With the right business insurance, owners can operate their business with confidence knowing that their stock, premises, equipment and reputation are protected by insurance.
What is business insurance?
Business can take years to be established and successful but an accident or disaster can destroy it all within moments. It’s recommended that businesses should help protect themselves with a quality business insurance pack.
With the right business insurance, owners can operate their business with confidence; knowing that their stock, premises, equipment and reputation are protected by insurance.
Who should consider business insurance?
Business owners can benefit from taking out comprehensive and affordable business insurance packs to help protect them against the main risks associated with running a business.
What can business insurance cover?
Business insurance varies in the benefits they provide. Your Westphalian insurance broker can help you find the right product to suit your business needs. Business insurance packs can offer general protection for a business. Depending on policy, business insurance may cover:
|Type of cover||Potential benefits|
|Property damage||Repair or replacement of property damage.|
|Business interruption||Loss of trading profit following insured damage to property and additional costs and expenses incurred during a claim.|
|Theft||Repair or replacement of stolen property.|
|Money||Loss of money.|
|Public or products liability||Liability to pay compensation for personal injury and property damage as well as the costs involved in defending a claim triggered by the policy.|
|Glass||Replacing glass outside or inside your premises, including your shopfront windows, mirrors or display cases.|
|Transit||For stock that is in transit on the road, in the air or by sea.|
|Electronic equipment breakdown||For repairing or replacing electronic equipment that breaks down.|
|Machinery breakdown||Cover for costs associated with machinery breakdown.|
|General property||To cover your tools of trade such as laptops and tools that you for your profession/trade.|
|Tax audit||To cover the costs of being audited by the ATO.|
|Employee dishonesty||Direct financial loss of the business caused by fraudulent or dishonest conduct of an employee which is first discovered during the period of insurance.|
What usually isn't covered by business insurance?
Exclusions, the excess you need to pay and limits of liability can vary greatly depending on the nature of the product you are purchasing, the associated risk, the insurer and the requirements of your business.
Policies generally do not include cover for:
- Known claims and circumstances
- Negligence in providing a professional service or advice
- Claims arising from a motor vehicle
- Flood damage unless specifically agreed by the insurer
- Intentional damage
- Electronic data
- Loss or damage that occurs after your premise has been unoccupied for more than 90 consecutive days.
There are exclusions which are specific to each type of policy, which your Westphalian insurance broker can outline for you.