What business insurances do you need in your industry?
How do you know what business insurance you need for what you're doing? Did you do a quick Google search, buy a policy and put the paperwork in a drawer somewhere?
While it may be better to have an online policy than nothing at all, not knowing what you have or should have can lead to some very big risks if you need to make a claim.
There are literally thousands of insurance policies available to you, some are very relevant (and mandatory), while some are just a waste of time and money. Have a read of some of the policies you definitely need and some of the policies that you may need based on your industry.
Insurance policies you need
Public Liability: This will cover you if actions by you or one of your employees cause damage or injury to someone else while conducting business. This type of insurance is almost always compulsory no matter what your business is.
Property Damage: This insurance policy will cover your business building, stock and contents from various damages including loss due to fire, vandalism, theft, etc.
Business Interruption: If something was to happen that meant you were unable, or greatly limited in your ability to operate your business, what would you do? Business Interruption Insurance will cover the ongoing expenses that still need to be paid, despite the impact to your ongoing revenue.
Insurance policies you should consider
Products Liability: Does your business make and sell its own products? Do you resell certain products from third parties? If one of those products caused damage or injury, do you know who is liable? If this sounds like you, you definitely need to consider Products Liability Insurance.
Professional Indemnity: This type of insurance is needed by a lot more businesses than people tend to think. If your business provides a professional service or advice, you will most likely need Professional Indemnity Insurance.
Plant & Equipment: A lot of businesses rely on machinery and equipment to carry out their day to day operations, but what if you were to lose that machinery and equipment in a fire or flood? Plant & Equipment insurance is vital in these circumstances.
Cyber Insurance: Does your business sell things online or store client information digitally? Just about every business has some form digital presence. Cyber Insurance will cover you in the event of a ransom attack, accidental breach of copy right or defamation, fines and penalties associated with loss of data. Given the amount of people working from home these days, cyber threats are becoming much more prevalent and it is crucial to consider having some cover in place.
If you are unsure what insurances your business needs, we are here to help. LARK Insurance can take you through our risk-assessment process to help identify where your exposures are and what policies we can use to help ensure that you have the right cover when you need it most. Talk to us today about your insurance needs.
General Advice Warning The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.
This article originally appeared on LARK Insurance | Insights and has been published here with permission.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by LARK Insurance.