Does your business have adequate insurance?

90% of small business owners in Australia think they do. However if you purchased business insurance over 3 years ago this might not be the case.

Business insurer Vero has come up with some tips for business owners

Why is underinsurance such a problem?

  • Building regulations can change.
  • Market movements such as inflation, skills shortages and the increasing cost of building materials.
  • Changing needs of liability limits.

One of the biggest causes of underinsurance is the increasing cost of building property in Australia

 

Source: Vero

Business Insurance

Business Insurance Information

Public Liability Insurance

Protects you for claims by third parties who may suffer personal injury or property damage arising out of negligent or unlawful acts committed in the course of your business.

Money cover

Covers cash and other negotiable instruments for loss or theft from business premises and whilst in transit eg to the bank.

Glass Cover

Covers breakage of glass with the option for internal and external glass

Fire and theft cover

Covers destruction of, damage to, buildings and contents as a result fire and other perils such as lightning, explosion, malicious damage, earthquake, storm, and water damage. Flood is not covered automatically by most standard fire and perils policies, but is often still available.

Business Interruption

Covers loss of trading profits if business is interrupted through damage to property by fire or other insured perils.

Professional Indemnity Insurance

For businesses that provide advice or tender professional services of any kind can be sued for financial loss due to errors or omissions, and may need this protection.

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification
By | 2016-07-19T03:44:07+00:00 May 11th, 2016|Business Insurance, Insurance Information|