Nobody is underestimating the impact of the COVID-19 outbreak on the SME businesses that are the heartbeat of the Australian economy.
And of course, hard decisions will have to be made by business owners across the nation as restrictions designed to slow transmission of the virus take a heavy toll on a range of different sectors.
This year’s Vero SME Index found that as conditions worsen, more than a quarter of SMEs might consider reducing the amount of cover.
More worryingly, between 14% and 17% (depending on business size) say they would go without insurance altogether.
So let us be plain: This is not a time to cut back on cover. The risks that dog any business have not gone away. Pretending you can reduce your outgoings and literally “self-insure” could turn out to be a terrible mistake.
While buying insurance direct from an insurer might appear tempting, you should consider what you’re losing. The importance of the advice, knowledge and expertise that we offer as your general insurance risk adviser is even more crucial in times like these, and if you’re in the unhappy situation of having a claim, with our support you won’t be spending time and effort dealing with often-stressful complexities.
So please, don’t take any action regarding the way you might manage your future business risks without discussing the options with us. The important thing is to get your business through to the end of this pandemic crisis, and insurance continues to play a crucial role in that.
The current emergency will end eventually, and you want to be in a position to take advantage of a return to favourable business conditions.
Natural catastrophes, crime and accidents don’t stop during a pandemic, and you simply can’t afford to leave yourself exposed.
Insurance is considered an essential service, and we will continue to work with insurers to manage claims through this period. As risk advisers, we have detailed knowledge of our clients’ operations, and we can design the best cover to fit your unique needs.
We can help you assess all available options, and we’ll be able to get you the best possible cover at the best possible price. We can also help you to access special measures to ease the economic “pain” of the coronavirus emergency.
Many insurers are offering enhanced assistance for businesses facing financial hardship as a result of COVID-19, which could enable you to keep crucial cover in place. There are also initiatives relating to vacant premises and commercial fleets that are no longer on the road.
We will be able to assess your eligibility for such measures, and advise you on the best approach.
Let us help guide you through this crisis, and safely out the other side. It’s an anxious time for all Australians, but it’s our job to ensure you and your business remain secure and protected.
Information on this document does not take into account the objectives, financial situation or needs of any person. Before making a decision in relation to any insurance product you should consider whether it is appropriate to your objectives, financial situation or needs.