Is Your Business Insurance Ready for the New Financial Year?

Published: 03 June 2025
Updated: 03 June 2025
2 minute read

A new financial year brings fresh opportunities and it’s the perfect time to take stock of your business insurance. Reviewing your cover now can save you a lot of headaches down the track.

Here are five smart steps to help make sure you’re properly protected for the 25/26 Financial Year ahead.

  1. Start by documenting any business changes.

A lot can change in a year! You might’ve launched new products, expanded your team or started working with new suppliers. These changes can impact the type and amount of insurance you need. So, step one is simple: jot down what’s changed. It’ll give you (and your broker) a clear picture of where your risks might have shifted.

  1. Check what cover you already have.

Most businesses hold a few key policies like public and product liability, property, motor and workers compensation insurance. But when was the last time you read the fine print?

Now’s a great time to review the limits on each policy (that’s the maximum you can claim) and look at any exclusions. Are they still relevant for how you operate now? And while you’re at it, set calendar reminders for renewal dates — it’s easy to miss them and accidentally go without cover.

  1. Don’t forget cyber protection.

Cyber-crime isn’t just something that happens to big business. In fact, small and medium businesses are increasingly being targeted, and the cost of recovering from an attack can be significant. According to the Australian Cyber Security Centre, the average cost per cyber-crime report is now $49,600. If you store sensitive customer data or rely on digital systems to run your business, cyber insurance is well worth a closer look.

  1. Shop around.

With rising costs putting pressure on all sides, business owners are understandably looking for value. When your policies come up for renewal, take the opportunity to compare providers. A better price doesn’t always mean better cover — but a quick check can often reveal gaps, overlaps or a better fit for your needs today.

  1. Get advice from someone who knows.

Business insurance can get complex quickly. That’s where a trusted advisor comes in. An experienced broker can review your current cover, flag any gaps, and negotiate competitive premiums for you. It’s a simple way to save time — and give you peace of mind that your business is properly protected heading into the new year.

Let’s make sure your cover is fit for purpose.

Getting your insurance sorted now can help you move through 2025 with confidence. If you’d like help reviewing your current policies or understanding where you might be underinsured, contact us today.

About The Author

Andrew is the Director of Cutcher & Neale’s General Insurance division. He has been an advisor in the industry for over 20 years ensuring his clients have the best value and personalised coverage possible.

Andrew has worked in many areas of insurance, including domestic and international brokering. His specialties cover personal and business insurance, medical professionals, residential and commercial real estate, sports, and construction.

The information in this publication contains general advice only. It has been prepared without taking your personal objectives, financial situation or needs into account. You should consider whether the information contained within this publication is appropriate for you. Where we refer to a financial product you should obtain the relevant Product Disclosure Statement or offer document and consider it before making any decision about whether to acquire the product.