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Christmas can be a busy (as well as stressful!) time for many small businesses. Come December the big Christmas countdown is on as people are busy preparing for the end of year run – orders to be completed, sales to be made, projects to be finalised, and extended opening hours to cater for the influx of visitors.
It’s a very busy time of year and there is a lot to think about and before the Christmas Eve wrap up. With all this activity going on it’s important to take a little time and check in to ensure you have enough financial protection to keep your business safe over the festive season.
One of the first things to consider is any increase in foot traffic coming in to your premises – for example if you are a cafe or restaurant there will be more people out enjoying the festive spirit, and if you’re in retail the shoppers will be out in droves. Despite all the effort you have in making your premises safe, the increase in visitors will also increase the likelihood of an incident or accident. It could be as simple as someone tripping or slipping, merchandise falling from shelves, or a more seasonal injury caused by a sinister Christmas decoration. Now’s the time to make sure you have Public Liability, and if you do have it, ensuring you have adequate cover.
Next there’s seasonal risk. If you’re in retail or manufacturing, chances are at this time of year you are carrying increased stock levels. Do you have Business Insurance to cover your stock and contents from theft or damage? And if you do have you considered whether you have enough cover for the increased levels of stock you are holding? Make sure you revise how much stock you are actually carrying and see if your current policy will cover that cost.
If you’re responsible for Christmas deliveries, consider getting goods in transit cover as part of your business insurance. If you already have cover you may need to make sure you have enough cover for the increased level of deliveries. The same goes for money, make sure you’re protected within your Business Insurance pack, as with increased trading you are likely to have increased cash!
Over the Christmas break some businesses will operate with a skeleton staff and many will actually close their doors and take the opportunity for a well earned break. Christmas is a prosperous time for burglars, so there is the increased likelihood of break-ins. We’ve already checked off having enough cover for stock and contents in the unhappy event of a break-in, but also think about your machinery when calculating how much cover you need and if you have a big shopfront window think about cover for glass.
…it’s going to be a hot Christmas. Unfortunately we’ve already seen the effect of bushfires in Perth and South Australia. If your business was to be affected by fire do you have the right cover? Not sure? Read our article on preparing for bushfires (https://www.bizcover.com.au/slider/bushfire-preparation/)