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A Look At Business Insurance in Australia
Business insurance is a type of coverage that protects your small to medium-sized business from losses resulting from incidents that may occur during the usual course of business. Regardless if you run a multi-national organisation or a mum-and-dad storefront, you will always remember how much work went into creating your company. In order to protect your efforts and investment, the correct business cover is essential.
Consider how often unexpected perils happen to others; you would be overly optimistic to believe an accident or disaster will never harm your business. When you have proper insurance cover you reduce your risk of losing property, stock, supplies, and your livelihood.
A Business Insurance Case Study
While your insurance professional can address your unique circumstances, it is often a wise decision for renters or lessees to get insurance cover for property and equipment. If you're unsure about your specific circumstances, contact our expert team today.
Here's An Example:
Hope leases a storefront for her day spa. While she does not own the building, she has a large amount of money invested in all of the equipment needed to serve her customers, as well as the items that make her spa stand out from the competition.Suppose a fire destroys the building. Most, if not all, of Hope’s equipment and decorative items will also be lost. If she does not have the necessary cover, Hope will experience a tremendous financial loss. The loss could be significant enough to force her to close her business permanently.However, if Hope has insurance that covers the property and equipment, she will be able to replace the things needed to operate her business.
You are the owner of a small printing shop. Late on a Saturday night, a water pipe ruptures, and your entire shop floods over the weekend. The flood destroys your equipment, stock, electronics, and finished orders scheduled for pick up. The damage to your structure is extensive, and major renovations are necessary. You cannot operate your business for at least six weeks.
Even though this is a daunting scene, if you are aware of the business insurance services, you will not suffer the total loss of your business.
If you need more convincing, consider the following statistics:
- Australia is experiencing and spending more on natural disasters than ever anticipated. By 2050, the estimated cost of these disasters will exceed 33 billion dollars.
- The Insurance Council of Australia notes that there is an extreme division among business size and the amount of cover they carry. 21.4 percent of small businesses running from home are not insured. The number of Sole Traders without insurance is 24 per cent.
- Most SMEs do not have any kind of back-up financial plan; only 16 per cent report having a contingency plan. A full 35 per cent of SMEs say they would need to make substantial lifestyle changes if they were not able to work.
How Do I Know What Cover I Need?
Business insurance can be confusing and even a bit frustrating when you are trying to determine what insurance you need and what you should pay for it. For this reason, we strongly suggest that you contact a professional business insurance broker for guidance. Connect Business Insurance associates will assist you in finding the best cover at a fair price.
Safe Work Australia, Key Work Health Safety Statistics 2014
"Penalties awarded against companies and its directors or officers for work health safety breaches have increased by 43% to $22.3 million in one year. Penalties now average $62,000 per company."
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Did You Know?
Many businesses think it won't happen to them, but statistics show otherwise. In fact:
(Chubb 2016 Private Company Risk Survey)
The likelihood of a claim that could be covered by a Management Liability policy has tripled in the last five years, with 50% of notifications resulting in a claim.
Chubb 2016 Private Company Risk Survey
The most common claims are for employment practices like bullying, harassment and wrongful dismissal.
Chub, 2016 Private Company Risk Survey
Major claims by amount relate to crime - including employee fraud.
A Business Insurance Case Study
You are the owner of a small printing shop. Late on a Saturday night, a water pipe ruptures, and your entire shop floods over the weekend. The flood destroys your equipment, stock, electronics, and finished orders scheduled for pick up. The damage to your structure is extensive, and major renovations are necessary. You cannot operate your business for at least six weeks.
Even though this is a daunting scene, if you are aware of the business insurance services, you will not suffer the total loss of your business.
If you need more convincing, consider the following statistics:
- Australia is experiencing and spending more on natural disasters than ever anticipated. By 2050, the estimated cost of these disasters will exceed 33 billion dollars.
- The Insurance Council of Australia notes that there is an extreme division among business size and the amount of cover they carry. 21.4 percent of small businesses running from home are not insured. The number of Sole Traders without insurance is 24 per cent.
- Most SMEs do not have any kind of back-up financial plan; only 16 per cent report having a contingency plan. A full 35 per cent of SMEs say they would need to make substantial lifestyle changes if they were not able to work.
How Do I Know What Cover I Need?
Business insurance can be confusing and even a bit frustrating when you are trying to determine what insurance you need and what you should pay for it. For this reason, we strongly suggest that you contact a professional business insurance broker for guidance. Connect Business Insurance associates will assist you in finding the best cover at a fair price.
What Can Business Insurance Brokers In Perth Do For Me?
Aside from giving you the peace of mind that comes with knowing you have what you need, Connect Business Insurance pros can help with the following.
- Evaluate the potential for risks that are associated with your business
- Offer you options based on your needs and budget
- Create an individually tailored insurance package that meets your unique needs
- Renew your policies or apply for new policies every year
- Work on your behalf to make settling claims easy and fast. We will also do whatever we can to make sure you have the best results
How Will This Help Me?
By doing the work associated with finding insurance cover for you, Connect Business Insurance will:
TYPE OF COVER
- Save You Money
- Reduce Your Stress
- Save Your Time
POTENTIAL BENEFITS
- We have the tools and resources to assess your business insurance needs and secure the best rates. You will not overpay, and you will not carry insurance you do not need. Our associates understand the complexities of the insurance policy wording, so you will know what you are getting and why you need it.
- Trying to determine your business’ insurance needs can be a frustrating experience. When you are thinking about whether or not you made the right choices, you can experience lingering angst. Our business insurance services will help you with the research, understand the jargon, and have the experience to help you find the policy that is best for you.
- Aside from being stressful, researching business insurance is a time-consuming endeavour. As a business owner, you know that your time is practically priceless to you. Do not spend what little free time you have wrestling with insurance research. Use your time for things you want; we will take care of finding the best insurance cover for you.
What May I Add to Business Insurance Cover?
- Cost of care for an injured employee including medication and treatment
- Employee wages if they are unable to work
However, it is important to note that limits and exclusions included in your policy can impact the amounts covered.
