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If you run a business, it is absolutely essential that you look to see how you can protect yourself and your assets with business insurance. However, figuring out exactly what kind of cover you need at the best price is no easy task.
That’s why a group of insurance industry veterans got together over 10 years ago and created BizCover. BizCover’s platform is designed to help Australian SMEs to compare, buy, and save money on insurance.
Why finding the right business insurance can be difficult
When you start a business, you assume a degree of legal responsibility for the physical and financial well-being of anyone affected by your business’s activities. This includes clients, customers, or even people who happen to be passing by your office. Business insurance can protect you in the event something goes wrong. It can also protect your commercial property and assets – physical, financial, or intellectual – from unforeseen events. The trick is figuring out exactly what kind of insurance coverage your business needs.
A lot of confusion around business insurance stems from the many different types of options available to cover your business. Some of the more common types of cover include public liability, professional indemnity, cyber liability, business interruption and tax audit insurance. In many cases, businesses will need to mix and match different types of coverage to make sure they are fully protected. Figuring out exactly what you need, then finding the best price, can be stressful and time consuming. On the one hand, you don’t want to underinsure your business and risk your assets over one little misstep. On the other hand, you don’t want to waste money on coverage you don’t need.
What are some of the kinds of the business insurances I may need to consider?
There are plenty of business insurance options in the market, and you’re not alone if you find the whole process a bit overwhelming. No two businesses are exactly the same, and may require different types of insurances to help protect them. This is a quick overview of some of the types of business insurances and how they can protect against different risks.
Public Liability insurance*
Public Liability insurance provides protection* for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
What does Public Liability Insurance typically cover?
- Personal injury suffered by a third party (e.g. a customer, supplier or member of the public)
- Damage to property owned by a third party due to your negligent business activities
- Legal and defence costs associated with a covered claim
What is not typically covered?
- Injuries to your employees
- Damage to your own property
- Costs of rectifying faulty workmanship
- Professional negligence
- Contractual liability
- Events occurring before or after the policy period
Professional Indemnity insurance*
Professional Indemnity insurance is an important form of protection for businesses that provide specialist services or professional advice. Some of the types of sole traders and freelancers which may require Professional Indemnity insurance include architects, graphic designers, engineers, accountants and life coaches for example.
It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
What is typically included?
Depending on the Professional Indemnity policy selected, your policy could include cover for:
- Payment of compensation as a result of a claim, including but not limited to Court awarded damages
- An award of legal costs against you
- Reasonable legal costs incurred in defending or responding to the claim
- Claim investigation costs
- Disciplinary proceeding costs
What is typically excluded?
Depending on the policy you have selected some of the exclusions could include:
- Intentional damage
- Contractual liabilities
- Your professional fees
- Known claims and circumstances
- Fraud and dishonesty
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).
These are some of the different types of Business Insurance coverages to consider:
Business Interruption cover provides protection for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is designed to help your business recover from an insured event by paying ongoing expenses (such as wages or rent).
Covers your business contents or stock if they were damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy. Even if you run a home-based business with a personal contents policy in place, your business contents are likely to be excluded.
If you own the building from where you operate your business this covers you for damage to your building due to fire and other perils listed within the policy wording.
Cover for breakage of internal and external glass and signage you own or for which you are legally responsible, at the insured premises. Glass can also include mirrors, porcelain and ceramics such as toilet and hand basins.
Portable Equipment insurance (also known as General Property insurance) covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.
Management Liability insurance*
Management liability insurance* protects directors and officers and the insured company itself from the many exposures relating to the management of a company. Owners and those responsible for the management of a company have specific responsibilities which can result in personal liability for alleged or actual wrong-doing.
In the past, the best way to find business insurance was to talk to people in your industry and ask for a recommendation of a broker familiar with your area. Nowadays, small business owners are typically very time-poor individuals who need faster and more efficient alternatives, that’s where BizCover can help.
Insurance Made Easy
BizCover was founded by people who already had a strong background in the insurance industry. They identified how frustrated Australian small business owners were with navigating the insurance landscape and decided to build a solution specifically tailored for SMEs. Whether you’re a sole operator or manage a a nimble team of 20, BizCover is fully equipped to help you. We have a team of friendly Australian-based agents available via phone, chat, or email six days a week. We don’t just help you buy your insurance, you can also use our state-of-the-art platform to manage your policies and certificates of insurance online, 24/7.
If you’re tired of feeling confused by small business insurance, or concerned that you don’t have the right coverage or best prices, make your life easier by choosing BizCover, where insurance is made easy.
…Or as some might say, it’s made too easy.