For many small to medium size business owners, their business is their life, as they put tremendous amounts of money and effort into building it. If this is also your case, it’s good to know that Shuriken and AIS have joined their forces to bring you almost 50 years of business insurance solutions.
Here are the types of business insurance you can get access to if you want to protect your business:
Public Liability Insurance
If you deal with clients in person, then this insurance is for you. This type of insurance is created to protect you against the risk of someone being injured or having their property damaged as a result of your activities. We usually recommended Public Liability insurance to people who work at clients’ premises or who work with clients at their own premises.
Business Insurance
This insurance is the standard insurance that every business owner should have. It is aimed at helping small to medium sized businesses protect their assets and premises from damage and loss.
The business insurance policy can be customised to your specific needs, and can include:
- Fire and Other Damage Insurance to protect your building and its contents
- Burglary Insurance against theft of stock or other business equipment
- Business Interruption which covers your business against loss of gross profits and increased costs of working, caused by an interruption to your business resulting from an insured event.
- General Property options to protect other items such as mobile phones and laptops.
- Public and products liability insurance.
Industrial Special Risks Insurance
If you own a larger, more diverse business, then maybe it is better for you to take this insurance into account. It is meant to be more practical for these businesses as it allows you to combine several individual policies into one.
You are a good candidate for this type of insurance if you have assets over $3 million and a diverse number of business locations.
Trade Insurance
Trade insurance is designed to protect your equipment and business premises from damage or loss. This insurance – as the name suggests – is recommended to tradies, with cover options including:
- Public and Products Liability Insurance to cover damage caused to people or property in the course of your business
- General Property to cover your tools of trade, laptop computers and other equipment anywhere in the world
- Tax Audit Insurance to cover your legal and accounting fees if you are audited
- Fire and Other Damage Insurance to protect your building and its contents.
Professionals Insurance
This insurance is similar to the one above in the sense that it allows you to protect your assets such as property or equipment from damage or loss. The Professionals Insurance covers a broad range of professional occupations and it includes:
- Fire and Other Damage Insurance to protect your building and its contents
- Burglary Insurance against theft of stock or other business equipment.
Professional Indemnity
People whose job is to provide advice and guidance also need their own insurance to protect them. The professionals indemnity is aimed at accountants, doctors, marketing consultants and medical professionals.
If you fall into any of the categories mentioned above, or if you provide professional advice for a living, this insurance protects you, your employees and your business against claims arising from alleged errors and omissions in carrying out your professional duty.
Commercial Motor Insurance
Does your business own vehicles that you use regularly to provide your services? This insurance protects your vehicles regardless of whether they are on or off the road. It covers a wide range of vehicles, from small hatchbacks to trucks with a carrying capacity of up to five tonnes. There are two main types of coverage you can opt for with this insurance:
- Comprehensive cover to protect your vehicles against accidental damage and loss
- Legal liability cover to protect you against damage caused to another person’s property and personal injury caused by your vehicles.
Fleet Motor Insurance
If your business owns multiple vehicles (15 or more commercial vehicles for mobile sales or delivery teams) then you may qualify for this insurance. It is created for medium to large businesses and can provide coverage for the following:
- Comprehensive cover to protect your vehicles against accidental damage and loss
- Legal liability cover to protect you against damage caused to another person’s property and personal injury caused by your vehicles.
Heavy Motor Insurance
Heavy Motor Insurance provides coverage and protection for heavy mobile machinery or vehicles with a carrying capacity of over five tonnes. This insurance might be recommended if you are a general carrier, tipper, equipment mover or if you work in the building industry.
Contract Works and Legal Liability Insurance
Contract Works and Legal Liability Insurance is designed for businesses who own, run or manage any type of construction site – protecting you against major contingencies before, during and after completion. Covers can be available as a one-off policy for a specific project, or you can take an annual policy covering multiple projects and sites Australia-wide.
Workers Compensation Insurance
This type of insurance is available for all businesses of all sizes and from all industries. It is very important, as it protects you, the employer, and your employees against injuries that may happen at work. The insurance covers payments of weekly wages and helps cover for their medical and rehabilitation expenses.
Not-for-Profit Organisations Insurance
This insurance is created specifically for not-for-profit and community groups. If you run a not-for-profit organisation, you may want to think about getting this insurance to cover the organisation’s public liability exposure if your staff or volunteers are injured while helping out, or if a member of the public is hurt at one of your events.
Farm Insurance
Includes covers specifically designed for farms: machinery breakdown, loss of feed and stock. It protects you against financial loss if you experience a major interruption to your business.
This insurance can cover for the following:
- Business Liability Insurance to cover personal injury or damage to property caused by your business activities
- Farm Property Insurance to cover your buildings and contents against damage or loss
- Domestic Property – Home and Contents Insurance to cover you against damage or loss as a result of fire, theft and flash flood.
Travel Insurance
The travel insurance is designed to cover for a broad range of claimable events. It is recommended if you travel on holiday or for business (or both) and includes travelling for sporting events. In this insurance are included the following: overseas hospitalisation, medical and emergency dental expenses, lost or stolen cash, as well as personal effects.
Ready to get started?
We are ready to help you craft the insurance policy that is right for your business. Contact us today – we have real people waiting on the line.
AIS is an Authorised Representative of Resilium Pty Ltd ABN 40 098 080 810, AFSL No. 232703 and Resilium Insurance Broking Pty Ltd ABN 92 169 975 973 AFSL No. 460382
Disclaimer: Any general advice in this article does not take account of your personal objectives, financial situation and needs. Read the relevant Product Disclosure Statement (if applicable) before acquiring any product mentioned in this article.
