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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.
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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.
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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.


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Knowledgebase
Insurance Deductible:
the amount that an insured is required to contribute toward an insurance claim as stipulated in an insurance policy. Otherwise known as the "policy excess".