Why you may want to review your insurance this EOFY

The end of financial year is a busy time for many small business owners. While you may be focused on chasing invoices and balancing your books, consider reviewing your business insurance, too.

Reviewing your business insurance policies can help ensure your restaurant or café is adequately protected. Here are three reasons why your hospitality business may need an EOFY update.

Your business has grown

Has your restaurant or café grown since you opened its doors? Business growth is a good indicator that your insurance may need a review.

While earning more revenue is a common reason to consider adjusting your cover levels, it isn’t the only measure of growth. You may have more employees now than you did a year ago. That’s more people who may need to be covered by certain policies.

If you moved into larger premises or expanded to multiple locations, you may also want to check that your policies are still up to the task.

You’ve changed your operations

Changes to how you do business may mean it’s time to review your insurance. You may also want to consider additional types of cover to help you manage new or growing risks.

Adding catering or takeaway services to your menu may be a hit with customers, but your current policies might not cover these activities. Reviewing your insurance can help ensure that your cover matches how you do business now.

With hospitality businesses relying increasingly on technology, having a cyber liability policy may be wise. Many everyday actions—from having a website to accepting EFTPOS payments—could open you to a cyberattack. Cyber liability insurance* can help you manage the costs associated with an attack, so you’re not left out of pocket.

You’ve upgraded equipment or furnishings

Think of all the items necessary to provide the outstanding service your customers expect — from kitchen appliances and equipment to furniture and cutlery. You may want to be sure that these types of items within your premises are properly protected.

You’ve likely upgraded items throughout your business over the years. Recently purchasing equipment, furniture, or furnishings may mean it’s time to adjust your contents insurance*.

Otherwise, you could pay thousands of dollars to replace them if they’re damaged in a fire, storm, or other covered event. If you are worried that some of your new equipment may be stolen, you should ensure that you have cover for theft as well.

Switch and save with BizCover

Businesses grow and change, and so should your insurance policies. That’s why BizCover makes it easy for hospitality businesses to review their cover on the go.

Compare policies from selected leading Australian insurers online in minutes. You could even save—like Nicholas in the ACT who saved $150 on his public liability and portable equipment insurance.

Visit bizcover.com.au or call 1300 249 268 for a no-dramas insurance experience this end of financial year!

* This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.

Savings made in December 2023. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.