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Types Of Business Insurance
Every time your business opens its doors you face a plethora of risks ranging from customers slipping and suing for bodily injury, to fire, storm, natural disaster, or theft, damage, financial losses and cyber threats.
There are several kinds of insurance policies available for Australian businesses large and small and it’s important to protect yourself and your valuable business assets, so contact us at Adroit today to discuss your small business insurance needs so you have the right insurance.
What are the types of business insurance needed?
The following are three types of business cover required by law in Australia:
Workers compensation insurance:
- If you employ workers you must have this insurance to protect them in case they sustain an injury or have an accident or illness as a result of carrying out their job.
Third-party personal injury insurance:
- If you have a fleet of motor vehicles or even just one company car as part of your business, you are required by law to have third-party personal injury insurance in the form of a green slip or compulsory third party (CTP) insurance. This covers you for any action for personal injury claims related to using the vehicles.
Public liability insurance:
- This is another of the compulsory types of insurance coverage necessary especially for some kinds of businesses, sole traders or self-employed. Such businesses include electricians, electricians and plumbers, and this insurance protects you against third-party death or injury.
What are the five main kinds of business insurance?
Apart from the compulsory insurances mentioned above and below, the main policies for a successful, protected business are business, property, cyber, professional indemnity and business interruption coverage. But first, here’s some more information about public liability and workers comp insurance:
Public Liability Insurance
Imagine it’s raining outside and one customer comes into your premises with a dripping umbrella, the floor is now wet, another customer rushes in to get out of the weather and slips over.
Injuries from accidents such as this happen every day in supermarkets and other buildings and car parks across Australia. Without this cover, you could be up for hundreds, thousands or even millions of dollars in compensation.
Such a hit on your finances for personal injury claims of property damage could put an end to your dream of growing a successful business and it could have been avoided if only you were insured. This cover helps you cover the legal costs, medical and rehabilitation costs, repairs and replacements, and more. So get covered today.
If you have employees as part of your business, it’s compulsory in Australia to have workers comp insurance in place. This policy means that employers are reimbursed for wages, medical bills and other expenses associated with employees who make a successful worker’s compensation claim.
Business insurance options
This important insurance can be an umbrella insurance packages for small businesses, home-based businesses or large corporations and can include:
- Product liability insurance cover
- Cyber liability insurance
- Commercial vehicle insurance
- Electronic equipment insurance
- Tax audit insurance
- Life insurance
- Professional advice
- General liability insurance
- Commercial auto insurance
- Health insurance
- Medical expenses
- Lost income
- Income protection
- Employee fraud
- Specialist services
Business Interruption Insurance
You might be a positive thinker and believe all’s well with your business no matter what, and that’s a good attitude, but without this cover, it’s not practical. Things happen to the best of us, and you need to be prepared for them by having adequate business cover. Then you can be even more positive about your prospects.
Business Property Insurance
If you’re a business owner and also own the building housing your small business or larger concern or if you have property related to it, you’d be crazy not to have a commercial property insurance policy to protect it.
Your building’s contents also need to be insured. Your office desks and furniture, computers, specialist equipment and tools or other property associated with your company, all need protection.
Replacing, renovating or repairing items damaged in a fire or storm, or stolen in a break-in can be very costly, so make sure you are covered by property insurance.
Professional Indemnity Insurance
This insurance is also known as errors and omissions cover or professional liability insurance and it protects your business if you operate to provide services or advice and charge for it.
This insurance covers you for any claims against you for alleged breach of duty or negligence arising from an omission, error or act while exercising your skills in professional service or advice.
With cyber crime on the rise worldwide, don’t think for a minute that it won’t affect your small business because these criminals don’t discriminate and you could find you’re a victim. Cyber cover protects your business from financial loss due to a cyber attack.
This insurance covers the legal fees and expenses that come with malware, viruses, data breaches and attacks by hackers and can be included in a business insurance policy.
At Adroit Insurance and Risk we are the experienced, highly trained and expert insurance broker business to call on for all your insurances. Our brokers involve themselves in your business so they get to know it well and can provide a custom package of business insurance policies. Contact us today for a discussion and quote.