With over half of Australian SMEs currently in their growth stage, with yearly revenue of between 10 and 50 million AUD, it’s not surprising that many business owners are looking to protect their developing companies.
Some scientists have said: “…the best predictor or future behaviour is past behaviour…” With regards to global events at least, this can be one of many useful indicators for both large and small businesses.
One of the most fundamental priorities for any business owner is balancing their risks against the insurance costs to cover them. In other words, is the benefit of insurance worth the price of the premiums?
On 22nd October 2022, the Optus cyber breach resulted in the disclosure of personal information of more than 10 million customer accounts. Names, addresses, phone numbers, dates of birth, email addresses, and even driver’s licence, passport and Medicare numbers were stolen in the security breach.
Whilst you can do everything feasible to avoid phishing scams, it’s not always possible to keep your business safe. After all, no one can account for human error 100% of the time. This means that you need to prepare your business to deal with these scams.
Insurance costs for SMEs have continued to increase over the past few years. One of the main drivers for these increases is a rise in major weather events, notably the severe rain storms and floods that were recently experienced on the east coast of Australia.
One of the simplest ways to set up a business in Australia is as a sole trader. Your ABN is free, it costs around $30 to register a business name each year and there are no legal or other annual fees required. You have the freedom to make all the decisions, take all the profits and manage your business as you see fit.