Have you reassessed your risk profile?

Before the COVID-19 pandemic, we were confident our businesses could survive unforeseen circumstances, yet here we are rapidly pivoting to survive this global curveball. 

Loss of supply chains, staff and revenue, are commonplace, but we can recover and still future-proof our businesses.  

Like many, I'm taking the time to review my marketing strategies, asking the tough questions that test if we're solving customer pain points and examining how we differentiate ourselves from competitors to weather this storm. 

All businesses, including mine, require steady cash flow to survive. In quiet times simple steps can give our cash flow a boost, from chasing debtors to reviewing stock levels and reassessing assets or leasing arrangements can all make a difference. 

In an industry built on mutually beneficial relationships, I rely heavily on my team, and they know I will be there in their times of need. There is nothing more rewarding than seeing a happy, supported team drive innovation and push my business forward, especially in the face of adversity. My insurances ensure I can support staff with working from home, job-sharing, reduced hours, whatever it takes to keep the business going during these unprecedented times so we can be there to support our clients' needs. 

When things are going well, businesses often overlook assessing their ever-changing risk profile, and in times like this, hope our insurance is adequate. We cannot underestimate the value of having advisers with industry knowledge, who, like me, stay abreast of industry needs to help prepare businesses for whatever life throws at them.

While restrictions in Queensland ease, for some, strict social distancing limits still apply, forcing enterprises to remain closed, but who pays the bills during this time? Although businesses are unable to trade, financial commitments remain. Sound insurance and risk protection programs are vital in times like this - a welcome safety belt that pays the bills when our businesses can't. 

Some risks never change, like cyber-crime, which costs the Australian economy $1 billion each year. Statistics reveal that 43% of all cyber-crime targets SMEs, and 53% of employees in medium-sized companies admit to inadvertently compromising their employer's IT networks, data and financial stability. A sobering reality that cost businesses over $60 million in 2018. As more employees work from home, it's prudent to reassess our cyber-policies and insurances 

Think strategically, gather advice from our valued advisers, and together we can come out of this episode stronger. 

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. We strongly recommend you consider whether the information is appropriate for you and your circumstances. Before you make any decision about whether to acquire a particular product, you should obtain and read the relevant product disclosure statement.

Lisa Carter, Clear Insurance AFSL: 240549, AR Number: 388083, CAR Number: 465935

Clear Insurance is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd. AFSL No. 240549
Corporate Authorised Representative No. 465935; Adviser No: 388083,