Choosing the right insurance package for your business is essential to protecting your company from financial losses and potential liabilities. The challenge arises when you have to start working through the multitude of insurance options on the market. Depending on your business, you may need more than one insurance type.
Opting for various insurance policies for specific aspects can be costly and challenging to manage. It’s with this in mind that many local business owners are opting for a business insurance package that encompasses all the required solutions in one simple solution.
This post takes a look at what you can expect from a business insurance package.
Business Insurance Packages Make Sense in All Aspects
The right business insurance package should help to safeguard your livelihood and provide you with the necessary peace of mind that your business is covered when things go wrong. Here’s what you need to know about choosing a business insurance package.
- Understanding what Business Insurance Packages Are
In short, a business insurance package is a cost-effective and flexible way to manage financial and other business risks. Instead of trying to juggle several different standalone policies, a business insurance package combines all the necessary policies under one, streamlined solution.
By opting for a business package, insurance assists you in minimising the financial costs associated with a wide range of unexpected incidents. This ensures that your business can continue its regular day-to-day operations without your business having to incur additional costs or having to deal with interruptions or downtime.
Additional benefits of investing the benefits of business insurance packages include:
- Allows for one simple ongoing payment
- Flexibility to spread your premium payments
- More affordable than multiple instalments
- Convenient
- Knowing What Common Cover Options to Expect
The type of insurance you need depends largely on the type of business you’re in and what products or services you have to offer. Other factors, such as whether you have a brick-and-mortar premises and employees, also contribute to these factors.
While your business insurance package can be tailored to suit your unique business needs, the most common cover options to expect include the following:
- Property: This aspect of your package will protect buildings, contents, and stock from damage caused by accidental events, storms, or even fire.
- Business interruption insurance: Here, the loss of income and additional operating expenses are covered if your business can’t trade as a result of any insured events.
- Theft and money: This section offers protection against theft of contents, stock, or money.
- Broad form liability: Here, you and your business will be covered against legal liability for any property damage or third-party injury.
- Machinery breakdown: This covers any repairs or replacements of machinery and equipment following damage or breakdown. This includes protection for refrigerated or frozen goods.
- Employee dishonesty: Your company will also be covered against Financial loss resulting from fraudulent acts committed by your employees.
- Computers and electronic equipment: This covers theft, fire, breakdown, or accidental damage, as well as related business interruption.
- Glass: This aspect covers any breakage of internal and external glass, such as shop windows, and also includes signage.
- General property: Covers protection of portable tools of trade (such as small power tools used in your industry) or professional equipment.
- Tax investigation: Generally covers any accountant or tax agent fees in the event of an official investigation or audit.
- Consider Provision for Specialised Risks
Since not all organisations and business types are the same, your company may require cover against specialised risks. Fortunately, many business insurance packages can be tailored to include these. Some common examples of this include the following:
- Event public liability insurance (essential for event planners or anyone routinely hosting tradeshows or product expos)
- Public liability insurance for events (protects against claims if visitors are injured)
Speak to your insurance broker for the specific cover needed for your business and industry type. Since business insurance is designed to cover you against unexpected financial losses, every business needs to have the right insurance.
- Check if Your Industry Qualifies for a Business Insurance Package
More good news is that business insurance packages can be tailored to suit just about every industry type in Australia. This means that businesses in any of the following industries will be able to receive access to a business insurance package:
- Retail
- Warehousing
- Manufacturing
- Transport
- Hospitality
- Construction
- Professional services
- Medical practices
If you’re not sure whether or not your industry is covered, speak to your insurance broker for a comprehensive assessment. They will then create a tailored package to suit your unique business needs.
Final Thoughts
No matter what business you’re running, opting for the best insurance should be one of your priorities. In addition to opting for a tailored business insurance package, always use the services of a professional insurance broker. This will assure you that all your insurance needs are combined into one, simplified insurance package that’s not only affordable but relevant!
