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What Insurance Do I Need For Business?

Business Insurance Cyber Insurance Liability Insurance Workers Compensation Insurance Professional Indemnity Insurance Business Interruption Insurance Retail and Consumer Insurance Shop Insurance Tax Agents Insurance

If you own a small or large business, organising your business insurance options should be a priority since protecting your assets and staff including yourself is key to your success.

As a business owner, you should know all Australian businesses are legally obliged to make sure they have certain types of cover. Others are just common sense, like protection against a cyber attack on electronic equipment and tax audit insurance.

No small business is the same

In other words, there are no standard-issue business insurance products that cover all small businesses. Their financial situation and business activities, including what is needed to satisfy the Australian Taxation Office, differ. And since not all policies and products and businesses are the same, your requirements will depend on various factors.

These include which industry you are involved in, the business’s location and size, your trade and how much you’re willing to risk.

These days there are different types of insurance policies available to businesses. And any insurance broker at Adroit Insurance and Risk in Victoria will have all the training, skill and experience to provide your individual business with all the professional advice and cover you need, and none that you don’t need.

Business Insurance

A business insurance policy is often part of a package comprising various different covers including liability insurance covers, with the most common options for you to choose from. The usual choices are general property, building and contents, theft and glass breakage.

Third party car insurance covers for your fleet of motor vehicles should be a minimum, but comprehensive insurance is better. Also, you need third party personal injury insurance (CTP green slips) for each company car.

Business cover, including income protection insurance, protects you against losses and material damage from unexpected incidents like theft, storm, fire and accidents. This cover can protect your business against damage or loss of valuable and portable items such as mobile phones and laptops. You should also consider that cyber liability insurance protects your business from hacks and ransomware attacks and should be included.

Business Interruption Insurance

If you haven’t thought about what you’d do to keep your small business viable if you suddenly had to shut up shop due to an unforeseen incident, then it’s time you did.

If you needed to rebuild your business after a severe storm, fire or theft has caused costly and wide-ranging damage, you would be able to survive if you were insured. Even a minor occurrence could shut down your business for a short time, but if you have this cover you will have the financial support to see you through.

Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

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Business Package

Purchase up to six products under one Business Insurance Package.

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Business interruption cover can cover loss of income and increased expenses incurred in getting back on your feet. It can be selected to be included in your business insurance package which can also include life insurance. Contact us at Adroit today to discuss your insurance needs.

Professional Indemnity Insurance

You need professional indemnity insurance if your profession, trade or business provides a service, goods, or advice to the public. This cover should be included in any business insurance policy agenda since it protects you by covering legal costs associated with a defence against liability for damage.

This Insurance applies to areas ranging from engineers to chiropractors, real estate agents to accountants and many in between. Many businesses are required to hold to be allowed to offer services to the public. Every industry has its unique risks and these can be included in a policy customised for your business or profession in Australia.

Workers Compensation Insurance

In Victoria, businesses employing workers must generally register for WorkCover insurance. Even if you are the sole worker employed in your company then as far as the legislation is concerned then you are a worker, by law, you must register for workers compensation.

However, there are exemptions. If you or your business does not employ apprentices and doesn’t pay above $7,500 a financial year in remuneration, you don’t have to register for Workcover insurance.

Companies

If you’re a company and you have only one business client and you do all the contract work for them, you don’t have to register.

Sole traders, partnerships and trusts

As a sole trader, in a partnership or a trustee of a trust and you don’t employ any workers, you do not need to register.

Penalties

You can face severe penalties if you fail to register for WorkCover insurance when you ought to do so. Also, if you are not registered for WorkCover and any injured workers have been compensated, you may also need to reimburse WorkSafe.

Public Liability Insurance

Public liability cover should be part of small business insurance cover and for companies of any size, even home based businesses.

This covers you and your business assets for any financial loss due to liability to third parties if your service or products cause injury or property damage. If a customer slips and suffers a broken limb and takes legal action, or if one of your workers damages a client’s home or belongings while renovating, then this covers you.

Companies should also consider cyber liability insurance, so contact us at Adroit today to make sure you have the right insurance that your business needs.

business insurance

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, ABN 75 078972 700, AFSL 244 348

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