What is a Business Pack for Business Insurance?
Running a business, it's inevitable that you'll come across other businesses in your daily dealings. From vendors and clients to manufacturers and suppliers, you'll realise, every business has their own strengths -- and their own challenges. To offset the so-called challenges and build up their strengths, businesses of various sizes and formats rely on non-formulaic and customisable solutions where they can. So why should insurance be any different?
What is a business pack?
Do you know what your business needs to be covered for? Chances are, it's not what you may have anticipated. As operations are increasingly moving online and going digital, the demands on small businesses as well as the potential directions for their growth have changed. Expansion and growth now occur in an inevitable shorter cycle. Businesses get off the ground faster. Half of Australian businesses (46%) are planning to operate overseas in the next 12 months and economic and tax incentives to start and grow businesses are coming from governments. Essentially, Australia is already a land of entrepreneurs. In such a climate, a business pack aims to bundle up 12 to 15 of the most common insurance policy 'products' a business might need -- as they operate locally and expand globally. Business packs are innovative products intended to provide a broad scope of cover and, therefore, protection. The idea is that the policy remains flexible, customisable and, best of all, competitive.
What can a business pack cover?
Business packs vary and, of course, the suite of products rests in the client's hands. Areas of cover can include:
- Business interruption
- Burglary and money
- Breakage of glass
- Liability (personal injury or property damage)
- Machinery breakdown
- Employee fraud or dishonesty
- Tax investigation/audits
- General property (such as tools, excluding livestock)
- Electronic equipment
These are standard covers that can be chosen from as part of your business pack insurance.
What can an Insurance business pack leave out?
Now, here's where it gets a bit tricky. Since it is customisable, a business pack can be tailored to a business's unique needs. That means, for example, that a technology agency with remote workers might need coverage for glass and electronic equipment but perhaps not burglary and money or business interruption. On the other hand, a 24-hour convenience store would require burglary and money, glass, electronic equipment, property and employee dishonesty. They might also need business interruption or machinery breakdown. Some covers vary based on the insurance provider. The above list is quite standard but newer products/policies can include:
- Cyber liability
- Environmental protection
- Public and products liability
- Business 'special risks'
- Engineering plant risk insurance
- Business pack insurance specifically tailored for 'tradies'
Why can brokers help you find the right business pack for you?
It's not only insurance products that vary from company to company. Providers also vary the policy specifics. This means that cover amounts and terms can differ so businesses will have to do a lot of upfront research to find the right policy. Meanwhile, there are plenty of insurance providers that focus their efforts on a single kind of client, operating in a particular industry. It can be time-consuming to find the right one, particularly if every insurance provider continually advertises the same 12 to 15 covers to choose from. How can you really figure out if a provider has experience with and expertise in your particular business type? It's pretty simple, actually: Leave the heavy lifting to a broker while you focus on what truly matters. Using an insurance broker to find the right business pack cover for your business is exactly like the process of picking your pack. You'll be presented with a suite of vetted offers that suit your budget and your business needs. Businesses can enjoy a tailored approach to both the policy as well as the research that goes into finding that perfect policy match. Brokers help you to not only find that match but to give you multiple options that are well suited to your needs. Business packs are designed to give businesses flexibility. Brokers help you tap into that flexibility with ease.