Business owners are often focused on important and pressing issues. Between serving your existing clients, winning new ones and meeting deadlines, not to mention trying to spend time with family and friends, insurances are often left to the last minute or simply renewed.

If you find that you’re in the ‘click and renew’ your insurances camp, perhaps it’s time for a new strategy. The world of general and commercial insurance is rapidly changing. Not only are policies being updated with new features and enhanced benefits, the changing face of risk itself may also prompt a review of your policy suite.

New and common risks

Take cyber insurance, for example. From ransomware to hackers to disgruntled employees, threats to your data can come from anywhere. Consider the potential effects of the theft of mobile equipment such as phones, laptops or tablets with access to client data or emails. Such an event could lead to data breaches, and passwords on these items don’t necessarily offer protection.

More importantly, there are approaching legislative changes in February 2018 to strengthen the protection of privacy and personal information and improve the organisational transparency of data breaches. The Notifiable Data Breach (NDB) scheme includes all entities covered by the Australian Privacy Principles (APPs). If you aren’t aware of these changes and your business’ obligations, perhaps it’s a good time to understand the requirements and review your cyber insurance protection.

Another example is plants and equipment. What would be the effects of your business’ down time in the event of an equipment breakdown? Or what would happen if a major event closed your business? How long would it take for it to get back up and running at your pre-loss trading profit? Would you be able to pay your employees’ wages, entitlements and ongoing expenses with no income coming in? Many businesses insure their plants and equipment but not the income stream or goodwill that they generate.

Regularly review your insurance needs

Like businesses, insurance needs change and grow over time. Rather than simply renewing your policy suite, it’s important to have a conversation, and a site visit where needed, with a specialist broker to ensure that your particular needs are being met with the most appropriate policies.

WSC Group have formed a relationship with Shadforth Insurance Brokers (SIB). With dedicated brokers available to discuss the needs of you and your business, SIB will work with you and your WSC adviser to ensure your business and its income-producing equipment are protected. They also have a dedicated claims team if you need to lodge a claim.

The review of your policies is obligation-free as part of the ongoing review process and a benefit of being a WSC client.