What cover really matters to your business?
Different businesses have different risks. Each requires its own protection. However, there are some covers that most small businesses need.
Most businesses should consider covering their assets, income and legal liability. Assets include everything you need to do business like your equipment and stock. These should be insured for damage, theft and other events.
If you own your premises, insure the property. If you’re leasing, you should still consider covering fixtures such as glass.
Business Interruption cover can also prove critical. This insures the loss of income caused by an interruption to your business arising from an insured event. When your income stops, expenses continue and it can be months before your turnover is back to normal. Business Interruption simply helps you to stay in business.
Liability cover is often crucial as the potential losses from liability claims can be enormous. It can cover your legal liability for injuries to other people or damage to their property that you, your employees, or your business causes.
Other covers can also apply to your business like Money, Goods in Transit, Employee Dishonesty or Equipment Breakdown.
It’s up to the business owners to assess their risks and choose appropriate cover. Unfortunately, some small businesses don’t insure their business or take out inadequate cover. They can face serious problems after an event.
You could really use some expert advice
The right advice about the types and level of cover you need can be the difference between your business surviving an event or closing its doors for good. Advisers can also help ensure your cover is appropriate for your size, activities and risks.
Insurance is not just an expense; it is an integral part of your normal business operations. A trusted insurance adviser can help keep your operations running smoothly.
About the contributor:
Steve Currie is Resilium Insurance's Regional Manager Qld and NSW. He is one of the advisers CCIQ utilises to offer free, no-obligation strategic advice to members through our Experts on Demand service.