If you’re in the fortunate position that your company has developed and evolved since the early days when your small business ambition became a reality, you may find that your insurance needs have also changed. It’s likely that you have invested time, effort, and money into your business, so it’s only natural that you’d want to protect it.
During the process of establishing and growing your firm, you will have had a lot of things to take into consideration and manage. Amid all this, you may not have been in a position to keep a beady eye on your business insurance coverage. However, it’s important to keep in mind that as your company expands, things change, and what worked in the beginning may no longer work. Likewise, the insurance policy that was sufficient for your early company may no longer cover all the risks you encounter today.
In our guide, we discuss some of the factors to consider when considering your business insurance policy and other options available. A risk management plan can help you stay on top of your business protection measures, especially your business insurance.
Examining your business insurance coverage
As a small business owner, you will frequently encounter fresh avenues for growth. For example, a restaurant or café may now offer event catering, or a beauty professional may now offer additional beauty treatments.
These are fantastic developments for your company, but they can also expose it to hazards if not properly insured. Review your current business insurance coverage and public liability insurance to ensure you are covered for all current business operations and that your coverage types are suitable for the products and services you offer.
What are the various types of company insurance that are available?
Your original business insurance policies may no longer be suitable for your expanding company’s needs. These are some examples of when you may need to safeguard your company with various insurances.
- You have started to offer mobile services. If you used to work from a permanent location but now offer mobile hairdressing services, you may want to consider Portable Equipment Cover* to protect your hairdressing equipment and products.
- You bought a business. Congratulations! This is one of your company’s most valuable assets and should be preserved. Building and contents insurance* protects your physical assets and valuables.
- You bought equipment. Machinery Breakdown Insurance* protects significant business assets like machinery.
Is my cover enough?
Examine the coverage you previously purchased and compare it to your company’s current position. Depending on the sort of insurance you need, you should ask yourself the following questions:
- Have you bought new business assets?
- Are you embarking on larger customer projects/jobs, resulting in more cost claims?
- Is your company’s turnover much higher than it used to be?
An overview of commercial insurance alternatives
If you are uncertain about the numerous types of business insurance available, we have produced a concise outline of what your expanding firm may need to consider.
- Business Insurance* covers your business contents, stock, tools, and commercial property in the event of an insured occurrence (such as fire, storm, theft or even accidental damage).
These are some of the options for Business Insurance coverage.
- Interruptions* Business interruption insurance protects against loss of income and increased operating costs caused by an insured event (such as fire or property damage). It helps your company recover from an insured disaster by covering continuing costs (such as wages or rent).
- Contents* Covers your business contents or stock in the case of a fire, storm, malicious damage, or other covered disaster. Even if you run a home-based firm, your business items are likely to be excluded.
- Building* If you own the building where your business is located, this covers damage caused by fire and other risks stated in the policy wording.
- Machinery breakdown insurance covers the expense of repairing or replacing damaged machinery.
- Management Liability*
- Management liability insurance* protects directors, officers, and the insured organisation from several management-related risks. Owners and managers of businesses have unique responsibilities that might lead to personal liability for claimed or real wrongdoing.
- *Audit Tax Audit Insurance protects a company’s costs if the ATO audits it. During an audit, the policy will cover the costs of accountants and other professionals. An audit can be time consuming, complex, and costly. Using an outside accountant or other professional to execute the task correctly might be highly pricey. Fortunately, Tax Audit Insurance can help.
- Portable Gear* General property insurance protects against loss or damage to portable equipment used in your operation. These can be trade or stock items.
Need to update your policy or look into new coverage? A qualified insurance broker can help you safeguard your business at every stage. We know you’re busy operating your company, so we’ll do the shopping for you, giving numerous rates from recognised insurers. Get covered in minutes without mounds of paperwork or snail mail so you can get back to business faster.
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