SrCu$_2$(BO$_3$)$_2$ (SCBO) is a very much studied quantum magnet that is most well known for its ground state of coupled singlets and multiple magnetization plateaux. Recently, a group of theorists proposed that in the little studied low field regime, SCBO is a magnetic relative of the celebrated topological insulators. To our knowledge, this is the first proposed case of a topological band structure in a magnetic insulating material. Our experimental proposal is intended to make progress towards establishing whether this theoretical picture is correct. The first part of the experiment is to use inelastic neutron scattering to investigate the magnetic excitations in small field where we expect to observe a band gap opening in a field and closing again at a Dirac point. In the second part a simultaneous Raman experiment will correlate the bulk Raman signal with the neutron measurements.