No matter how well you operate your business or how successful you are, business operators are not immune to accidents and risks.
Whether it may be a simple accident at work, a thief stealing your products, a switchboard fire or a customer tripping or slipping at your premise, such exposures and incidents are part of operating a business.
Whilst you may take every precaution to protect your business, insurance is part of the financial equation to minimise such exposures and incidents to your business.
The number of people who are prepared to give you advice on business insurance ranges from qualified professionals such as insurance brokers, insurers, banks keen for your business and even your well intended friends.
But seriously, you may have spent years building your business or you may have borrowed heavily to invest in your new business venture – don’t leave it to chance. Spend a few minutes researching business insurance and ensure you understand the cover options available and the experience of the professionals who are going to give you advice.
We specialise in small to medium business operators Australia wide. If you business cannot be quoted automatically under this web site, we can still assist you. Give us a call so we can better understand your business.
What Business Insurance covers does my business need?
Whilst all business insurance consumers should as a minimum have Fire and Liability covers, the importance and level of all other covers will vary from industry to industry. For example, a computer warehouse operator may place a higher priority on Burglary cover than a flower distributor.
Business insurance will generally have a number of sections for you to consider, each section you choose will come at cost and is based on the exposure you may wish the insurer to retain in case of an accident or incident.
The cover options to you are as follows:
Fire and Perils
This section covers business property such as Buildings, Stock, Contents and Customer Goods against fire or other perils such as water and storm damage, malicious damage, accidental damage, lightning and explosion which may cause damage to the business property.
This section is strongly recommended.
Should you suffer an unfortunate incident such as a fire at your business, your income is likely to be affected.
This section covers your loss of profits and additional costs incurred following damage to the business. It is an important cover as it could be the difference between you getting back into business and not having a business at all. You should seek professional advice in establishing your correct Gross Profit sum insured.
This section is strongly recommended.
A burglary can be costly and cause major disruption to a business. A loss can result from damage to the business property caused by the burglar or the property stolen. The Burglary section provides the necessary protection.
Should you choose to insure for high limits, the insurer will seek to ensure you have adequate physical security such as deadlocks, alarms, window protection and fencing where feasible.
Money can be insured whilst at the business premise, whilst the staff are taking money to or collecting money from the bank, if you leave the money in the safe overnight or even if you take it home with you for next business day banking. The Money section ensures protection in case of a loss.
Whether you wish to insure the external glass as required under your lease agreement, the internal glass inside the business or the signage, you will need Glass insurance. The cost of glass replacement is costly and in most cases is a condition of a lease agreement for most tenants.
Liability is an important cover that no business should be without. This section provides cover for amounts which you may be liable to pay for personal injury and property damage to third parties in connection with your business. A liability incident may result from a simple trip and fall at your business premise or an incident from a product you sell.
You cannot be in business without this cover.
Most machinery are operational 24 hours a day, 7 days a week. Breakdown is likely to occur at a point in time. This section covers sudden and unforseen loss to your plant and machinery. It also covers stock whilst contained in cold storage such as a cool room and fridges.
The section covers unforseen or sudden loss to mechanical and electrical equipment. The section can also cover the restoration costs of data that may be lost.
Under the policy we provide when you choose machinery breakdown cover you automatically receive cover for electronic equipment.
The Australian Tax Office conducts audits and in depth investigation into businesses in Australia. In the event your business is audited, the necessary and reasonable costs you incur such as your accountants or tax agent fees for work done is covered.
This section covers you against loss of money or property caused by theft, fraud or dishonesty by an employee of the business.
Goods in Transit & Marine Cargo
If your business involves the importing of goods from overseas by air or sea or the national or local transportation of your goods by road, sea or air you may wish to consider insuring your property against potential damage whilst in transit.
Your business may have a range of tools such as note books, Ipads or mechanical or other electronic equipment that you need to insure whilst it’s mobile with you away from your business premise. Most insurers will provide cover to specifically insure the items you want or where feasible have a blanket cover with a maximum limit any one loss.
We insure businesses of varying sizes all around Australia. If you feel you can benefit from a second opinion on a business insurance matter when opening a new business, if your insurance renewal is due or if you simply wish to receive some advice, please do not hesitate to call our office.
How do we add value as your Insurance Broker?
We listen to your needs and understand what you do, we use our years of experience in the insurance industry and market know how, we rely on our experience with similar hospitality businesses and tools available to us to research the market and provide you with business insurance cover suitable to you.
We focus on 4 key elements for our business customers:
- The product must be right for the business.
- The clients must be made aware of all options to make a rational decision on Business Insurance cover
- The premium must be competitive and
- The insurer must be approved by APRA, the body that regulates Insurers in Australia.