What is it?
Business insurance is essential in protecting your business. A business insurance packages is specifically designed to cover the major exposures that your business might face during its day-to-day operations. Business insurance is a customisable package therefore allowing flexibility in the types and level of cover selected.
Who needs it?
All businesses have risks and exposures. No matter how small or remote a perceived risk may be, the consequences of not having adequate cover in place can be substantial. Business insurance packages can benefit all types of business owners, no matter what type of industry they are in. Safeguard Insurance Solutions can assist in tailoring a business package to specifically meet the objectives and financial situation of your business.
What does it cover?
Business insurance packs can offer general protection for a business which may include cover against:
- Property damage – covers damage to buildings, contents and stock caused by fire, natural disaster and accidental damage.
- Business interruption – the interruption to your trade following an event can sometimes have more serious financial impact to your business than the initial event. This cover can bridge the shortfall in your gross profit caused by the interruption.
- Theft and money – covers the business for theft of contents/stock as well as money.
- Glass – this covers the breakage of internal and external glass and can include signage.
- Public and products liability – this covers legal liability to pay compensation for personal injury or property damage, as well as the costs of defending a claim.
- Transit – for stock that is in transit on the road in the air or by sea.
- Electronic equipment breakdown – for repairing or replacing electronic equipment that breaks down.
- Machinery breakdown – Cover for costs associated with machinery breakdown.
- General property – cover to look after property which is moved around. It can include tools and other professional equipment but excludes stock.
- Tax audit – Should your business receive notification from the Australian Tax Office to conduct an audit or investigation into your liability to pay tax, this insurance can help cover costs incurred by your accountant or registered tax agent.
- Employee dishonesty – direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance.
What is excluded?
As with all policies there are exclusions, and there is usually an excess on cover. With extensive experience in placing business insurance you can trust us to find the right cover for you business – big or small. Call us today to design your bespoke business package, or to review the relevant product disclosure statements of the different covers available.
Specialist classes of insurance – the business packs do not offer professional indemnity cover for those providing advice or workers compensation cover for employees. Safeguard Insurance is able to advise on what additional polices are needed.