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NIBA issues insurance reminder


With the end of financial year just around the corner, NIBA have issued a warning to businesses that now is the time to update their insurance arrangements.

In a warning which can be used by brokers to spur interest in updated insurance, NIBA CEO Dallas Booth said that the end of the financial year offers a perfect time to review insurance documents and update coverage.

“There are three key things business owners need to ask when end of financial year and insurance renewal time approaches,” Booth said.

“Firstly, every business owner should ask whether they have the right insurance cover for the business they are operating.

“Secondly, do they have enough insurance cover to protect their business if something goes wrong?

“And thirdly, has anything changed since the last insurance renewal? Have they added a new line of business that was not there last year? Do they have valuable new equipment, tools, or other assets that need to be fully insured?

“The last question is particularly relevant this year after the Federal Government announced in the Budget that businesses with an annual turnover of less than $2m can claim immediate tax deductions for every purchase of an asset worth less than $20,000.”