2026 EOFY has come and it's time for stocktakes and tax returns, but it can also be a beneficial time of year to review your business insurance. According to Australian Government Business, this is a good opportunity to review your level of cover, especially if you have increased your turnover, sold assets, or hired more staff.

Here are some tips that you can incorporate during the end of financial year tax time to ensure you have the right level of business insurance coverage.

6 Actions to Add to Your EOFY Business Checklist

It can be easy to be put off by the paperwork and the time that goes into reviewing your insurance needs. However, if you neglect to update your cover you could find yourself underinsured and leave yourself short in the event of a claim. On the other hand, you could be paying for cover that you no longer need.

Some of the main reasons you might need to update your business insurance is if your business has grown, you have upgraded equipment/tools/machinery, or you have changed business operations.

Proactively reviewing your business can help you identify gaps in your cover and ensure your insurance aligns with your business operations.

Here are 6 insurance related points to add to your EOFY tasks:

1. Revenue and cash flow: Did your revenue change, either increasing or decreasing? If you have business interruption insurance, you need to ensure the revenue listed on your policy reflects your current situation, otherwise you risk underinsuring your business.
2. Staff and contractors: Have you had any additional hires? Review your contractual requirements and legislation.
3. Business assets: Depending on industry, your business assets could include tools, equipment, machinery, vehicles, properties, or inventory stock. Ensure all your asset replacement values reflect current conditions and needs and add any new purchases.
4. Review risk management: Does your insurance policy still reflect your current business activities and risks?
5. Check your tax deductions: There may be some expenses that you will be able to claim as tax deductible. For small business owners looking for tax assistance, check out the Australian Taxation Office website or contact a registered tax agent.
6. Do you need additional cover? If your business situation has changed, you may need different cover such as Professional Indemnity Insurance, Product and Public Liability Insurance, Management Liability, Marine Insurance, or Cyber Insurance. If you are unsure about your current level of cover, check your Product Disclosure Statement or ask your broker.

If you need help with insurance for your small to medium business, contact a broker today.

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Insurance and Tax Time Tips

Tips to ensure everything runs smoothly this EOFY:

• Record keeping: Remember to always keep your tax business records for five years, and all wage and records of income and expenses for seven years.
• Look beyond insurance premiums: Ask your broker or check the PDS to gain a better understanding of your level of cover. Assess how well your policy covers you and update as needed to match your growing business.
• Avoid underinsurance: Regularly assess asset values to make sure you don't leave yourself short in the event of a claim. To keep track of your assets, it can be beneficial to create an asset register.
• Proactive approach: Let's face it, no one loves tax time, especially the paperwork and admin that accompanies it. However, starting early can help you stay on top of things and help you start the next financial year on a high note. 

Whether you have property insurance, vehicle insurance or product liability insurance, ask your accountant or a tax professional about insurance related deductions.

Talk to an Insurance Broker About Your Insurance Needs

This end of financial year, remember to add your insurance policy to your checklist. When you partner with an insurance broker they will source quotes from across the market, utilize industry expertise and assist you in the event of an insurance claim.

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Any advice provided on this website is general in nature. It does not take into account your objectives, financial situation or needs. You must therefore assess whether it is appropriate, in the light of your own individual circumstances, to act upon this advice.