Safeguard your Pharmacy – and your future – with Regular Insurance Policy Reviews 

With the end of financial year fast approaching, now is the perfect time to review your pharmacy insurance policies. As small business owners, it is imperative that you are protected by the right insurance policies and the appropriate level of cover. 

Does your business insurance cover the needs and risks of your pharmacy? 

Business insurance can be complicated due to the variety of risks involved. It’s hard to know which products are most suitable for your individual needs, whether all possible scenarios are covered, and it can take a very long time to read – and understand – all the fine print. An experienced insurance broker is the perfect person to help you find the right level of cover for you and your business. They will also save you time if you need to make a claim. 

Many small businesses run the risk of being underinsured  

Unexpected events like Covid-19 and the recent Australian floods have shown us how important it is to be comprehensively insured. In fact, a 2019 study by QBE Insurance showed that:  

62% of SMEs are unlikely to have the right insurance in place to protect their business 

Four critical steps you can take to avoid being underinsured: 

  • Map out all risks to your business 
  • Ensure your business and assets are all correctly valued 
  • Regularly assess all your insurance policies  
  • Create a risk assessment process that is continually reviewed and updated every quarter  

When to review your insurance policies 

While it is good practice to review your insurance policies each year, it is also vital to do this when you experience changes in: 

Stock Levels 

Ensure your policy covers the current value of your stock on hand. Carollo Horton can adjust your policy to reflect this value. 

Staffing 

Changing the size of your team may affect the type and level of cover you require 

Equipment and other business assets 

Your current policy may not cover newly purchased business assets. If you sell your assets, you may be able to decrease your sum insured to reduce your premium. 

Risks

Has the way you operate your business created any new risks? Hybrid / work from home during Covid-19, for example, may increase your cyber risks

Turnover  

Increased or reduced turnover can impact your business interruption policy 

Products or Services  

Sales Channels, Distributors, or Trade Partners 

Newly created Entities  

Directorship or Ownership Structures 

Benefits of a Carollo Horton insurance policy review 
Regular insurance reviews can lead to better results for your pharmacy. 

  • Save time: Researching different policies and comparing policy wordings can be time consuming and tedious. With Steadfast’s innovative tools, we quickly compare and assess different insurance products – taking the hard work out of finding the right cover. 

  • Expertise: We take the time to understand your business and provide options that suit you.  

  • Save money: We help ensure you have the correct levels and types of insurance in place so that you are paying the right premium. If your circumstances change, we recommend ways to help ensure your cover is cost effective. 

  • Review your funding options: You may wish to pay your premium for the year upfront, or in flexible monthly or quarterly instalments to assist with your cashflow. We assist in sourcing premium funding options to suit your business. 

Carollo Horton’s insurance specialists maintain a fully integrated and client-centred approach. We manage the day-to-day aspects of your business insurance programme and hold regular review meetings to make sure you continue to have the right level of protection in this ever-changing world.  Importantly, we also recommend policy alterations, where necessary, to account for new or emerging risks to your business. 

Is it time to review your business insurance? Call 1300 227 655 or visit website our for an insurance quote today!