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4 January 2024

The Beginners Guide to Insurance Planning in 2024

Getting organised before the end of the financial year isn't just about number crunching.

This is an opportunity to secure your business and loved ones against unforeseen circumstances. By reviewing, assessing, and choosing the right insurance policies and providers, you're not just protecting your business and your family but also setting a foundation for future growth and stability.

Here are 3 actions you can take:

>> Review Your Policies

Before the financial year concludes, take a comprehensive look at your existing insurance policies. Evaluate their alignment with your current business needs and any changes in your operations, size, or revenue. Assess the adequacy of coverage areas such as liability, property, and cyber protection to ensure they meet your evolving requirements.

>> Assess Your Changing Needs

Reflect on significant changes within your business and personal life over the past year. Have there been expansions, new partnerships, or shifts in shareholder agreements? Personal milestones like marriage, children, or property acquisitions can impact insurance needs. Consider the type of insurance necessary (e.g., life, disability, or business interruption) based on these changes and discuss these needs with an expert advisor.

>> Choose Wisely

Selecting the right insurance provider is critical. Evaluate factors like reputation, financial stability, coverage options, customer service, and premium competitiveness. Seek advice from professionals or advisors who can guide you toward reputable providers catering to your specific business needs. Gather multiple quotes to compare costs and coverage comprehensively.

Taking proactive steps to organise your insurance plans will empower you to face the upcoming year confidently. Stay ahead by ensuring that your insurance coverage aligns with the evolving needs of your business and personal life.


Let’s chat if you are considering income protection insurance or would like to review your current cover with SBA Insurance Adviser, Richard Jones.


Richard Jones, SBA Insurance, Adviser

Richard assists Collins SBA clients understand and navigate the unexpected and the unplanned. Common triggers for reviewing insurance plans include babies, an increase or decrease in income, or business revenue, purchasing a property or new business, a change in shareholder agreements, and change in your liabilities, marital status or health. 

Richard makes the complex easy to understand and is readily available to answer questions. The team at Collins SBA love working with Richard and the opportunity to learn directly from him.

Bachelor of Commerce (B.com.), Accounting and Finance, Advanced Diploma Financial Services. 

Richard has given me advice in relation to my personal insurances. Richard explained things to me in a very clear manner and through his knowledge and experience, I feel very confident that the advice given was right for my and my family's needs.
Matthew
Victoria