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One of the drawbacks to owning a growing business is having more at stake. An expanding business is likely to be having dealings with an ever-increasing number of suppliers, customers and employees. As businesses grow, their insurance needs evolve too — from basic public liability to comprehensive packages covering professional indemnity, business interruption, and cyber risks.
Social media risks for businesses have increased since recent court cases found some Facebook page administrators of public pages are considered to be primary publishers of third-party comments. This means businesses can be held liable for defamatory content posted by others on their social media pages, making it essential to have appropriate insurance coverage and risk management strategies in place.
Retailers are the life blood of the local economy, contributing around $262 billion to local GDP figures each year. Given how important retailers are to the health of the Australian economy, it is critical that retail business owners understand and manage the key risks they face — from theft and property damage to public liability and employee safety.