Posted on: June 25, 2020
Business insurance basics
Running a business can be an exciting prospect, especially if you’re providing provide useful goods and services to your community, creating employment, and serving as a podium for your personal creativity. However, it’s no secret that business can be risky. That’s why, with the help and advice of a good insurance broker, successful businesses use a diverse range of risk management and insurance covers to manage and reduce their risks.
What is business insurance?
Whether you’re in business as an accountant, tradie, retailer, personal trainer, a beauty salon or a dog groomer, insurance is critical to protect you from financial loss. Insurance can provide cover for your premises and assets, against loss, damage or theft and a variety of other incidences. There are many different types of insurance solution options, all designed to protect diverse areas of your business operations. The cover you need will depend on what’s important to your business, but there are a few basics that are relevant for most companies:
- Public liability insurance: This covers your business against the legal costs of a claim made for injury or damage to the property of a person, or another business, that occurs while you are providing a service. This can be either at your place of work, or a separate location.
- Business interruption insurance: Business interruption coverage that replaces business income that has been lost in a disaster or event. The event could be, for example, a fire or severe weather conditions. Business interruption may also apply if government actions cause your operations to cease temporarily.
- Commercial property insurance: This covers commercial buildings or offices that your business owns, helping to protect the value of your physical assets. In addition to the property itself, improvements, outdoor signage, fencing, and landscaping are also commonly included in property insurance. Not only this, but it can also cover building contents, which include furniture, computers, tools and inventory.
- Commercial auto insurance: You’re likely to need this cover if you own or lease any vehicles in the name of your company. This protects the vehicles and the passengers inside them in the event of an accident. Commercial auto insurance also provides protection for vehicles that are owned personally but are also used for certain business purposes such as delivery.
- Professional indemnity insurance: If your business is offering professional advice or consultation, this insurance helps cover the cost of any legal action taken as a result. For example, giving bad legal advice as a lawyer or poor health and fitness advice as a personal trainer.
Getting the right insurance solution for your business
This is by no means an extensive list of all the insurance covers available for businesses. At GIA, our brokers can accurately assess the risks of your business and help find a tailored solution to suit your needs. We’ve got a business package that has everything you need and can be tailored to just the right size. We can offer you an extensive range of covers, including but not limited to the list above. Contact us today to find out more.