Businesses must deal with risk on a daily basis, regardless of their size or industry type. Insurance is an essential part of managing these risks, and for small business owners uninsured at the time of an accident, the resulting costs can often lead to closure of the business. If you're operating a small business, having insurance can help reduce your risk and allow you to succeed in the future.
Your insurance requirements will vary according to the type of business you are operating, but you should be aware that some forms of insurance are compulsory, such as workers compensation and third party car insurance.
Although it's not compulsory, consider insuring your assets, revenue, and liabilities to protect your business against potential risks.
Below is a brief description about the sections of cover that can be incorporated into a Business Insurance package:
Fire & Perils /Accidental Damage (Property Section)
Covers your physical assets (buildings; stock; contents) against loss or damage by certain physical events such as fire; water; malicious or accidental damage; storm & tempest and the like.
Pays for any profits lost by the business when it has been unable to trade due to loss or damage from the kind of events covered by the policy. The cover can also include wages and other out of pocket expenses.
Public & Products Liability (also known as Broadform Liability)
Covers your legal liability to third parties for personal injury or damage to their property if you are held to be negligent at common law arising out of your business or your products.
Pays up to whatever amount you nominate in the policy against the event of Burglary / Theft of your physical assets from your premises.
Pays up to whatever limit you nominate in the policy against Theft of Money either in transit, or stolen from your nominated premises.
Covers glass at your premises against damage necessitating replacement.
Pays for the cost of repair of your computers and electronic equipment following its breakdown. It also includes cover for Restoration of Lost Data.
Pays for the repair or replacement of your machinery should either a mechanical or electrical breakdown occur. You can also extend the cover to include ‘Spoilage’ of foodstuffs following breakdown.
Mobile Plant & Equipment / Portable Property
Covers nominated Registered and Unregistered Plant & Equipment, against loss or damage, anywhere in Australia.
Property in Transit
Covers Stock whilst in transit, (road, rail or air), up to a nominated ‘limit any one event’.
For businesses providing professional advice or service, this pays for legal liability for financial loss alleged by third parties, as a direct result of reliance upon your professional advice or service.
Covers your legal liability arising out of a breach of your duties either as a Director or employer, under a variety of legislation and statutes, including employment practices liability.
If you would like to know more about these products and how they can protect your Business, please contact us.
Any advice or recommendation that may have been implied is General Advice only. Please be aware that we have not taken into consideration your needs, objective or financial requirements. Before deciding to purchase a financial product, you should read the Product Disclosure Statement to ensure the product is suitable for your needs.