Published : 15 March 2017
It seems impossible to switch on the TV these days without seeing an advertisement for insurance. From the cheapest car insurance to funeral cover and pet insurance, we're bombarded with reasons why we need it.
Some people insure everything; others make do without - but one thing's for sure. If you are in business you should most definitely be investigating business insurance.
Are You Prepared For The Worst?
Apart from buying your own home, owning a business is the biggest financial investment you will ever make. Over time you will invest huge amounts of money in your enterprise, along with blood, sweat and tears.
Imagine what would happen to your world if the worst happened. Let's say your business premises caught fire, or were flooded. Or if you couldn't work for a substantial amount of time. What would happen to your income?
It's Not Just Public Liability
Many people wrongly believe that business insurance only covers public liability, and that an ordinary office or shop doesn't need it. However small your business, it only takes one client to trip or fall and hurt themselves to clean you out.
And what happens is a customer is injured whilst using one of your products? Could you survive being sued?
When considering business insurance, look for a policy that covers all probable events. For example, asset protection. Your premises, vehicles, stock and equipment should be covered for theft, and for damage by fire, flood, vandalism and more.
Insure Your Products & Your Services
Product liability covers you legally should somebody be injured or killed whilst using a product that you manufacture or sell. Whilst we all hope this never happens, it is a possibility and legal claims are on the increase in Australia.
For those providing advice rather than products, such as accountants and solicitors, check to see if your insurance covers you for professional indemnity. This is similar to the above, but gives you personal protection should claims of incorrect information be made.
Two areas business owners often overlook when choosing insurance are revenue protection and key person insurance. Both could cost you your business if not in place.
Revenue protection is self-explanatory, and covers disruption caused to your business by fire, flood, and other natural disasters. Key person insurance is a must for small businesses. It covers the business against the loss of a key worker which, in the case of SMEs, is usually the owner.
Protect Yourself & Your Employees
The two must-haves when choosing business insurance are public liability and workers' cover.
Both are self-explanatory, and both could cost you your business if left unprotected. We all like to think it will never happen to us, but it does, so it pays to be prepared.
The best way forward is to discuss your needs with a professional insurance agent or broker. Whilst price is an obvious consideration, it is crucial to include all the cover you need. Be honest in your discussions and heed the experts' advice - it could save you a lot should the worst ever happen.
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