For business owners in Australia, insurance needs to be a priority. With so many potential threats to a business, having the right insurance coverage can keep your business and your personal finances significantly safer. The challenge for Australian entrepreneurs is that there are so many different types of insurance policies available that it can often get very confusing very quickly. From the insurance that you’re required to have by law, to the coverage that will simply give you peace of mind in a wide variety of sectors, here is a brief guide to protecting the commercial assets of your business.
There are a variety of insurance types that business owners are required to have. Although employees are not legally considered as a commercial asset, you will certainly struggle to run a business without them. All businesses that employ even a single person must have Employers Liability Insurance in place. However, if you have business premises, that is an asset, and that means you need to have Buildings Insurance. This will protect you from damage to the building, whether it’s from wilful vandalism or accidental fire or flooding. You may also need to have:
There are additional types of insurance that may not be required by law but can be very useful when it comes to keeping your business safer. Depending on the sector that you trade in or the size and structure of your business, here are some asset protection insurance types that you should consider:
Manufacturing businesses might also want to look at a pollution risk policy. If there is even the slightest risk that your manufacturing locations will produce any kind of waste then a pollution risk policy will be a huge help if you are forced to pay for the cleanup of any accidental pollution or any claims made against your business.
No matter what kind of industry your business is in, you might also want to secure your assets by adding these additional policy types to your overall coverage:
You might also look at Goods in Transit insurance if your business involves a lot of shipping, or Money Insurance if you have large amounts of currency on your premises.
Entrepreneurs and business owners should always have a very clear picture of their insurance needs. From the policies that are legally required to the ones that are simply designed to keep your business safer, having the right coverage can ease the stress of business management. Make sure that your business is more protected, and the future of your company will be much more secure.