What Is Business Insurance?

Business Insurance is a type of insurance targeted at businesses and business professionals. It is also sometimes referred to as Small Business Insurance, Office Insurance, Property Insurance, General Business Insurance, or Commercial Business Insurance.

Business Insurance can assist in the office and equipment safety and operation, particularly in regards to physical damage, theft and other categories.

There Are Many Types of Business Insurance:

BizCover customers can mix and match insurance types. Business Insurance types include:

• Public Liability Insurance: may cover against the financial risk of being liable to a third party for property damage, pure economic loss, or death/injury, as a result of your negligence.
• Office Contents Insurance: may cover against burglary, theft and accidental damage of non-portable office equipment, such as chairs, desks and personal computers.
• General Property Insurance: may cover transportable equipment, such as laptops and mobile phones from accidental damage and theft. This is equipment that may be removed from the office.
• Glass Insurance: may cover the replacement of glass including internal and external glass, and illuminated signs (excluding tubing and light fittings).
• Tax Audit Insurance: may provide cover for fees of any accountants engaged by you in connection to an audit by the Australian Taxation Office (ATO).
• Premises Insurance: may cover the physical building itself. Currently, BizCover does not provide cover for premises. Please contact us to show interest in Premises Insurance policies.

What is Public Liability and Why Do You Need It?

Public liability insurance covers your business’ potential liabilities to third parties for personal injury or property damage if your business is found to be negligent. Some laws impose a ‘duty of care’ upon certain people, including employers, owners of property and suppliers of goods. If have breached your duty of care, you may be liable for damages.

If your business requires your customers or members of the public to visit your home or business, or if you visit their premises, you should seriously consider taking out public liability insurance for your protection. Business owners and have a responsibility to those visiting or participating in any type of activity on their premises.

Public liability insurance is available to business and individuals alike.  It provides legal protection to home-based businesses and larger organisations.  For some businesses, public liability insurance is mandatory. Business owners should investigate the specific requirement for your type of business.

For more articles on Public Liability visit our Articles page.

Tags: Business Insurance, business insurance Australia, business insurance Sydney, office insurance, Public liability