It can be confusing finding the right insurance for your business. Unless you are versed in insurance, it's hard to decide what type of covers you should get and most importantly which covers are affordable. Shielded can get you covered with great advice.
Business Insurance is a combination of insurance policies combined into one policy that is customised to meet your business' requirements.
There are several sections to cover which are explained below.
This covers you for property damage and personal injury to third parties. Public Liability insurance is required for most businesses.
This is general cover for your business property which can include the building, contents and stock. It typically covers events like fire, storm, floods and other listed events included inr your policy. If you lose your business property to a fire this is the cover you're going to need.
It's very important that you select the appropriate sum insureds for your business property as there may be average clauses applying in the event of a claim. Talk to one of our brokers to understand how this works.
Unlike your typical home and contents insurance policy, theft is not a standard inclusion on business insurance. This allows you to select an appropriate sum insured for what you believe would be stolen should your business experience a theft. For example, a jewellery store would want much more theft cover than a take away store.
Under most property leases you are required to take out plate glass cover. This cover is usually inexpensive and you can cover internal and external glass. Factors that effect pricing can include location, vandal risk, and storm risk in your area.
Imagine your business has burnt to the ground. You may still have to pay loans, staff, creditors and other on-going costs. Business interruption will keep cash flow coming into the business to allow you to keep going. Once a business experiences a total loss such as a fire, it's hard for the business to set back up unless there is sufficient cash flow.
Covering money on a business insurance policy is usually inexpensive and will allow you to either select a blanket cover or seperate cover for money during certain times, for example: During Business Hours, In Safes/Strongrooms and at private residencies.
If you are responsibile for transporting your clients goods, whether that be around Australia or overseas you will want to look at transit insurance. Keep in mind though, if your occupation is a removalist or courier you may need more specialised cover.
If you rely on your machines to operate, you may wish to consider machinery breakdown cover. For example, if a freezer breaksdown, and spoils thousands of dollars in stock you can make a claim on this cover.
Just like machinery breakdown cover, if your business relies on electronic equipment you will want to consider this cover.
At any point the ATO could launch an audit into your business. Tax Audit cover will allow you to cover an amount for accountant and audit preperation costs.
Often refered to as tools cover, general property covers your tools, mobile stock, and more if they are stolen. You may also wish to consider if you need accidental damage for your general property, if so you need to let your broker know.
Imagine a staff member has been syphoning off your hard earned funds. It may take some considerable time before this is established. If you have staff that deals with your banking this is a cover you should seriously consider.
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