Business Insurance provides coverage for your business premises and contents, protecting against losses, damages, and theft. It also offers financial protection in case of insured business interruptions.

The types of protection typically include:

a) Material damage coverage for physical assets.

b) Financial loss coverage due to business interruption.

There are various Business Insurance options available, each tailored to protect different aspects of your business operations. Simply choose the cover options that are relevant to your business. Some of the options include:

• Public Liability Insurance: Covers claims from third parties for injury or property damage resulting from your negligent business activities, including defense costs.
• Building Insurance: Protects against loss and damage to premises you own, whether you are operating out of it, or you are leasing it to a third party. It protects you against Fire, Storm, Water, Malicious Damage, Impact Damage, Accidental Damage, Cyclone, Earthquake. Flood is typically an additional peril that will need to be added on.
• Contents Insurance: Protects things such as your fixtures and fittings, Machinery & Equipment, Stock and goods held by you on consignment. It protects you against Fire, Storm, Water, Malicious Damage, Impact Damage, Accidental Damage, Cyclone, Earthquake. Flood is typically an additional peril that will need to be added on.
• Glass Insurance: Covers breakage of owned internal and external glass, signage, and related items at the insured premises.
• Tax Audit Insurance: Covers accountants’ fees incurred during audits by the Australian Taxation Office.
• Business Interruption: Provides coverage for financial loss resulting from business interruption caused by an insured event.
• Theft: Protects against loss and damage resulting from theft or attempted theft at your business premises, including damage to the building, locks, and safes.
• Employment Practices Liability: Covers employment-related claims such as wrongful dismissal, bullying, harassment, or discrimination.
• Money: Covers loss, damage, or theft of business money while on premises, in transit, or temporarily stored in a private residence.
• Employee Dishonesty: Provides coverage for financial loss resulting from employee dishonesty.
• Portable Equipment: Covers loss and damage to portable equipment associated with your business, such as tools and stock.
• Machinery Breakdown: Covers the cost of repairing or replacing specified machinery following a breakdown.
• Electronic Equipment: Protects against accidental damage or breakdown of electronic equipment, including computers and printers.
• Goods in Transit: Covers loss or damage to goods while in transit within Australia in a vehicle owned or operated by you, due to insured events.
• Statutory Liability: Protects against unintentional breaches of certain Australian laws, covering investigation costs, defense costs, and fines or penalties.

If your business operates from premises, owns inventory or equipment, or relies on valuable portable items, it is crucial to safeguard them with the appropriate Business Insurance coverage.

Businesses that own stock, fixtures, fittings, and contents, as well as consultants using portable valuables like laptops or iPads, and property owners, all need suitable insurance protection.

Examples of occupations that benefit from such coverage include restaurants, shops, accountants, repairers, small manufacturers, and more.

Consider the following scenarios that could potentially impact your business:

1. Stolen Equipment: A tradesperson securely locked their tools at a commercial building site and returned the next day to find them missing. With the equipment valued at $22,000, its disappearance not only caused a financial setback but also risked contractual penalties for project delays. Fortunately, the insured promptly filed a claim, enabling them to replace the equipment without incurring any penalties.

2. A flood of claims: A café owner experienced significant damage to their business due to heavy rainfall and flash flooding. The owner had to temporarily close the business for repairs. Thankfully, their insurance policy covered such damages, resulting in a claim payout of $6,000 for building contents, $4,500 for loss of income, $600 for lost wages, $16,450 for repairs, and $470 for appraisal costs.

These examples highlight the importance of having appropriate Business Insurance coverage to protect your business from unexpected events and minimize potential financial losses.