Your EOFY insurance checklist

With the end of the financial year fast approaching, it’s a good time to check-in with whether your insurance is up-to-date. 

Pushing back a review could leave your business underinsured and if you need to make a claim, this could put you in a dire financial situation.

Scheduling in time for an annual review is a great place to start. But assessing your insurance after internal changes during the year puts your business in the best possible position.

New equipment

If you have disposed of redundant machinery, it needs to be removed from your detailed inventory or tax depreciation schedule. Alternatively any new machinery would need to be added to ensure lists are up-to-date.

When machinery breaks down, plant and equipment insurance gives you peace of mind. Having equipment repaired can be costly, while also taking a long time. This is further complicated if it needs to be transported to do so. One issue businesses have also run into lately is having parts held up in supply chain delays.

Disruption can be minimised with cover for:

  • Breakdown
  • Material damage, including for loss, damage, destruction or theft of physical assets, accidental overload and more
  • Hired-in plant, which may be a condition before you can hire it

Moving/changing office

Moving or changing offices can involve a lot of time, money and energy. If you have recently moved, you may not have gotten around to updating your insurer.

After a move it’s important to keep your insurer in the loop by providing details about the construction and age of the building, and security and fire protection details.

Those that are yet to fully move but have taken control of the new premises will need to insure both sites. A broker can confirm whether your policy covers items while they’re in transit. If you choose to go ahead with transit insurance, ensure you carefully read the fine print and understand the excess requirements.

When moving to rented premises, check your lease agreement to make sure the owner has transferred insurance responsibilities to you. As a renter, you will also likely need to insure glass, air-conditioning systems and the internal fit out yourself.

But even if the landlord insists you insure the building itself, we would advise against this.

Staff fluctuations

Extra employees need to be accounted for in your insurance as your business grows, such as for workers’ compensation insurance. When doing this, it’s also a good idea to revise your deferred compensation plans, key-person strategies and buy-sell agreements.

Have you undergone changes such as expanding from a small to medium-sized enterprise or adjusting your business structure? These types of insurance could be worth looking into as well:

  • Directors’ and officers’
  • Business interruption
  • Cybersecurity
  • Public liability
  • Employer’s liability if you employ one or more people
  • Marine insurance for products you import
  • Professional indemnity

Evolving services

As your business changes over time, your services and products will likely follow suit. Protecting your sustainability requires having suitable insurance, whether it’s compulsory or preferred based on your day-to-day operations. 

Insurance can protect your business if your products cause:

  • Death or injury
  • Emotional distress or a psychiatric illness
  • Property damage
  • If the product fails or is unsafe.

The law considers you the ‘manufacturer’ of a product if you import it and there’s no manufacturer’s representative of that product in Australia.

Visit for more information about the cover your business might need.

Change in revenue

There could have been an increase in your business’ revenue if you had gotten more stock, or expanded your services or product range. If there are any drastic changes, this will need to be reflected in your insurance. 

A prompt policy review can help ensure you have appropriate cover for your current turnover. When there is a variance between the insured amount and actual turnover, this could leave you out of pocket if you need to make a claim.

To find out more about adjusting your policy to better suit your business’ current needs, get in touch with us. We can work with you to make sure you get the appropriate level of protection.


Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.