What is Business Insurance
Business Insurance aims to protect your business premises and contents against material loss, damage or theft, including financial loss suffered through interruption to your business.
Business Insurance is designed to suit individual needs of any given business. For example, the cover options and risks associated with the Hospitality industry is very different to those of a sole-trader or a supply chain business.
Available Types of Business Insurance
There are many different types of Business Insurance cover options, each designed to protect different areas of a business operation. You can select the cover options that are important to your business. The options may include the following:
· Building Insurance covers any physical buildings which you may own against fire and perils.
· General Property Insurance - covers against theft and accidental equipment damage, such as tools, laptops, and mobile phones whilst away from your office.
· Office Contents Insurance covers against burglary, theft and accidental damage to office equipment, such as chairs, desks and computers.
· Public Liability Insurance - protection for any legal costs of a claim for injury or damage (within limits)to the property of others whilst you are providing a service, either at your workplace or another location.
· Glass Insurance - covers the replacement costs to any loss or damage to the glass within your premises, both internal or external.
· Tax Audit Insurance - covers fees of any accountants engaged in connection with an audit by the Australian Taxation Office.
· Business Interruption - covers you for loss of income due to material damage within your business.
What will it Cost?
How much does Business Insurance cost? This is a difficult question to answer as there are many difference factors that needs to be taken into consideration, such as:
· The type and number of options selected
· The nature of the business
· The value of the property insured
· Where the business is located
Regardless of whether you are starting a new business or have been operating for many years, don’t leave things to chance by not protecting your business today from unexpected events to ensure you’ll be still be in business tomorrow.