Running your own business is exciting. It can also be risky.
As a business owner, you’re exposed to a variety of business risks that could damage your business, cause you extensive financial problems or even sink your business altogether.
But if you’re protected with the right insurance, you can go about your work with the peace of mind that comes from knowing that no matter what gets thrown your way, you’ll be able to deal with it. It will free up time and energy for you to concentrate on what really matters: growing your business.
That’s where we come in. Our team will make the time to speak with you about the way your business works, and from there we’ll use our expertise to suggest the appropriate insurance policies to suit your individual situation. Your solution may require multiple insurance policies or a business pack may be more appropriate.
Before you speak with us, you might want to think about the types of business insurance you think you’ll need‑you can iron out the details with us later.
Here are 7 common types of business insurance to consider:
1. The Compulsory Policies
You might already know about some of the insurance policies that are compulsory in Australia, depending on the state in which you operate. If you hire workers, you will need workers compensation insurance. If you own a motor vehicle, you will need third party insurance. Some companies are required to hold public liability insurance. Talk to us about which of these might apply to you!
2. Business Vehicle & Fleet Insurance
Whether you’re a builder, tradesman, delivery company or a commercial business looking for vehicle insurance and have a number of vehicles in your business, you can have them covered under a single commercial fleet insurance policy. These vehicles can be registered in the name of a company, a partner or director of the company, allowing one policy to cover your whole business. Depending on the insurer, a fleet can be as small as two vehicles. We can help with individual business vehicle policies as well.
3. Property Insurance
Whether you own an office, rent a space or work from home, the space you work in and equipment stored there should be insured to protect against any problems with theft and accidents. Keep in mind that everyday home insurance policies often don’t allow for problems related to working from home, so it’s worth checking to see how any existing policy you hold applies to your business.
4. Product Liability
If you’re thinking about selling a product as part of your business, you will want to look at product liability insurance. This will protect your business in the event that your product causes damage, and should be tailored to the specific product you are looking to make.
5. Professional Liability
If you deliver a service, protecting yourself against negligence claims with professional liability insurance is a must. This type of claim can come up if you make a mistake or fail to deliver your professional services—this is especially important if there are professional guidelines you need to meet within your industry.
6. Technology/Cybercrime
The accidental damage or loss of your computers and data can be covered by technology insurance. Cybercrime policies should protect you from the costs of business disruptions and data security measures in the event you experience an attack.
7. Business Interruption
You can think of this as income protection insurance—but for your business. In the worst case scenario that your business operations are affected, your business could lose income and the ability to manufacture products. If your company relies on a specific physical location for business, like a factory or retail store, you will want to look at this type of insurance.
Business Pack Insurance
Business pack insurance covers several different types of insurance under one policy. This means less paperwork for you, and it’s often cheaper too. Keep in mind, though, that some business packs will not cover all risks and may have smaller sub limits.
As your insurance broker, we can look at your business risks, offer risk management strategies and help you understand the various insurance policies available to you.
To get started or to review your existing policies, contact us on 03 8598 9411 or info@scottwinton.com.au.