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Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.
According to the Australian Bureau of Statistics,1 there are 68,088 small businesses in the Gold Coast, with 11,590 additional new businesses registered in 2018 alone.
The main employing industry is Healthcare and Social Assistance, employing 12.4% of the population. The second largest employing industry is Construction, employing 11.5% of the population, followed by Retail trade, which employs 11.3% of the population.
The sector with the largest amount of registered businesses is Construction, with 12, 679 businesses registered. This is followed by Rental, Hiring and Real Estate Services, which has 10, 388 businesses, followed by Professional Scientific and Technical Services, which has 7,794 registered businesses.
Like all small business owners, they each have a responsibility to take reasonable steps for the safety of their customers, suppliers and the community and for their property.
“Exceptional service. I am quite impressed with my helpful & informed representative, who politely persevered through my busy schedule to make sure he called back exactly when I requested, twice, which is a big part of why you got my business, along with your value for money & reputation among fellow business owners. To be honest though, many broker agencies just didn’t engage as well with me, well done with your service training, I?m very happy with your staff & while I hope I never need to make a claim, I feel confident he would make my interaction as painless as possible if I did. Thank you.”
On average, small businesses on the Gold Coast pay $75 a month** for their business insurance, which is one of the most common types of insurance for small businesses on the Gold Coast. In fact, it is arguably important for almost every kind of business, from those that operate in the trades and service industries, to businesses that are predominantly office-based, such as consultancy occupations.
Given the various industries and occupations that can take out business insurance packages, the cost of it can vary greatly. This is due to several factors including: