As EOFY approaches, most businesses are focused on the numbers – tax planning, cash flow, and closing out the books.
But it’s also the perfect time to take a closer look at something just as important: your insurance.
At LML Insurance Group, we believe in going beyond the basics, because a simple policy check today can prevent major issues tomorrow.
Here’s what your business should be reviewing before 30 June.
1. Review Your Coverage Levels
Your business doesn’t stand still, and your insurance shouldn’t either. Consider how your business has changed over the past 12 months. Have you:
- Purchased new equipment?
- Increased stock levels?
- Expanded operations?
- Employed more people?
Any of these changes impacts your risk. So, if your policy hasn’t kept up, you could be underinsured without even realising it.
2. Update Asset & Equipment Values
Depreciation of assets and market inflation are two things that can impact the value of your assets. Talk with your broker to ensure that your assets are appropriately accounted for. Discuss:
- New assets that should be included on your insurance policies
- Old or unused equipment that can be removed
- If the values listed reflect current replacement costs
With rising prices across many industries, accurate valuations matter more than ever.
3. Check Your Business Interruption Cover
If your revenue has grown, your cover should too.
Ask yourself:
- Would this policy carry my business through a shutdown?
- Does it reflect where we are today? And where we want to be in FY27.
This is one area where going beyond a quick glance can make all the difference.
4. Understand Your Policy (Not Just the Premium)
Insurance isn’t just a tick-box exercise, the real value comes from understanding your risk and how to manage it that’s right for your risk appetite.
EOFY is a good time to discuss and consider:
- Inclusions and exclusions
- Changes to the risks your business is facing
- If your cover still aligns with your risk appetite
5. Get Ahead of Renewals
Leaving renewals to the last minute can mean missed opportunities.
A proactive review gives you time to:
- Explore better options
- Adjust your cover properly
- Avoid gaps or surprises
6. Go Beyond with the Right Advice
Insurance should evolve with your business.
A quick conversation with us can help uncover gaps, refine your cover, and ensure you’re properly protected heading into the new financial year.
At LML Insurance Group, we go beyond just arranging policies, we work with you to make sure your cover actually supports your business as it grows.
Taking the time to review your insurance now means more confidence moving forward and setting your business up for success in FY27.
Speak with us today and experience what it means to work with a broker that goes beyond, beyond.
For more information, contact us at:
08 6383 2000
admin@lmlinsurancegroup.com