Top 8 Small Business Insurance cover to protect your business

All small business owners know they have risks and need some kind of business insurance. Some owners are not aware of how much cover they actually need, whereas some don’t know how to deal with these risks.  Professional Insurance Brokers our friendly staff are happy to help you with your small business insurance quotes so call us any time or you can live chat with us live on our website during business hours.

We work with many different kinds of small business across Australian and with over 30 years experience in the insurance industry as brokers, we find our staff have the best experience of all the diverse challenges small businesses face from time to time.

Small business owners have three insurance proetection strategies, to address their risk.

1. Recognise the risk and its consequences
2. Get some business insurance protection against the risk
3. Manage the risk to reduce or eliminate it

If you choose the first strategy above, think hard about the consequences. Could your business survive the possible financial loss? If you can’t afford a small business insurance cover now, make a note to get it as soon as possible. Most business owners use a combination of the second and third strategies. They insure against the major risks they face, but also take active steps to reduce, minimise or eliminate risks.

If you’re taking the second strategy, you have to identify the types of small business insurance that are relevant and will work for your business. Talk to your business insurance broker or adviser about tailoring a small business insurance package to suit your business. Here are some types of small business insurance that you can choose from:

1. Asset protection insurance – covers your premises, equipment, vehicles and its contents from theft, fire, flood or other damage. But if you have a home office, it’s important to check if your home and contents insurance also covers the business use of equipment like computers.     If it doesn’t, then you’ll need a separate policy for your business assets.
2. Public liability insurance – protects you and your business against monetary claims if you or your employees are found liable for the death or injury of a third party, or damage to their property because of negligence.
3. Product liability insurance – covers any legal action arising from death, injury or damage caused by a product that your business sells or manufactures. If you’re an exporter, you may need to look into this insurance for overseas markets as well.
4. Revenue protection insurance – protects you against loss of revenue from events such as a fire, flood, earthquake or damage to your computer systems.
5. Professional indemnity insurance – gives you protection against claims or legal costs arising from professional advice you’ve provided.
6. Key person insurance – insuring the vital employees of your business whose death or disability may severely lower both revenues and the value of the business – or even cause its collapse.
7. Workers’ compensation insurance – is compulsory if you employ staff. This insurance protects you and your workers from financial hardship in the event of a workplace injury.
8. Business Interruption insurance – The cover can include loss of gross profit, loss of rent and increased costs as a result of the situation like relocation costs or advertising a new premises.

If you have any enquiries for your small business insurance, then call one of our friendly staff at Professional Insurance Brokers and we will be happy to help you with your small business insurance quotes today.  Call 1300 profin or 1300 776 346 or feel free to use our Live Chat available on our website during business hours.