Risk is always a part of growing and starting your business. Fortunately, business insurance can help protect both small and large businesses from damages that can threaten continuous growth. Property damage, lawsuits, employee accidents, lost business income, and other losses can all be covered by business insurance.
While there is not one policy that can cover everything, businesses have the option to purchase numerous coverages and combine them into one policy to protect against specific risks unique to their situation. For instance, a company owner may purchase liability insurance, workers insurance, cybersecurity insurance, and equipment insurance from one provider.
If you’re unsure of how business insurance can help you and what it can cover, we’ve rundown some areas that can be covered by insurance.
1. Protection for Your Workers
Your employees are your most valuable assets so it’s important to protect them. Workers Compensation Insurance is a mandatory insurance for employers in many states in Australia. It helps cover costs for employees who are unable to work due to an injury or illness at work. It also compensates employees’ dependents for death caused by their employment.
2. Protection for Your Goods and Equipment
When acquiring insurance, it's vital to include coverage for your company's commodities, tools, and equipment. Some types of insurance are also necessary based on the type of business or field you work in. Here are some insurance types and areas of your businesses that they can cover:
- Commercial Motor / Fleet:Commercial Motor Insurance protects businesses with vehicles such as new and used cars, utes, vans, caravans, trucks, forklifts, and trailers from accidents, damage, and theft.
- Marine Cargo:Marine Cargo Insurance protects your business from loss or damage to boats and cargo while in transit, whether by sea, rail, or air. Because of the complexities of these shipments, you'll need insurance that covers a wide range of scenarios.
- Machinery and Electronic Equipment:Damage to machinery or electronic equipment can have a significant impact on your business's operations, it's critical that you consider comprehensive Machinery & Electronic Equipment Insurance to protect your company against any repair or upgrade costs.
- Product Liability:Product Liability Insurance protects firms that produce and sell products to the general public or other businesses in the event that a product they sell, assemble, or supply causes harm to an individual or their property.
- Cybersecurity:Cybersecurity Insurance aims to protect businesses against cyberattacks. It helps minimise any financial losses to your business, customers, intellectual property and other parties following a cyber breach.
3. Protection from Claims of Breach of Duty
Indemnity insurance aims to protect professionals and business owners from unexpected damages or losses caused by claims of negligence, breach of duty, error or omissions and other allegations. It covers legal fees, civil liabilities claims, and bodily injury directly related to breach of duty. This type of coverage is recommended to all who are providing paid professional advice such as consultants, doctors, lawyers, IT specialists, accountants and more.
4. Protection for Business Interruptions
Business interruption insurance safeguards your company against the loss or damage of insured property as a result of a catastrophic incident, giving you the funds to rebuild and recover. Most significantly, it safeguards your current cash flow in the event of a brief crisis.
Still not sure what you need?
One of the most proven ways to know exactly what you need and what’s available is to speak with a business insurance broker. They can help you find the best solutions for you, allowing you to save time and money.
Let us help you find the right insurance for you
SK Insure is a platform that helps business owners find the best business insurance coverage at an affordable price. You can get a quote and buy insurance all in one simple and convenient online transaction.
At SK Insure, it is our mission to bring the best products for you and to your business. We'd be happy to help you in evaluating the coverage you require to save you time and money. Get in touch with us!
Contact us today to get started.
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