Identifying Risks to your Business

Completing the checklist below will assist you in identifying the types of risks your business is exposed to, which will influence the types and level of insurance cover you require.

Most businesses need protection against a range of risks. You may require various types of insurances to cover your legal liabilities, property or assets, and finances. However, you may not need every type of insurance policy that is available. Some may be ‘must haves’, but others may be ‘nice to have’ policies.

To prioritise your risks, consider:

• The likelihood of the risk occurring
• What damage the risk could cause
• The financial impact it would have on your business

Also consider if there are any legislative requirements, industry body or membership requirements for your given occupation. There may also be requirements under the condition of your lease agreement if you rent a property for your business

 

Business Insurance Checklist