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Inventory and risk management

Insurance industry research shows that seven out of 10 small businesses don’t recover from major fire, storm or flood. Invariably, this is due to the owners not taking out business interruption insurance.

  • It covers small businesses for losses incurred from being unable to operate, e.g., if a water pipe bursts and a retailer loses three days of trade
  • Half of Australia’s small businesses have no business interruption insurance
  • One in eight small businesses has no liability insurance
  • To mitigate against risk, list all potential dangers (e.g., bushfires or cyclones) and investigate whether insurance policies exist to cover them
  • Small businesses may also need to consider how importing risks and/or exporting risks impact on their operation. 

Keep reading

Superannuation essentials

All you need to know to ensure you are meeting your obligations.

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Taxation essentials

Small business owners have extensive tax obligations. Getting professional advice to deal with them is recommended. 

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Cash flow

How to make sure you have sufficient funds to run your business.

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Loans, leases and hire-purchase solutions for financing equipment.

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Cover your business overheads if you are unable to work due to sickness or injury.

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Our income protection policies can replace up to 75 per cent of your regular income if you’re unable to work due to illness or injury. 

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MyWealth is investing made easy. Build a diverse portfolio of investments in one place, with all the news, resources and guidance you need to succeed. 

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Important information

As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances. View our Financial Services Guide (PDF 59kb).