Your risk plan seeks to understand the financial risks that you are exposed to. We first identify various risks and then look at ways that we can mitigate those risks through the use of insurance and other risk strategies.
Insurance for your business is important to cover you for unexpected events. The right insurances help you mitigate those large risks in the business that could be catastrophic if an event transpires
Without the appropriate insurance you may be unable to trade or have large out of pocket expenses, which could result in you having to close your business.
We can assist you tailor insurance options according to the risks associated with your business activities. It is so important that your insurance adequately covers your business activities (so that your policy is not void).
Insurance can be divided into protection for four main categories:
- Assets and revenue insurance.
- Liability insurance.
- Personal and workers insurance.
- Assets and revenue insurance
This insurance category covers the loss, damage or theft of your business assets or revenue. Some typical cover types include:
- Building and contents.
- Glass breakage.
- Motor vehicle.
- Fire and other damage.
- Equipment breakdown.
- Goods in transit.
- Fraud and dishonesty.
- Business interruption.
- Liability Insurance
You may be responsible for damages or injuries to another person or property caused by your business activities. You can get liability insurance to minimise the impact to your business. Some typical cover includes:
- Public liability.
- Professional indemnity.
- Products liability.
- Personal and Workers Insurance
It is important to ensure you have insurance to cover the costs of an unexpected illness, injury or accident including:
- Workers’ compensation insurance – this is mandatory when employing staff.
- Personal accident, illness and life insurance.
- Income protection insurance.
If you are a sole trader or partner you are not covered by workers’ compensation insurance. In the event of an illness or accident you may not be able to work and earn an income. Insurance is strongly recommended to cover you in this circumstance.
Reliable and Tax Effective Asset Protection Strategies
It can take a lifetime to accumulate your wealth but if your assets are not properly protected , it all could be lost in a moment. The fact is, Australia is one of the most litigious states in the world. So there is no surprise that protecting assets against creditors and predators is becoming the most common concern amongst business owners.
Sometimes you may be far removed from the main cause of the contentious liability but somehow end up in the litigation.
To avoid significant losses, it is important to have reliable and effective asset protection strategies so you can continue to grow your wealth and achieve your financial objectives.
Without a properly planned and adequate asset protection plan or well thought out asset protection strategy you leave yourself exposed to the risk of losing it all.
At our complementary meeting, we are able to meet with you to determine if your assets are adequately protected. With over 100 years of combined experience in advising clients, Sofra partners are the leading asset protection specialists, with advanced tax effective asset protection strategies and systems designed to preserve your wealth from generation to generation. Talk to us about your asset protection concerns.
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