While there is no way to predict what can happen in the future, you can always prepare for it. One of the best ways to prepare for the unexpected is make sure you have suitable insurance for your business. If you are looking for Hahndorf business insurance, we at Fleurieu & Hills Insurance can help you. As insurance brokers we are committed to sourcing and presenting you with insurance policies that are suitable for your business.
There are many ways in which business insurance can help companies both big and small. In fact, here’s a list of some of these benefits:
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1. Provides protection for your employees
As an employee, would you prefer to work for a company where you’re protected in the event that something should go wrong whilst you’re working or one where you will struggle to find any form of compensation for damages to your person? You can offer your employees peace of mind by ensuring that they are protected with business insurance. This is one of the most important benefits of having an insurance cover for your business, regardless of its scale.
Insurance can provide necessary coverage in the event that an employee becomes unable to work, unemployed, or is seriously injured in your workplace. And it can save you from a lot of trouble stemming from penalties, fines, and lawsuits.
2. Protects you from disasters
A natural disaster can take down even the most established of businesses. An “act of God” such as a storm, an earthquake, or a flood, can destroy a property quicker than you can say “bang”. Worse, the damage from such scenarios can be very hard to recoup.
If you are not prepared, such a situation can put you out of business, sometimes for good! This is where business insurance coverage can aid you. With the suitable insurance cover, you can recoup the cost of lost income while you recover from damages.
3. Protects you from loss of key personnel
More than the facilities and machinery, the people behind the business are important. Not a lot of people know that these insurances can also cover those who drive the business. This is where the “key person” insurance comes into the picture.
This form of business insurance will protect a key person in your company, such as the owner and/or those that make important decisions. Beyond protecting these key people, you also protect the income you might lose from their inability to work or sudden dismissal.
4. Improves your business’s reputation
One of the ways to earn the trust of people outside your business is to provide security for those who complete transactions with you. One of the best ways to provide this security is to make sure you have up-to-date insurance that covers the demands of your business.
Some details regarding your coverage can get seen by customers, while others can only be known by those who are actually working for the company. Regardless, having the right insurance inspires confidence both inside and outside the company.
There is a reason why some companies even promote that they are insured; it’s a way to build trust.
5. There’s no way to predict the future
Running a business is anything but predictable. A business idea can make it big despite the odds. Conversely, an established business can suffer a fall for any number of unforeseen reasons. The unpredictable state of business makes getting insurance coverage that covers the demands of your industry a very important decision.
Since there are no guarantees in anything, it’s sensible to have that protection when you need it, even for the sake of your own peace of mind. You will never know when something can go wrong; business insurance can help you to continue operating when faced with an interruption or get back on your feet after any number of devastating events.
The Different Kinds of Business Insurance
There are different kinds of business insurance available at your disposal. If you are looking for the right Hahndorf business insurance policy, any of these can provide you with the best possible cover for your needs.
Here is just a sampling of the types of coverage that you can get for your property and how each of them can help you out:
1. Professional Indemnity Insurance
This insurance cover is designed for professionals who render their services to other people such as architects, accountants, financial planners, and consultants.
In the event that your services or advice ended up causing losses to your clients, this insurance will cover for the losses caused, including damages and legal costs.
The total amount depends on the level of coverage you get. But, those with professional indemnity insurance can be protected for up to $1 million worth of damages.
2. Public Liability Insurance
This is considered as one of the most basic insurance covers you can get for your business. This insurance provides coverage for you in the event that your products or services ended up causing harm or damages to people or property.
It also includes non-direct damages such as copyright infringement and slander. With a lot of lawsuits against businesses being of this nature, a lot of companies pick up this kind of insurance coverage as basic protection.
3. Product Liability Insurance
Nobody produces products that intend to do harm to their consumers. However, in the event that it does, it is important that you stay protected. This is where product liability insurance comes into the picture.
This insurance protects clients against claims of personal injury or damage to property caused by the products you provide. The cost of such insurance depends on factors such as the products you sell, its position in the supply chain, and the amount of products you sell.
4. Management Liability Insurance
When running a business, there are so many risks that you can potentially face. You can face problems with your employees, taxes, and other government bodies. Having management liability insurance will ensure that your company gets covered for costs caused by lawsuits.
Examples of cases that such insurance covers include workplace harassment cases, wrongful dismissal, theft committed by employees, possibly unpaid taxes, and fines imposed by government agencies.
5. Theft Insurance
Theft is one of the biggest causes of losses in any kind of business. Depending on the type of theft committed, you can lose cash, equipment, stock, or intellectual properties. Such theft can be caused by someone outside your company or by an insider.
This insurance covers liabilities caused by dishonesty from an employee, regardless of their position. Theft insurance is usually included in public liability insurance, but it can also be obtained separately.
6. Machinery Breakdown Insurance
Depending on the type of company you run, you can be using different kinds of machinery. Your operations can be dependent on how these machines are running, and any unexpected and/or prolonged disability of these machines can cause losses in both productivity and profit.
This is where machinery breakdown insurance can come into the picture. These covers will help you with the cost of equipment repair and replacement, while also covering for possible losses due to the downtime from faults in such equipment.
7. Cyber Protection Insurance
Just about every business today makes transactions over the internet in one form or another. From sending emails to making online transactions, there are some risks associated with such transactions.
All kinds of fraudulent activities can be done online, including hacking and identity theft. With such incidents being on the rise, it is important that you get such coverage for your business. This, together with effective cyber protection, will provide safety against cybercrimes.
8. Key Person Insurance
Without the right people, your business can potentially collapse. More than your business properties, it is important that you keep your people protected.
Aside from mandatory insurance covers for employees, you should also provide insurance coverage for key people within your company. Key persons include the business owner and those who hold critical positions within the company.
Key person insurance will protect your company (and your employee) from potential costs associated with death or disability (prolonged or permanent).
If you’re ready to get the right policy for your firm, we at Fleurieu & Hills Insurance are ready to serve you. Our company is led by Graeme Jameson, an insurance broker with more than 35 years of experience in the industry.
He created Fleurieu & Hills because he wants to provide dedicated and specialized insurance broking services for businesses of all sizes, though mostly serving businesses located in the Fleurieu Peninsula and Adelaide Hills.
We are currently associated with the Steadfast Group and the National Insurance Brokers Association (NIBA).
The Steadfast Group is Australia’s largest general insurance broker network, with connections located all over the country. NIBA is the primary governing body for the practice of insurance broking in Australia. These connections help us perform our duties at the highest level possible.
We also belong to the Independent External Complaints Facility of the Financial Ombudsman Service.
Here at Fleurieu & Hills, we will help you get Hahndorf business insurance coverage—one that is suitable for your specific needs and budget. Call us now or visit our contact page to know more about our services and set an appointment with our insurance specialists.