The Strength and Resilience of Small Businesses
There is no doubt that a large number of Australian businesses are still fighting their way through the COVID-19 pandemic, but in a testament to their strength and resilience, many businesses are starting to see light at the end of the tunnel. Indications have recently emerged that the vast majority of Australian SME businesses have continued with their insurance cover, despite suffering significant financial losses. This continuation of insurance policies to protect their business and employees is a tribute to the fortitude of Australian SMEs in troubled times.
Australian SMEs Show Signs of Early Recovery
Obviously there have been a lot of negative results within the economy over recent months coming from the pandemic, with a number of SMEs having to unfortunately close their doors. Noting the distressed nature of SME business, our partners/licensor at Insurance Advisernet have noticed an increasing trend throughout our Australia/NZ wide network of 220 advisers (like RGI). The IA network has seen a trend of SMEs clients increase their communications with their respective IA advisers to seek business advice. This assistance generally relates to how SMEs can adjust their operations to ensure their policies are still relevant to their ongoing business needs.
Assistance comes from a strong position of knowledge as IA advisers are SME business owners too, who personally understand the importance of business insurance. From Risk Guidance Insurance (RGI) perspective, we don’t want to see WA businesses expose themselves further to greater risks. Therefore, RGI encourages all WA SME businesses to contact our MD Robbie Gibbs directly, where he can discuss strategies that will reduce your business’s risks to lower your exposure over both the short and the long term. You can feel at ease dealing with Robbie, taking confidence from his strong business acumen; including a first-class education and personal involvement within multiple boards/organisations, holding senior strategy roles at local and national levels.
Risk Guidance Insurance.