You can't remove every risk from running a small business, but you can take steps to feel more prepared.
Running a small business means you're always "on." There's always another email to answer, customer to call, invoice to send, or problem to solve and when you're responsible for keeping everything moving, it can be difficult to switch off but taking care of your business also means taking care of yourself.
So, before you jump back into your to-do list, take a moment. Put your phone down. Step away from the desk and take a deep breath.
Consider this your official 'Stress Less' moment. Then, when you're ready, here are a few simple ways to take some of the stress out of running your small business.
Cash flow is one of the realities of running a small business. Keeping track of regular expenses, upcoming payments and your cash position can help you plan ahead and avoid unpleasant surprises.
Where possible, building an emergency buffer can also give you some breathing room when unexpected costs come up.
You don't need to plan for every possible scenario, but it's important to ask yourself: What would happen if I couldn't operate tomorrow?
Think about your machinery, equipment, suppliers, people and customers. Knowing what you would do if something went wrong can make a stressful situation easier to manage.
Keep a simple list of important contacts, processes, and the first steps you would need to take. It's also worth considering how your business would cope financially if an insured event forced you to temporarily close or reduce operations. Business Interruption Insurance may help cover lost income and ongoing expenses while you get back on your feet.
Cyber security might not be the most exciting task on your list, but it's worth making time for.
Simple things like using strong passwords, turning on multi-factor authentication, keeping software updated and backing up important information can help reduce your cyber risk.
You can also consider whether cyber insurance is appropriate for your business. For more information, visit our cyber insurance page and download the cyber insurance application form to get started.
What would be hardest to replace if something went wrong?
Your tools? Equipment? Stock? Premises? Your ability to keep trading?
Understanding what your business relies on can help you decide where you may need additional protection.
That's where business insurance might be worth exploring.
Depending on your business, you may want to consider cover such as Business Liability, Business Building & Contents, Portable Business Contents and/or Tools of Trade, Business Interruption, Equipment Breakdown, Theft or Money.
You started your business because you're good at what you do. That doesn't mean you need to know everything about running a business.
Lean on the people who can help. An accountant can help with your finances. An IT professional can help with technology and cyber security. And an insurance broker can help you understand your business insurance options, arrange your policy and advocate for your if you have a claim.
Getting the right support can take some of the pressure off.
This one is easy to overlook. When your business is your responsibility, it can be tempting to work through lunch, answer emails late at night or keep thinking about tomorrow's to-do list.
Whether it's a walk around the block, a coffee away from your desk, an hour at the gym or simply putting your phone away for 20 minutes, make space to step away.
You can't remove every risk from running a small business, but you can take steps to feel more prepared.
Know your numbers. Have a plan. Protect your business online. Ask for help when you need it. And every now and then, take a moment to breathe.
Business insurance can be another part of that preparation, helping protect your business against certain unexpected events, depending on the cover you choose, subject to your business risk profile and eligibility criteria.
At insurance.com.au, our Business Insurance offers a range of cover options for eligible small businesses across Australia.
It depends on your business and circumstances. Sole traders can still face risks associated with their business activities, so it's worth considering what could go wrong and whether insurance may help manage those risks.
The cost varies depending on your business, the risks involved, and the types and level of cover selected. There isn't a standard price for every small business.
Business interruption insurance may help cover certain financial losses and business expenses following an insured event that interrupts your business, subject to the policy terms, conditions, limits and exclusions.
This article has been prepared by insurance.com.au Pty Ltd (insurance.com.au) ABN 27 163 909 073, an Authorised Representative (AR Number 443422) of Community Broker Network Pty Ltd ABN 60 096 916 184 AFSL 233750.
The information in this article is of a general nature and does not take into account your individual objectives, financial situation or needs. Before making a decision based on any of the information, you should consider whether it is appropriate to your particular circumstances. You should also obtain and consider the Product Disclosure Statement (PDS) and, where available, Target Market Determination (TMD) before making any decision to acquire a financial product. These are available at https://www.insurance.com.au/important-documents.
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