Small business underinsurance is a ticking bomb that needs to be addressed. If a small business owner is disabled or dies, or if the business is damaged or destroyed by floods, fire or some other natural disaster, the economic flow-on to employees and the community can be devastating. The potential consequences of small businesses being uninsured or underinsured can be much more far-reaching than those for individuals. But individuals and households are also at risk of having insufficient insurance to cover replacement of house and contents, or to meet mortgage repayments if circumstances change. In addition to the required professional indemnity insurance, accountants in practice should consider a range of insurance products to balance the risks inherent in running a business.
