What is Business Insurance?

Business Insurance provides you with protection if your business assets or premises are damaged, stolen or if you sustain financial loss due to an insured interruption to your business. Business insurance usually falls into three categories: a) Material damage loss for your physical assets b) Financial loss due to business interruption c) Personal injury/property damage claims against you When it comes to a Business Insurance Pack, there are multiple coverage options to select from. Each type of cover is designed to protect against different risks that your business may be exposed to. Some cover options include: Building insurance , which covers you for loss and damage to buildings you own, as a result of an insured event (such as fire, storm, wind). General Property insurance , which covers against theft and accidental damage of equipment, such as tools, laptops and mobile phones, while you are away from your office. Contents insurance , which covers you against burglary, theft and accidental damage of office equipment such as chairs, desks and computers. Public Liability insurance , which covers you if a third-party claim that your negligent business activities caused them injury or property damage. This includes defence costs cover. Glass insurance , which covers you for damage to internal and external glass, mirrors, porcelain and signage at your business premises. Tax Audit insurance , which covers fees of any accountants engaged in connection with an audit by the Australian Taxation Office. Business Interruption , which covers you for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire).

Do I need Business Insurance?

No, Business Insurance is not required by law in Australia. However, there is always an element of risk when your run your own business. That’s why many business owners choose a Business Insurance Package. It’s a convenient and affordable way to protect their business premises and contents, against loss, damage or theft, as well as cover against resulting financial loss from an insured interruption to the business.

Which Business Insurance covers do I need?

Every small business is different, with unique risks and insurance needs, from bookkeepers and engineers to tradesmen and nurses . The Business Insurance options that make sense for one business, may not make sense for yours. The types and amount of cover you select will depend on the nature of your business and what areas you think you are the riskiest for you.

Do I need Business Insurance if I’m a sole trader?

Business Insurance may be suited to sole traders working in just about any industry. Every business has risks, regardless of how small your small business might be! A Business Insurance Package could help sole traders manage common risks, like property damage, equipment breakdown and business interruptions .

Do home-based businesses need Business Insurance?

Just because you’re working from home doesn’t mean things can’t go wrong. Every occupation and workplace comes with its own level of risk, and insurance could help you manage the financial fallout if things don’t go to plan. Plus, many home & contents insurance policies do not cover business activities or assets. It may make sense for home-based businesses to have a Business Insurance Package that covers their tools and stock stored in their home and business activities that take place in your residence. These are a few of the home-based businesses we cover: Administrative support services Answering & reception services Beautician Consultants Dog walking Dog grooming Graphic designer Hairdresser Online shops Photographer Writers Web developer