Business Insurance is coverage that protects companies from losses due to unforeseen events that occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks.
What is Business Insurance?
As a business owner, your investment in your company goes beyond money and equipment. You have also invested your hopes, dreams and savings into your company, not to mention the livelihoods of yourself, your family and your employees. If something unfortunate happens, the consequences can be devastating.
Business Insurance can help your company survive the unexpected, with minimum losses.
What is Business Insurance?
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Our systems do the hard work, quickly matching the insurance that best suits your business.
We do all the hard work analysing insurance policies and their covers to match them against your business risks and needs.
Our expertise insuring thousands of businesses means we know the questions to ask you.
We find the right insurance for your needs and because we operate online we have lower costs to pass more savings on to you.
You can access and update your information at any time of the day and night, when it suits you most.
What are the Specific Risks Associated with Business Insurance?
In today’s volatile business environment, business owners are constantly exposed to a certain level of risk. When an unforeseen event negatively impacts your business, having a comprehensive risk management strategy in place increases your chance of survival.
Insurance is protection for the unexpected. Without adequate insurance cover, a workplace accident, major natural disasters, serious injury or an extended court case could find your business facing huge financial burdens or even the inability to continue operations.
As a business owner, it’s important to understand the specific risks facing your business so that you can put an effective risk management strategy in place. Some examples of risks experienced by many SMEs today include:
- Financial Risk: The risk of losing an investment or achieving a lower than expected ROI.
- Currency Risk: The risk of an investment or payment losing value due to currency fluctuations.
- Credit Risk: Not receiving payment for goods sold on credit.
- Security Risk: Threat of fraud, theft, embezzlement, or misdirection of funds.
- Property Risk: The risk of damage to or loss of business property as a result of fire, flood, earthquake or storms.
- Legal Risk: Threat of facing legal action from customers, suppliers, employees, competitors, investors, or other parties.
- Technology Risk: Misuse or breach of company IT systems.
What Are the Key Elements of a Business Insurance Policy?
You need a Business Insurance policy that addresses the specifics of your business. Depending on your industry and risk portfolio, appropriate cover for your business may include:
- Commercial Property Insurance: Covering damage to buildings, contents and stock caused by fire, perils and accidental damage.
- Business Interruption Insurance: Protecting your company in the event of interruption to your business after an insured loss.
- Theft and Money: Covering theft of business contents or stock, as well as theft of business money.
- Glass: Protecting your business against costs incurred as a result of breakage of internal and external glass and signs.
- Public Liability: Covering your legal liability to pay compensation for personal injury or property damage that is deemed to be the result of your business’ actions.
- Computers and Electronic Equipment: Covering fire, theft, accidental damage, breakdown of computers and electronic equipment.
- Tax Audit: Covering you for professional accounting fees that arise from an audit conducted by the Australian Taxation Office (ATO) or any other Australian (Federal, State or Territory) government agency.
Who Needs Business Insurance?
Business insurance is important for SMEs across Australia. Some types of insurance are mandatory for Australian businesses in certain situations. For example, if you employ people, you must take out workers compensation insurance to protect your employees in the event of an accident or sickness.
Even if its not compulsory for your business, consider insuring your assets, revenue, and liabilities to protect your company against potential risks. For further information talk to your business advisor or speak to a PSC Direct insurance broker.
How PSC Direct Works for You
As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.
We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.
We can help sole practitioners, small, medium and large businesses protect the businesses you are growing and ensure your assets are covered in the event that disaster strikes.
With our strong relationships to a broad range of highly-rated insurers we are able to advise you on Business Insurance, Professional Indemnity Insurance, and Public Liability Insurance specifically tailored to meet the risk exposure of your business.
We can also provide advice on a range of additional insurance policies and cover that can affect your business and make sure you have the right insurance at the right price.
72% of Australian businesses fail after experiencing a major loss.
The right business insurance will ensure you are not one of them.
While good insurance covers you for most things – Professional Indemnity, Professional Liability and Property, great insurance covers you for the specific risks that your business faces. We understand that every business is unique and you need a policy that addresses the specifics. We make sure that when you have a claim that’s out of the ordinary and complicated, you’re covered.