When unexpected events occur in a business, having the right insurance cover can help protect a business's assets, contents and stock. While every business is unique and differs in its needs, small- and medium-sized businesses usually require a standard set of policies. That's where comprehensive business insurance comes in.

Comprehensive business insurance is designed to protect SMEs from undue risk, reducing their inherent vulnerability with a set of policies that focus on where risk is most likely to occur. This kind of 'package' cover provides a robust foundation for addressing legal and financial risks. By packaging all the essential types of insurance together that your business needs, you'll likely pay a lower premium than if you were to purchase standalone insurance policies.

Comprehensive business insurance provides SMEs protection that covers risks like property damage or loss, interruption to business income, machinery, electronic breakdown, third party injury/property damage from business-specific products or operations, or loss that may result from government investigation. These usually come under a 'commercial package' insurance, intended specifically for businesses. In terms of commercial car insurance, 'comprehensive' cover usually entails cover for damage done to one's own vehicle and other people's property, theft, a few other risks, plus any associated legal fees. As the name suggests, cover is comprehensive and usually can cover the full areas where business risk can occur.

'Comprehensive' business insurance can be thought of as a 'one-size-fits-all' solution, in that it aims to provide cover for the most standard and commonly-experienced risks and situations that many businesses face. Obviously, then, comprehensive can leave out cover for situations that are just as 'commonly' faced but not common to all businesses. Examples include:

Consider this: What may be 'comprehensive' for an office-based business may not be so for a construction-based business. An insurance firm that specialises in serving only one kind of client — either the office-based client or the construction firm client — should be approached by that type of client if the business really intends to take full advantage of a comprehensive cover that suits their needs. As you'll see below, brokers are the best way to wade through and make sense of these differences.

It's quite clear that brokers save businesses and individuals both time and money on their policies. First off, brokers are 'in the know' and maintain a relationship with various companies, giving them access to specific deals that they can avail their clients of. Secondly, brokers help to save their clients the time it would take to do research on specific policy covers and compare quotes. However, when it comes to comprehensive business insurance, there is yet another way a broker goes above and beyond. Some insurance providers have specific policies that cover and differentiate between an office-based business, a 'tradies' package or commercial strata. The latter would include options that focus on accidental loss or building damage, damage to common area contents, third party injury, office bearer's liability, personal accident cover and machinery breakdown. Essentially, what constitutes 'comprehensive' business insurance does vary from provider to provider. What's more, every insurance provider structures their packages and offerings slightly differently, as seen above. They have various specialities — for example, some insurance providers might serve all SMEs but have an unspoken niche providing 'comprehensive' coverage for IT firms. This would vary greatly from a provider who mainly serves agricultural or even construction firms. The expertise and experience in these subtle nuances are why it's best to rely on a broker. It's not only about sniffing out the best deal but finding a policy or cover package that actually suits the business's needs.

It's quite clear that brokers save businesses and individuals both time and money on their policies. First off, brokers are 'in the know' and maintain a relationship with various companies, giving them access to specific deals that they can avail their clients of. Secondly, brokers help to save their clients the time it would take to do research on specific policy covers and compare quotes. However, when it comes to comprehensive business insurance, there is yet another way a broker goes above and beyond. Some insurance providers have specific policies that cover and differentiate between an office-based business, a 'tradies' package or commercial strata. The latter would include options that focus on accidental loss or building damage, damage to common area contents, third party injury, office bearer's liability, personal accident cover and machinery breakdown. Essentially, what constitutes 'comprehensive' business insurance does vary from provider to provider. What's more, every insurance provider structures their packages and offerings slightly differently, as seen above. They have various specialities — for example, some insurance providers might serve all SMEs but have an unspoken niche providing 'comprehensive' coverage for IT firms. This would vary greatly from a provider who mainly serves agricultural or even construction firms. The expertise and experience in these subtle nuances are why it's best to rely on a broker. It's not only about sniffing out the best deal but finding a policy or cover package that actually suits the business's needs.

There are many industries that can benefit from a comprehensive business insurance package. If your business falls under one of these industries, consider bundling up your costs and bringing in some savings using a comprehensive cover: