There are many demands on a business owner’s budget, so when the money is tight it can be tempting to skip some expenses to save a little cash. Often you’ll tend to skip the outlays that don’t deliver an immediate return, like your insurance, and instead spend on things that can bring clients in the door and generate revenue, such as marketing and advertising. However, being in business is risky business and all Migration Agents face risks that could threaten the livelihood of their business. Which is why having the right insurance is an important part of being a responsible business owner.
This doesn’t mean that you need to get every type of insurance possible for your agency. Instead it is about having the right insurance to help you to take away some of your business worries. Firstly, you should identify your risks and prioritise them, by considering the probability of something happening, along with the financial impact it would have on your business. Because some risks could cause a major disruption, while others might only be minor.
If the probability of an event happening is low and the financial impact is low, you may decide it’s not worth insuring against. For example, if the chance of a wild storm hitting your town and causing damage to your premises is low and you could easily manage the cost of repairs, you might decide against insurance in this area. In other words, if the chance is low and you can afford to replace your assets, you may be willing to "self-insure".
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