Running a business has a number of responsibilities and associated risks whether you are a sole trader or global enterprise. Business insurance can protect you against the financial damage of business risks giving you peace of mind to concentrate on growing your business.
In Australia, some insurances are compulsory – if you hire employees you must have workers compensation in accordance with each state regulations. Further to this some companies are required to have Public Liability Insurance to cover for third party death or injury and if you own a motor vehicle Third Party Insurance is also compulsory.
In addition to the compulsory insurances there is no ‘one size fits all’ solution. Insurance companies will often package different types of insurance together which is more economical than separate policies. You will want to protect aspects of your business such as:
As your broker, we have the expertise and will take the time to understand your business and source the most suitable insurance for your needs.
Some of the key insurance products we’ll look at include
Technology and Cybercrime Insurance
Technology Insurance covers accidental damage or loss to computers, electronic equipment and data. Cyber Liability Insurance protects your business against the cost of keeping your data secure and business disruption in the event of cybercrime.
Property insurance covers damage or loss to buildings, contents and stock caused by insured events and accidental damage.
Business Vehicle Insurance
In addition to compulsory third party insurance we recommended that you consider business vehicle insurance to protect your company vehicles in the event of damage, theft or collisions.
Product Liability Insurance
Product Liability Insurance is a must for any business that manufactures its own products. Even with excellent manufacturing practice and quality control you cannot completely rule out legal action for a faulty product.
Directors and Officers Insurance
Managers are accountable for their actions and also the outcome of their decisions and unfortunately it’s easy to make a wrong decision in a high-pressure situation. Even with sound knowledge of the market, compliance regulations and risk management an unintentional mistake can be very costly which is where D&O Coverage offers protection. Risks that can be covered include employment practice, HR issues, reporting errors, unauthorised decisions and breaching compliance regulations or laws.
Contact us for a business risk analysis and customised insurance package.