An Australian Business Owner’s Guide to Insurance

With today’s unpredictable trends and consumers, managing a business almost feels like playing the lottery. No matter how you perfectly craft your weekly, monthly, and annual business plans, something is always bound to mess things up. This is why the future can be a scary thing for business owners.

Whether you’re a full-fledged freelancer or a starting businessman, buying insurance can replace that fear with confidence. Are you ready to give that final touch to your business? Read on to find out more about business insurance and how to get one that suits your needs:

First things first, what is business insurance?

Did you know that the business insurance industry has tremendously grown in the past five years?

As mentioned, no business is safe from natural and man-made catastrophes. This is why business insurance companies like Fleurieu and Hills Insurance exist – to help protect your business from harm.

Victor Harbour Insurance Broker delivering a presentation to business owners looking to update their insurance policies

What are the types of business insurance?

While business insurance sounds like one, massive service, it comprises 15 types of insurance that target specific needs. Curious about how each type differs from the other? Below are the different types of business insurance you can purchase:

  • Association Liability Insurance

An Association Liability Insurance policy will protect your business non for profit business from issues related to liability claims, employment practice, and management negligence.

  • Burglary/Theft Insurance

By definition, this type of insurance protects your business from any loss related to stock, cash, and other valuable equipment. If you have already purchased the Public Liability Insurance, why not purchase the Burglary/Theft Insurance for the highest level of protection? 

  • Business Interruption Insurance

We’ve all become victims of natural disasters at least once in our lives. Unfortunately, your business is no exception. With Business Interruption Insurance, you can protect your business from calamities like fire and water damage. While this will not divert the hazard out of your place, it can help you to cover your monthly payments like rent and wages.

In a nutshell, this type of insurance will help you get back on your feet after an unfortunate catastrophe.

  • Cyber Protection Insurance

In this day and age, almost everything can be accessed online. This is why cyber-attacks are becoming more rampant than ever.

If you’re from Australia, this makes your business a vulnerable target. According to Symantec, Australia is one of the most targeted countries of cyber-crimes all over the world. Don’t let these issues stop you from venturing the digital market and avail of the Cyber Protection Insurance.

  • Directors’ and Officers’ Liability Insurance

If your business follows a structured organizational chart from the directors down to its employees, consider buying Directors’ and Officers’ Liability Insurance. Not only will this protect your staff from government lawsuits, but it can also resolve any internal conflict within employees.

  • Key Person Insurance

In any kind of business, there’s always this one key person who holds a huge amount of significance in the operations. However, what would happen if that key person goes down with an illness or personal injury?

To mend for the loss of this key person, this insurance will compensate for all financial and labor loss of that one special person.

  • Machinery Breakdown Insurance

No matter how well you maintain your machinery, they have their bad days too. To protect your business against costly repair and maintenance bills, consider availing of the Machinery Breakdown Insurance.

  • Management Liability Insurance

Usually partnered with the Directors’ and Officers’ Liability Insurance, this type of insurance deals with your business’s tangible properties. Below are potential hazards this type of business insurance can protect you from:

  • Employment Liability Cover
  • Employee Theft
  • Investigation for Tax-related Issues
  • Government-issued Statutory Fines

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  • Motor Fleet Insurance

Does your business own ten or more vehicles? Then the Motor Fleet Insurance is the right choice for you! You can even purchase this alongside the Commercial Motor Insurance for best results.

Don’t let your vehicles hit the streets unprotected. Vehicles covered by the Motor Fleet Insurance include the following:

  • Personal cars of the business owner
  • Company vehicles used by the senior management and sales representatives
  • Mobile plant and equipment
  • Heavy transport vehicles
  • Products Liability Insurance

If you own a manufacturing business that produces physical products, then the Products Liability Insurance is a must. With this type of insurance, you can protect your business against claims of personal injury and property damage caused by your products.

For maximum protection, you can purchase it alongside the Public Liability Insurance policy.

  • Professional Identity Insurance

If you offer your professional services, then the Professional Identity Insurance is the right one for you. Did you know that you can be sued once your services causes economic loss to your client? It sounds scary, but this insurance has got your back. With Professional Identity Insurance, you have protection from legal actions, and cover for damages charged against you.

  • Public Liability Insurance

Are you on the lookout for the first business insurance policy to purchase? Then Public Liability Insurance would be the logical choice!

If you’re a small business owner, here’s a quick heads up: your business is an easy target for lawsuits from unscrupulous individuals even for the tiniest bit of mistake. This is because they’ll take advantage of your vulnerability to try and milk as much money as possible. We won’t let that happen, right?

At Fleurieu and Hills Insurance, we can help you resolve related legal issues like libel, slander, invasion of privacy, and copyright infringement.

  • Spoilage of Stock Insurance

If your business is under the food and beverage industry, then you might be fully aware of how important your refrigeration machinery is. Imagine the horror if they stopped working one day! What would happen to your stocks?

With the Spoilage of Stock Insurance, we can cover the costly repairs for your refrigeration equipment. However, you must avail of this policy alongside the Machinery Breakdown Insurance to enjoy optimum benefits.

  • Tax Audit Insurance

Stuck among piles of tax assessments that need to be addressed as soon as possible? If you have a Tax Audit Insurance, this won’t be a problem anymore. This type of insurance covers all expenses needed to prepare records in response to tax audits and investigations.

  • Tools of Trade Insurance

If your business involves the transportation of heavy equipment like construction firms, then the Tools of Trade Insurance is right for you. It protects your valuable tools and equipment while they’re out on-site. It ensures that they’re well-transported and free from any type of physical damage.

How can business insurance protect my business?

Still thinking about getting your very first business insurance? Here are six reasons to seal the deal for you and your business!

  • It’s the law

In Australia, having some sort of insurance is a requirement before a business can start its operations. However, getting business insurance serves more than just a state requirement. It protects your business from any unfortunate situations you’ve probably never even thought of. Where else can you get such a deal except from a business insurance company like ours?

  • Get more clients

Aside from protecting your business, it can also increase your credibility and ability to function even in the most inconvenient scenarios. This allows your business to be known as a trustworthy brand that knows how to handle unforeseeable circumstances with class.

  • Keep data breach damage at bay

In this day and age of digital awareness, online marketing is one of the easiest ways to get more clients. However, this can make your business more vulnerable to cyber-crimes. Through a cyber-focused insurance policy, you can keep any digital crimes away from your business.

  • Manage your expenses

From lawsuit fees to tax payments, there’s a business insurance policy that suits your needs! By having tailored business insurance at your disposal, you can save more money by letting someone (or in our case, a company) help you with all the dirty work.

  • Recover from natural and man-made calamities

As mentioned, catastrophes cannot be prevented. However, their damages can be recovered. Why wait for an unfortunate circumstance to happen before taking action? Through business insurance, you can have peace of mind despite the unpredictable nature of disasters.

  • Secure your revenue

By availing of business insurance, you can be assured that your hard-earned money is in the right hands. This makes your business resistant to any forms of theft and money-hogging lawsuits – which are something that commonly targets small businesses.

When should I update my business insurance?

Yes, you might have already purchased all the business insurance policies you needed for your business. However, do you think that it’s the end? Most probably not.

In the rules of business (and life), nothing is constant except change. Time will come and your business will change little by little – so does your protection needs.

By now, you might be asking when you should update your business insurance policies. If you’ve experienced any of the following changes recently, consider revamping your insurance cover for the better.

  • When you’ve hired new employees
  • When you’ve renovated your current space
  • When you’ve entered into new contracts or agreements
  • When you’ve purchased new vehicles
  • When you’ve upgraded your equipment
  • When you’ve changed business ownership
  • When you’ve accepted new tenants
  • When you’ve offered new products

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Why should I work with Fleurieu business insurance?

If you’re a small business owner, did you know that businesses like yours account for a large percentage of production and employment in Australia? Knowing that such type of business is prone to many risks, scheduling an appointment with a Victor Harbour insurance broker can change your business forever.

At Fleurieu and Hills Insurance, we got your back. Keep your mind at ease, and allow us to help you do all the dirty work. With our professional team of experts in the insurance industry, we can assure you that you’ll only get the best services from us.

By getting Victor Harbour business insurance from us, you’ll get all the benefits of having business insurance for an affordable price. As a small business owner like you, we truly know how it feels to be out there in the dark. This is why we’ve dedicated ourselves to find the best insurance policy for your business.

 

What’s the next step?

For those who have just established a business startup, buying insurance for the first time can be quite intimidating. Wouldn’t it be reasonable to pick an insurance company that understands your struggles firsthand? Like you, we took the rough path towards success – and we want to share our success with you, too.

If you’re from Victor Harbour and the Greater Fleurieu Peninsula, go for a drive and schedule a free consultation with us. Sign a partnership with us and together, we can make your business stronger than ever!

We are based at 6 George Main Road, Victor Harbour and we happily service businesses from a wide range of areas, including:

  • Fleurieu Peninsula
  • Adelaide Hills
  • McLaren Vale
  • Normanville
  • Christies Beach
  • Norlunga
  • Mount Barker
  • Hahndorf
  • And many more

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