Business Insurance Brokers
Outstanding Service & Professional Advice For Business Owners
Business insurance plays a vital role in the risk management strategy of all businesses. No matter the size of your business, the right business insurance policy can be the difference between survival and bankruptcy following a significant loss or crisis.
Because no two businesses are alike, your insurance policy needs to be tailored to meet the specific risks facing your business. Business insurance policies are designed to allow flexibility, requiring you to select the events you wish to insure against and asset values you want cover for.
This flexibility and choice, however, can give rise to complications if you don’t have a good working knowledge of business insurance. Below is a high-level summary of some of the specific risks you can insure against and a few tips to keep in mind when setting up your policy.
We’re here to help. If you need to discuss your business insurance with a professional insurance broker, please give us a call. In the meantime, we’ve put together a summary of the specific risks you can insure against and included a few tips to keep mind when setting up your insurance policy.
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Property Damage
The cornerstone of your business insurance policy, this section covers your Contents, Equipment, Fit Out, Stock and the Building (if you own it) against defined perils.
These perils include:
- Fire,
- Storm,
- Cyclone,
- Earthquake,
- Water Damage from burst / blocked pipes,
- Impact damage (vehicles, trees, power lines etc).
- Accidental damage
Insurance Tip #1
When considering sums insured, imagine if a fire burnt your entire business to the ground. How much would you need to fit out your store and buy all new contents, equipment, and stock?
Insurance Tip #2
It’s important to insure your contents and stock for full replacement value. All insurance policies contain an under-insurance clause which allows the insurer to reduce claim payments if you are not fully insured.
Business Interruption
Protects business income if your ability to trade is impacted due to an insurable event such as a Fire, Storm, Water Damage or even something as crazy as a car driving into the front of your shop (we have lodged a claim for this before). If you can’t operate your business for a couple of months, how will you:
- Make loan repayments?
- Pay wages?
- Pay creditors?
- Pay for personal expenses (home loans, car loans, family expenses)?
Cash flow is the life blood of any business and if you want your business to recover following a catastrophe, it’s critical to protect your cash flow properly.
Insurance Tip #1
An under-insurance clause also applies to this section, so it’s important to calculate the correct sum insured. If you get this wrong, insurers can limit claim payments. Speak to your insurance broker about reviewing your P&L to make sure your sum insured is calculated properly.
Insurance Tip #2
Having some cover is better than none at all. You can adjust the indemnity period (duration of the income stream) to help reduce costs to the business. You can also elect upfront to remove cover for certain expenses, such as wages, to reduce your sum insured and premium.
Public Liability & Product Liability
Liability insurance protects your business if your activities, employees, or products cause personal injury or property damage to a third party.
Liability insurance covers legal costs and compensation payments for which your business has been found legally liable. Even if you are not liable, you may still find yourself in a position where you need your insurer to respond and defend a claim brought against your business.
The financial impact of these claims (both defence costs and awarded payments) can be crippling, so it’s important to adequately protect your business.
Insurance Tip #1
Disclose all business activities. If your activities change during the year, advise your insurance broker. An insurer can decline your claim if it is the result of an undisclosed activity.
Insurance Tip #2
Accurately disclose business turnover. If your business has grown, your insurer needs to know. Under disclosing the size of your business will cause issues when / if you need to lodge a claim.
Equipment Breakdown
As a business owner, you most likely rely on certain equipment to operate your business. Breakdown of this equipment can lead to a large, unexpected bill! Do you have cash flow to cover this bill?
This section of your insurance policy pays for the repair or replacement of your equipment if it breaks down. Common items include:
- Fridges, Freezers and Cool Rooms
- Air conditioning units
- Manufacturing equipment
- Computers
- Diagnostic equipment
Insurance Tip #1
Insurers do require that you regularly service your equipment in accordance to manufacture recommendations.
Insurance Tip #2
General wear and tear and gradual deterioration are excluded from cover. Generally, a breakdown event is defined as sudden and unforeseen.
Other Sections of a Business Insurance Policy
Within a business insurance policy, you can also select cover for:
- Theft of contents, stock and money,
- Breakage of internal and external glass (this may be a requirement of your lease agreement), and
- Accidental damage and theft cover for tools, equipment and / or stock that you take away from your business premises.
Please give us a call today and we can work with you to package a business insurance solution.
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No matter what stage you’re at, If you need to discuss your insurance with a professional broker nearby, give us a call today and we’ll be happy to answer any questions.
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