We still have spaces available for the following Small Business workshops :
• Intro to Business Planning
• Small Business Basics
• Marketing Workshops
Could your business survive temporary closure?
NRMA Business Insurance has warned many small Australian businesses could be at risk of financial ruin, after it revealed around 65 per cent* had either no or inadequate business interruption cover.
Business interruption cover is an option that safeguards business cash flow and loss of profit if a business is disrupted by damage to their business premises from a major insured event such as fire, vandalism and storm damage.
Head of NRMA Business Insurance Llewellyn Jones said this type of insurance cover could be the difference between a business going bust and its survival.
“The types of claims vary greatly when it comes to business interruption cover, however all businesses see this type of support as a lifeline in an often dire situation,” explained Mr Jones.
“The reality of running a small business is that things can go wrong very quickly. Even an event outside of your control could result in the loss of customers, staff and cash flow, not to mention the securities you may have put up to finance your business in the first place.
Mr Jones said a recent claim from a retail business highlighted the need for business interruption cover. Following a fire to the neighbouring premises, a claim for almost $140k was paid out, thereby providing support until the business was able to operate again. This included payment for rent, loss of income/profit, wages and the relocation to new premises (including advertising costs).
“Providing cover for cash flow in particular was usually well received by claimants as it helped them get through a tough period that would normally put them out of business,” added Mr Jones.
For those already with business interruption cover, Mr Jones also stressed the importance of ensuring an accurate sum insured for covering costs such as wages, rent and loss of profit. He added that many businesses only find out that their insurance cover is inadequate after they experience a major loss.
“We would therefore encourage all small businesses to review their insurance cover and consider the implications a significant unforeseen event could have on their business.”
NEIS course starting 28th July 2008
• Do you have a good business idea?
• Would you like to start your own business and become self-employed?
Let Illawarra ITeC help you put that business idea into practice and develop the necessary skills essential for business survival.
NEIS provides:
• FREE Nationally recognised and accredited training in Small Business Management
• FREE Advice and support from a mentor for the first 12 months
• Income support for 12 months
• Access to a network of established and successful small businesses.
To be eligible for the NEIS Program you must be in receipt of a Centrelink pension or benefit and your business must not yet be operating on a commercial basis.
For further information and to discuss this program in further detail please call Shannon today on 4223 3100.
This is only a brief outline of the types of small business advice and assistance that we can offer. Want to know more? Remember I am a FREE service and can assist you in developing your business in many ways. Call me today on 42233100 or check out our website at www.illawarraitec.com.au | 
