Common Types of Business Insurance
Being in business is full of challenges; often the challenges are unpredictable and inescapable, but you can start to better prepare for the unexpected. Do you have any backup plans, for example, if your business encounters a fire and your premises are badly damaged? How would you continue to operate? How would you recover? Will you be able to retain your customers? Who will help you?
This is where the importance of the right insurance policy and advice comes in to play. Having an adequate business insurance policy could be the difference between you getting back on your feet or closing shop.
Other than business insurance, you may wish to consider other covers which are becoming very prominent in a digital and changing world.
Cyber Insurance
We’re all aware of hackers and online scams. These hackers and scammers are not always after money, they can cause tremendous damage to your business and steal private and confidential data. A Cyber Insurance policy can cover you for damage, lost revenue, a data breach and more.
Workcover Insurance
When a worker employed by your company suffers work-related injury or disease, worker’s compensation insurance becomes crucial. This policy includes a weekly benefit, medical and hospital expenses and others. Failure to purchase this policy is punishable under the law in Australia.
For more information, visit your State’s workers compensation authority:
- NSW: workcover.nsw.gov.au
- ACT: worksafe.act.gov.au
- NT: worksafe.nt.gov.au
- QLD: workcoverqld.com.au
- SA: workcover.com
- TAS: workcover.tas.gov.au
- VIC: worksafe.vic.gov.au
- WA: workcover.wa.gov.au
Professional Liability Insurance
This insurance policy protects the company from claims regarding professional service rendered. Lawyers, accountants, architects, designers, hairdressers, real estate agents are some of the many who need this type of cover.
Commercial Vehicle or Fleet Insurance
Road accidents happen every day, regardless of how careful and disciplined your staff and drivers are, sometimes the factors are beyond control, that’s why insuring your vehicles is really a must. For a business with a Fleet or commercial vehicles, it’s really a non negotiable.
The right insurance in your business provides financial support during times your business will encounter unexpected events – helping you manage risks, protect assets and increase profits.
Take the time to get a quick online business insurance quote or give us a call for advice on the right type of insurance you need for your business.