Risk considerations for your business

Running a business can be a rewarding venture with many long-term benefits for the owner, but have you thought about the compliance obligations and the risks involved?

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Running a business can be a rewarding venture with many long-term benefits for the owner, but have you thought about the compliance obligations and the risks involved?

Whether you are planning to start up a new business or take over an existing business, it is critical to carry out a risk assessment to ensure you have considered all potential threats.

As every business is different, the type of risk and level of significance can vary. It is therefore up to you to assess your circumstances to determine what will have the most substantial effect on your ability to continue operating the business, should the unthinkable happen.

When assessing your business, consider the following common risk categories:

  • Commercial  
  • Compliance/Legal
  • Environmental
  • Equipment
  • Financial
  • Health and Safety
  • Operational
  • Project
  • Reputation
  • Security
  • Service Delivery
  • Stakeholder Management
  • Strategic
  • Technology

To read some great advice from the Small Business Development Corporation WA about how to set up and implement an Insurance Risk Management Plan, visit www.smallbusiness.wa.gov.au/business-in-wa/about-sbdc/corporate-publications/business-guides/insurance-risk-management-plan/ now.

Don’t risk being under insured. Thoroughly review your sum insured every year and remember to increase the amount if you make changes or purchases for your business.

For further information on WFI’s insurance and services contact your local WFI Area Manager on 1300 934 934 or visit our wfi.com.au/business. Always consider the PDS from the product issuer, WFI (ABN 24 000 036 279 AFSL 241461) before committing to a new insurance policy.

 

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