plant and Equipment loan available from our national panel of independent business finance brokers. We also have access to the best rates and options for Business Cashflow finance for Farmers.
Risk management strategies help reduce financial loss and avoid unnecessary failures of productivity that many businesses can't afford and shop insurance policies can't cover.

Downtime

While full business insurance coverage is important and vital to the survival of a small company, knowing the risks and the consequences of downtime are imperative.
For example, a damaged piece of machinery can be replaced, but losing a client that didn't receive his shipment on time or having disgruntled employees that don't find their workplace conductive incurs long-term financial loss that most small business need to avoid.
Any financial impact to your small business affects its competitiveness and overall success.
When analyzing what factors need to be taken into consideration to minimize lost income, having solid, comprehensive business insurance is a must.

Professional Advice

A professional advisor can help you choose which type of coverage and commercial insurance policy is best for your enterprise.
During discussions of office insurance options, ask your advisor about deductibles or excess that your business may have to absorb should an accident occur.
Always read the fine print of your policy's coverage and know ahead of time what you'll be facing if misfortune strikes.
Then, prepare a plan to deal with those risks.

Mitigation

Avoiding or mitigating potential risk keeps your business competitive in the marketplace and helps maintain low costs and lost productivity.
Examining your business's workplace for potential accidents or hazards and correcting the situation before something goes wrong can help prevent crucial financial loss.

Make a Plan

Preparing a plan to deal with downtime minimizes the financial impact to your small business.
Also, knowing the potential risks your company faces can help you transfer these same risks to commercial insurance companies, reducing loss should your business suffer an upset in productivity.
Discuss risk transfer with your insurance advisor and be fully prepared to deal with financial losses beyond direct material damage.
Business Insurance Renewal Due?
If you are in the process of renewing your business, public liability or professional indemnity insurance ... whether it be a professional, trade, manufacturing or retail business ... we can show you a quick way through the maze of offers and options available on the market. Our Australia-wide broker panel will ensure that you get the best cover for your specific needs - and at the right price to suit your budget.
Insuring your most valuable asset
While many people would consider their home or their car to be their most valuable asset, it's your ability to earn an income that is most important in shaping your financial future. Statistically, two thirds of working Australians will suffer an injury or illness that will sideline them for 90 days or more. The majority of these people would not be able to pay their mortgage or meet car finance and other loan commitments without adequate income insurance.


Insurance Articles

Top ten insurance questions Top ten insurance questions
We get some interesting questions from our subscribers each month about various aspects of insurance ... so we've compiled a top 10 list of insurance questions and answers that embody a broad range of situations - and we're sure you'll find them of value! - read more
The Weird and Wonderful World of Insurance The Weird and Wonderful World of Insurance
We came across this amusing (but true) insurance story with an interesting twist. Only in America! - read more
Life Insurance: How much is enough? Life Insurance: How much is enough?
When considering life insurance, you're planning and preparing for an event that most of us would rather not think about. But life insurance represents a critical step in managing your personal finances and ensuring your family's well-being. - read more
DIY Review Checklist for your Income Protection Insurance DIY Review Checklist for your Income Protection Insurance
If you have an income protection insurance plan already - or are thinking about buying one, then you need to be aware that these policies require regular maintenance and careful scrutiny to ensure that they adequately meet your needs. Unfortunately, many people purchase income protection insurance policies only to find out about their shortcomings at claim time. - read more
Types of Insurance Policies Every Business Owner Should Consider Types of Insurance Policies Every Business Owner Should Consider
Protecting business investment with insurance is a critical part of every sensible business owner's business plan. Insurance protects businesses from unexpected financial risks due to natural disasters, accidents, liabilities and losses, which may run in to thousands. - read more
Insurance Claims - The Acid Test for Insurance Policies Insurance Claims - The Acid Test for Insurance Policies
How well a company handles their processes and the customer experience at claim time is what truly determines the real worth of the insurance policies that are being sold. - read more
Top 5 Reasons to Buy Insurance Through a Broker Top 5 Reasons to Buy Insurance Through a Broker
In today's litigious and uncertain world, insurance has become a very important component of every financial plan. But, when it comes to buying insurance, consumers often get confused obout where they should start and how to decide on the best policy solution to their specific needs and circumstances. - read more
Who Needs Disability Insurance? Who Needs Disability Insurance?
If you are like most people on this planet, you are not financially free. You would not be able to stop working and still support yourself and your family from your financial resources. Your continued ability to work in order to earn an income would therefore be one of your greatest assets. - read more
Public Liability, Product Liability and Professional Indemnity Insurance Public Liability, Product Liability and Professional Indemnity Insurance
Business liability insurance provides protection for your business against the cost of litigation and claims resulting from third party damages or bodily injuries caused due to negligence of your business. In this article we examine the three main types of business liability insurances and how they may apply to your business. - read more
Insurance Disputes Insurance Disputes
Just because your insurer has rejected your claim, does not necessarily mean that your case is closed. If you think that you have been unfairly treated, here are some ways to get the insurer decision overturned. - read more

Insurance News

If insurance was free, would there still be an underinsurance problem?
Nov 20 :: Even if price wasnít a factor, AMPís Chris Kirby argues that Australia would still have an under-insurance problem. This is why it is the industryís job... read more
Regulatory compulsion propels commercial insurance
Oct 26 :: Australia is the second largest advanced market in Asia for commercial insurance, not least because of regulatory requirements around issues of professional... read more

Need a Quote?
Start your free farm insurance quote comparison here.
Farm Type:
Postcode:

Knowledgebase
Public Liability Insurance:
A very broad term for insurance covering liability exposures for individuals and business owners. It provides broad coverage, generally including all exposures for property damage and bodily injury.