Blog

In a time of cost-of-living pressures, including the rising cost of insurance premiums, you may be looking at ways to save money or even cut corners! But some things can’t be sacrificed.   

Business operators can't afford not to have adequate Insurance cover. It’s your hedge against unexpected events! 

Read on to find out what, why and how smart small Business operators, set themselves up with appropriate insurance cover. You could say this is an investment in peace of mind and protection for unforeseen actions. 

Yes, unexpected catastrophic events do happen!! We have seen this play out before our very eyes, locally, cyclones, fires and floods. The Los Angeles fires, with many suffering the aftereffects of the devastation. Have you experienced any of these or know of others that have? 

Whatever the cause, extreme weather, factory fire, criminal damage, disasters occur and come with a financial and human cost. This raises the question ‘how well placed are you, can your Business deal with the fallout!’  

As a Business owner you will want to protect what you have worked hard to build and to continue operating. This is where taking out Insurance is a smart move, to plan for the unexpected. It's about minimizing your exposure to potential risks.  

Risks are real, experience a disaster, storms, water related damage, refrigeration breakdown or burglary and theft!  Cyberattacks have surged resulting in financial setbacks, data breaches, and reputational damage. Business interruptions are costly! Without appropriate insurance you may be unable to trade or have substantial out of pocket expenses that could mean you have to close your Business. 

What is Business Insurance and how does it work? 

Business Insurance is a financial protection policy designed for risks Businesses face. Risk of unplanned events that impact your operations, such as fire, theft, natural disasters, and legal claims. Insurance protects your Business from financial losses, so you can recover and continue activities without considerable financial impact. Think of insurance as a safety net to protect you, your Business, employees, customers, premises and documents. 

How much does Insurance cover cost?

Your premiums and what you pay will be set by your Provider and is usually determined by your Business risk profile.

Your Provider will agree to cover specified losses or damage up to a certain amount.  Importantly before signing, discuss and understand the terms and conditions of your policy, what is covered, what isn't.  

Types of Insurance 

There are three main categories 

• Liability insurance 

• Assets and revenue insurance 

• Personal and workers insurance 

Small Business insurance generally includes various coverage options to protect you against the risks of running your Business. Examples are; public liability, professional indemnity, commercial property insurance and workers compensation. 

Don’t leave your Business exposed! 

Speak with a professional Insurance agent or Broker to ensure you have adequate and appropriate cover. 

There’s more to know! 

Read our Blog, a '7 Point Insurance Checklist '