End Of Financial Year business insurance checklist

At the end of the financial year (EOFY), it is important to understand your insurance policies and your business requirements. Use this checklist and talk to your insurer or broker to make sure your business is EOFY ready.

Have you reviewed all your insurance policies and checked your policy inclusions and exclusions? If you don’t understand any aspect of your policies, now is the time to contact your insurer or a broker

1. Are your business inventory and valuations up to date and reflect current costs
2. Have you bought new vehicles or equipment, expanded the premises in the past year, signed a new lease, hired subcontractors or disposed of any assets?
3. Have you assessed the risks to your business? For example, are you in a flood-prone area? What about cyber risk? And the impact of privacy laws on your business?
4. What would happen to your business, your employees, suppliers and your customers if your business could not trade due to unforeseen circumstances? Do you have business interruption cover?