Of all the mechanisms you need to have in place to run a successful business, an insurance program that can alleviate and protect you from any risks that your business faces, is paramount.
You should always consider sourcing your insurances through an adviser who is licensed to provide personal advice, not general advice. Personal advice takes into consideration your individual circumstances and provides advice accordingly.
As a starting point, the following insurances should be considered:
- Business Insurance – Offered in a packaged product that allows you to select from the different policy sections which include:
- Property Damage - Buildings & contents
- Business Interruption – Protects revenue when you are unable to trade due to an insured event such as fire or a storm event that destroys your premises.
- Public Liability – Covers your legal liability if someone suffers a physical or financial loss as a result of your actions – think slip and fall.
- Theft/Money/Glass cover
- Electronic Equipment/Machinery Breakdown – Covers specialised equipment which can be very expensive to replace. Business interruption cover can also be purchased to protect revenue generated by any piece of equipment.
- Professional Indemnity - Protects professional service occupations that charge a fee for their advice, for any action taken against them for any alleged breach in their professional duty or advice.
- Practice Indemnity Insurance – Similar to professional indemnity but protects the business entity and staff. This is often assumed to be covered under an individual indemnity but with today’s business structures utilised it is not always the case and should be reviewed accordingly.
- Management Liability – Protects directors & officers from wrongful acts, employee practice liability (unfair dismissal, bullying and harassment), and statutory liability (WHS breach).
- Cyber Insurance – Cyber insurance provides cover for business interruption (to protect revenue if the business can’t trade), breaches of privacy and associated costs, extortion, incident response with forensic and legal support.
Please contact an insurance adviser licensed to provide personal advice to conduct a full review and ensure you have the appropriate insurance in place – don’t leave it until it’s time to claim as by then it may be too late. If you would like assistance with getting your business insurances right, please feel free to get in touch with our team.
