Understanding what insurance you actually need for the type of business you run can be confusing.
An Insurance Broker can guide you to make choices that won’t leave you short or paying for cover you don’t need.
What Business Insurance do you need?
There are many types of Business Insurance available. On the surface they could look the same, but if you don't know what's different about them you may end up with cover you don't need or miss out on cover you do need.
Selecting the right type of Business Insurance could mean the difference between you staying in business instead of going out of business if something did go wrong.
What you need depends on what’s important to your business, the type of industry you are in and the types of risks your particular business face.
To help you understand what type of Business Insurance may be right for you we've listed a few of the things you can cover and what insurance would cover it.
When you work with us we will go through all the scenarios to mix/match cover that will keep you protected.
Damage to your property.
Can you afford to rebuild your property if it's damaged beyond repair?
Most businesses don't have that kind of cash lying around. Property Insurance will cover the financial side of things.
Losing your income.
If your business can’t operate for some reason e.g. because of a fire, storm, robbery, etc, you won’t have to worry about how you're going to pay the bills.
Not being able to operate - losing your business.
Many businesses fail to realise the impact not being open has on your business until you’re unable to operate - losing valuable cash flow and profits.
Statistics show that 70% of businesses fail after a major loss (Fire, Storm, Flood) without business interruption insurance.
Insurance match - Business Interruption Insurance, Property: Fire and Other Damage: Fire, Wind Storm, Malicious Damage or Flood
Financial loss because you’re liable for damages.
What happens if a visitor to your business sues you for compensation as a result of injuring themselves, damaging their property or worst case, dies, as a result from interacting with your business products and services.
What if there’s something you or employees have done that causes financial loss for your customers? Where will the money come from to pay for any claims?
Loss because of damaged sites, stock or machinery.
When you're a large business operating in numerous locations basic insurance limits may not cover you for what your business is worth.
An Industrial Special Risk policy is a broader form of business insurance which provides a more suitable level of indemnity for organisations who have high value assets and multiple properties, generally over $5 million.
Insurance match – Public Liability, Professional Indemnity Insurance, Information Technology Liability, Management Liability, Directors and Officers Insurance and Industrial Special Risks
Online attacks – damage to your reputation and bottom line.
With businesses collecting an ever increasing amount of customer data and using digital channels to do business there’s a real risk that information you hold (data) may be hacked – putting you and your customer’s security at risk.
Stolen credit card numbers, financial reports, medical records, birth dates and the loss of sensitive personal data can leave you liable and exposed.
There’s also a risk you breach the Australian Privacy Act and will face stiff financial penalties.
It’s important to put protocols in place to protect your IT systems but it still does not 100% guaranteed you are protected from Cyber related attacks.
You insure your property against Fire but are you insured against a Digital Fire. Talk to us about purchasing a Digital Fire Extinguisher for your business.
Insurance match – Cyber Liability Insurance
(This type of insurance can only be offered by an accredited financial planner, we currently have referral agreements in place for this type of insurance).
Dependency on any one person in your business
If your business relies heavily on you or a key team member to operate – what happens if they aren’t around anymore or are injured and can’t carry out their normal duties? Would your business still be able to operate? Could you pay your employees wages, and fulfil promises to customers?
Insurance match – KeyMan Insurance
Going out of business because you can’t pay your obligations to employees
If your employees get injured, or become sick whilst in your care could your business afford to pay double wages (theirs, and someone elses while they recuperate) and medical costs until they are better? Or, worst case – you need to pay out a lump sum payment because they can’t come back to work? What would that do to your cash flow and business operations?
Insurance match – Workers Compensation
These are just some of the insurance options available to you. With access to many unique, niche insurance cover options we’re sure to tailor a flexible insurance solution that matches your business needs.
Ready to find out more?
Contact us for a quote or confidential discussion.
