Small Business Insurance: What It Is And What It Covers

No small business should take the risk of operating without business insurance, especially compulsory insurance, which affords protection for the owner and their assets against unexpected events and liability claims.

For instance,  if your offices or shop sustained storm or fire damage, and you couldn’t open your doors to customers or employees you would lose money and it could mean your small business would fail.

Please note the following is general advice only.

 

What is Small Business Insurance?

As a startup, you need insurance, from compulsory public liability to workers compensation insurance and CTP green slips for business vehicles. Products liability insurance and electronic equipment covers are among those recommended, and as your organisation grows, it’s vital for your small business that your insurance keeps pace.

The right small business insurance policy can save you money. There are many instances where you need slip, trip and fall accidents to life insurance, theft, fire, flood cover, storms and lost income cover. 

 

How Does Small Business Insurance Help?

Without small business insurance cover in place, the price of the claimant’s medical bills, legal costs, and compensation could ruin your small business. The costs of keeping your operation running and making a profit would be very high. 

 

Why Should I Choose Adroit Insurance?

We don’t offer one-size-fits-all coverage.  Depending on your personal circumstances and business needs, we carefully tailor our insurance packages to suit each small business against common risks. 

These include property damage and theft cover, contents insurance, product liability, machinery breakdown, and the right insurance cover to keep your business afloat after a disaster or insured event.    

 

What Small Businesses are Covered by Insurance?

As a small business owner you probably have enough to worry about. From paying your workers, ensuring you have workers compensation insurance cover, to making sure stock arrives on time. 

But you really should take a moment to consider what it could mean for your bottom line if an accident happened in your premises involving a third party or if you had no electronic equipment covers and lost it in a fire.  

Industries and types of small businesses covered by small business insurance including management liability covers include: 

 

What Are the Advantages of  Custom Insurance?

Every business is individual even if it’s part of the same industry.  Each business has its own financial situation and unique risks and needs.  At Adroit, our series of small business insurance solutions ensure you receive the right cover at the right price for all your business requirements.

We’ve got a custom made solution that fits your business. We do all the hard work and if some unexpected event occurs, we swing into action.

Among those available either alone or in small business packages:

 

Public Liability Insurance

This cover protects you against claims worth hundreds of dollars to many millions if a client, customer, supplier or member of the public is injured whilst in your premises. It also covers any damage caused to third party’s property if it can be proved it was due to negligent business activities on your part. 

Business insurance policies ensure your legal costs associated with a claim are also covered. They also include public and products liability which covers you in case products you make or sell injure someone.

 

Professional Indemnity Insurance   

Professional Indemnity (PI) insurance is a vital form of small business liability insurance for anyone who provides professional advice or specialist services for payment. 

Claims can be made against you if you give incorrect advice, miscalculate a need, make an incorrect diagnosis or provide the wrong treatment. It includes legal liability cover for accountants and lawyers 

e.g.Our Adroit brokers can design the right PI insurance to protect you from risks that could ruin your business reputation.  

 

Commercial Vehicle Insurance

This can help cover any costs incurred if your business vehicle, truck, van or car is involved in a road accident. Includes comprehensive insurance and CTP.  This coverage provides cover for damage to a third party vehicle or third party property, or damage to your business motor vehicle. 

 

General Property Insurance

Without your tools and equipment, you can’t do your job so this insurance is important. It covers you for the cost of replacing or repairing insured property such as the tools and equipment accidentally damaged, stolen or lost.  

 

Commercial Property Insurance

In an unforeseen event such as a storm, fire, theft or vandalism you are covered for any ensuing accidental damage to the insured property, such as stock, contents and business premises.

 

Business Interruption Insurance

If you cannot operate your business due to damage caused by an unexpected event and you lose profits, income,  and turnover this cover is vital. 

 

Glass Insurance Cover

This insurance covers you if your shop, office or other small business premises sustains accidental damage to window, door, skylight glass etc.

The insurance pays for replacements and repairs and for stock damaged by shattered glass. 

 

How much is insurance for a small business?

Our small business insurance cost depends on many factors. Packages are custom designed to protect your business from losses without costing the earth.

Calculating small business insurance cover requires us to drill down into your business to find out as much as we can about it. We need to discern your legal liability, how your business operates, your business property, the number of workers you employ, which industry it caters for, and what kind of resources it uses, etc. 

All of this will determine what your policy will cost, what level of car insurance, third party personal injury cover, public liability insurance and personal accident insurance you need in case of personal injury claims.  Since all businesses are different, the premiums differ as well. 

If you’re looking for ‘business insurance near me’ you’ll find our offices located in many convenient places in Victoria.  Our Adroit team of risk advisers is ready to tailor the right business insurance pack for you. Call us today on 1300 MY ADROIT or request a quote online.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.


Adroit Insurance & Risk, Adroit Insurance & Risk, AFSL : 244 348 ,

This article originally appeared on Adroit Insurance & Risk Blog and has been published here with permission.

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