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Business Insurance - protecting your business is business critical
Business owners are busy. Building a business takes hard work and lots of it. On your business journey have you considered how you would manage if an unforeseen event was to occur that significantly impacted your business? Protecting your business is business critical.
How to engage with and get the most out of an Insurance Broker
Insurance Brokers can review all your insurance needs; spanning business and personal areas. Share your whole picture with your insurance broker so they ensure you are covered across all areas of your life and business. Save your Insurance Brokers name under "INSURANCE" in your phone. When something happens to your business or your personal assets, it will be easier to remember who to call to help you navigate the way forward. Your business is dynamic and your insurance needs change over time to keep up. Speaking regularly to your insurance broker can enable you to align your business changes to your insurance coverage.
Are you exposed to new Cyber Risks through your computers, phones and POS equipment?
More and more businesses use digital services and solutions to make their operations easier. These new digital services and solutions, however, are creating exposure to many new cyber risks. These new cyber risks can impact businesses both big and small and both mobile and fixed location operations. For example, with Cyber Insurance, most people may not think they have exposure, but everyone and every business has exposure to cyber risks either through computers or some other digital device that is being utilised in their business. Businesses these days are often more exposed to cyber risks than to more traditional physical break-ins. Over the past few years, savvy business owners have shifted in their approach about Cyber Insurance from being hesitant to now proactively seeking cover and asking how can they be protected.
TIP: Check whether you have Cyber Insurance as part of your Business Insurance, within a Business Pack, or whether you might require more coverage through a stand-alone cyber insurance policy.
How much would an interruption in your business cost you?
When your business is impacted by a disruptive event, there is a wider impact than just the assets that have been damaged. Business interruption insurance provides coverage from the impact of interruption on your business. Business interruption insurance provides coverage as the days or weeks of the business operations are lost. Doing some quick calculations and you start to realise the potential exposure that you may face.
Theft cover is still worth considering even within a secure building
Client Case Study
A client suffered a loss of property through a break and enter of their business premise which was located in a secure building. As a broker, we'd recommended having theft cover in place, the client had property cover (fire and peril), but didn't want theft cover, due to additional cost. Unfortunately, a break and enter occurred which resulted in a $100K loss of property. An adequate insurance policy with theft cover would have only been slightly more in premium and insignificant in comparison to the value of the loss. Whilst the client's Break and Enter met the criteria to qualify for a successful claim eg forcible entry. Unfortunately, the client had chosen to opt out of the Theft cover. During the needs analysis process, the client was alerted to what was available and the client made the fateful decision.
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.
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.
A client suffered a loss of property through a break and enter of their business premise which was located in a secure building. As a broker, we'd recommended having theft cover in place, the client had property cover (fire and peril), but didn't want theft cover, due to additional cost. Unfortunately, a break and enter occurred which resulted in a $100K loss of property. An adequate insurance policy with theft cover would have only been slightly more in premium and insignificant in comparison to the value of the loss. Whilst the client's Break and Enter met the criteria to qualify for a successful claim eg forcible entry. Unfortunately, the client had chosen to opt out of the Theft cover. During the needs analysis process, the client was alerted to what was available and the client made the fateful decision.
QUESTIONS? JUST ASK
Polina Kesov
Insight: You need to review and consider the inclusion and exclusions on your business insurance policy and the potential impact you are exposing yourself too.
Three questions you can ask right now
- Business Interruption - If something interrupted your business day significantly, how quickly can you get up and running again. It might be quick to get back up and running, but at what cost? Would you have access to the funds to cover this recovery
- Public Liability - "What level of cover should I get?", If you were to damage another business and its impact was significant and there was a gap between your cover and the total repairing costs, how would you fund it?
- Quantify the size of the exposure. Do you know the exposure that your employees create? Every business is responsible for their employees, do you have good policies and processes in place to mitigate your business risk?
To get a comprehensive review of your business and personal insurance requirements. Please connect directly with Polina Kesov.
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.
All information above has been provided by the author.
Polina Kesov, ii-A, ABN 28118001415, AFSL 307107
QUESTIONS? JUST ASK
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