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Defend yourself against claim and compensation from clients taking your advice and services.
Insure your commercial properties from fire, theft and other types of damages.
Cover for third party damage caused by your business activities, such as during a face-to-face meeting.
Insure against property damage or personal injury caused by products your business supplies or sells.
Protect your business from exorbitant costs when recovering from theft and burglary damages.
Insurance for money lost, stolen or damaged on your business premises, or in your custody.
Protect vehicles used for your business such as cars, utes, vans, forklifts, trailers.
An insurance to cover your expenses in the event of a tax audit from bodies such as the Australian Tax Office.
Protect your income and cover your expenses in the event you can't trade due to unforeseen circumstances.
Get compensation for your goods in the event they are damaged or stolen.
Protect your business against losses from any fraudulent activities committed by your employees.
Insure your heavy machineries and equipments from accidents, theft or vandalism.
Cover for your assets and properties while being moved from one location to another.
Insurance for all your electronics against accidental damages, theft, fire and other mishaps.
Business insurance protects the assets, equipment and goods that you require to operate your business. All businesses in Australia must have Worker’s Compensation to cover employee injuries and Third Party Insurance for their commercial vehicles. Beyond that, you will need to consult with an insurance broker to determine which non-compulsory insurances make financial sense for your business. If your business is at risk of suffering a loss, the premiums paid for insurance often pale in comparison to the potential consequences of operating uninsured.
What insurances are available to me?
In addition to the compulsory insurances, there are many options available to protect business assets and income. These include:
The type of business you are operating, the value and importance of your equipment, the number of vehicles you own, the amount of cash you keep on premises and the number of employees you have will all impact which insurances make sense for you. Financial planners often have relationships with Insurance Brokers who can guide you towards the correct policies for you.
What ongoing insurance considerations are there?
Insurance policies need to be reviewed and renewed each financial year. There are a number of considerations as the end of the financial year approaches:
I run a home-based business and have a home and contents insurance policy - do I still need business insurance?
Yes, as home and contents insurance policies often don’t cover your business activities and assets in the event of accident, damage or loss. Depending on the size and nature of your business, you may be able to cover the business as an extension of your home insurance, though it is often better to seek out specialised business insurance options. Insuring a home business is vital, though it is often overlooked by new business founders. If you are at all unsure about your insurance needs, you should seek advice from a qualified insurance broker.