Mount Barker Business Insurance

Mount Barker Business insurance broker consultationRunning a business involves risks of many different kinds, there are risks you’re aware of as a business owner but there are also risks that you probably don’t know about. Some of these hidden threats may include natural calamities such as floods, bushfires, on site fires a fire, or damaged machinery that endanger your employees. 

Having suitable insurance coverage for your business enables you to prepare for a lot of these risks. Here are more reasons why you should revisit your business insurance:

 

  • Provides injury coverage

In the event that your business operations (including its products or services) have caused injury to employees or even harmed customers, a liability insurance provides protection for the damages if you’re indeed held liable. A liability insurance covers both legal costs and payouts. However, intentional damages are not covered.

 

  • Covers property damage

In case your business is held liable for any damages done to a third-party’s property, liability insurance policies take effect—minimising the financial burden that comes with such unfortunate occurrences.

 

  • Covers advertising liabilities

Advertisements are among one of the key tools for reaching out to customers and chances are you yourself are running ads of one form or another. However, there are some cases when a copyright rule is violated. You could also end up being sued for slander and defamation of character. In most of these cases, an advertiser’s liability insurance can cover the cost of damages.

 

  • Reduces the financial impact of accidents

When your business is suitably insured, you can relax and not have to worry about incurring massive losses from the threats you have insured your business for. Some situations, for example, may lead to machinery breakdown. This in turn can greatly affect the daily operations, resulting in loss of revenue.

Having a business liability insurance policy can help in alleviating the situation by reducing financial losses during the period. It can also recompense for the normal operating expenses (such as utility bills) that you would have incurred.

 

  • Covers litigation and settlements

When a business is being sued for damages, it can be a major setback. Even if you won the case, it can still lead to serious pitfalls due to the legal fees, which are often quite hefty. Fortunately, a suitable insurance policy can cover the legal fees and litigation expenses.

 

  • Adds to the business’ credibility

Having insurance for your business not only helps when unfortunate things happen, but it also builds trust among your employees and customers. As a business owner, you have to protect not only your business—you must consider everyone involved in making it a success.

 

  • Covers damages due to natural disasters

An “Act of God” is any accident that does not involve human intervention such as floods, hurricanes, and earthquakes. In such cases, there are two types of policies that protect you from losses: all-risk and peril-specific.

All-risk policies cover events, except for those mentioned above. Peril-specific policies, on the other hand, cover particular risks such as fire and other specified Acts of God.

 

  • Protects human assets

Human assets are truly valuable in business, especially those employees who have made great contributions to your company. These people are those whom you cannot afford to lose.

But, what if they suddenly suffered from a serious health condition, which takes them out of the picture for months or even years? Business-owned life and disability policies cover the income that should have been generated.

At the same time, some businesses avail of key-person insurance policies to cover for the disability and death of a valued employee.

While these insurance policies mainly exist to take care of valued employees, they can also be perceived as a means of maintaining a positive outlook within the workforce. Likewise, such policies may attract potential hires.

By providing life, health care, or even disability insurance as part of their compensation and benefits package, employees will trust your company and feel valued, which in turn will also have an impact on their loyalty.

A Look into Mt. Barker

Business Insurance in Mount Barker, Adelaide HillsMt. Barker has the retail industry as its largest industry sector, making up to 18% of the total employment. Health care is second at 11.6%, and education and training is in third place at 9.6%. In addition, there’s a rise in food retailing, as well as clothing and department stores in recent years.

But, despite the growing number of retail shops that has spawned across the area, uncertainty remains. For instance, the total overhaul of Barker Village Shopping Center led to a temporary closure, leaving retail shops to set up in new premises. Such a move will have an impact on their daily operations.

That is just one example why having suitable insurance for your business is crucial in ensuring profitability and peace of mind. To be more specific, here are some policies that can protect your enterprise:

 

General Liability

This is one of the fundamental things to consider when you have a retail business. This covers liability claims against your business that involves physical harm or damage, breach of contract, or reputation mismanagement.

For instance, one of your customers accidentally fell off the stairs. The insurance policy can cover the medical bills and litigation expenses if that customer wishes to sue.

 

Workers’ Compensation

This covers the medical expenses and salary loss if one of your employees gets injured during daily operations. If fact, you’re most likely required by law to provide such insurance coverage to your employees.

 

Business Property Insurance

Though it is unlikely to happen, there is still a chance that your retail shop might suffer unforeseen events such as flood and fire. Your chosen insurance policy can help you rebuild and pay off the damages incurred.

 

Business Crime Insurance

A business crime insurance can help you minimise the loss of income due to:

  1. Employee dishonesty
  2. Theft and robbery
  3. Fraud
  4. Hacking and cybercrimes
  5. Damage to important documents

 

Product Liability Insurance

This covers physical and property damages incurred by customers due to product malfunction. For instance, one of the electronic gadgets that you are selling exploded, causing injury to the customer. The insurance policy can cover the hospital expenses and may serve as damage control.

What to Look for in an Insurance Broker

Mt. Barker is well-known for its thriving retail industry, so it is not surprising that shop owners tend to consult insurance brokers to protect their businesses. Nevertheless, it is wise to choose your broker carefully, since not all brokers are the same.

Some are just interested in getting you to avail of their insurance policy, offering a product that really doesn’t suit you. There are also cases in which these experts aren’t really knowledgeable enough in the type of business you are running.

Here are some key points to consider in choosing an insurance broker:

 

  • Type and coverage offered

You can identify a reliable broker by studying their carriers. An outstanding carrier with a good reputation only chooses responsible and fiscally sound brokers.

In addition, know what insurance policies your broker offers. Ensure that your broker fully understands the industry you are in. Some brokers specialise in specific industries, so try to look into their qualifications and expertise first.

 

  • Necessary licensing and operations

Brokers should have the appropriate licenses, especially in relation to the areas in which they operate. At Fleurieu & Hills Insurance, our specialists have all the paperwork you will ever need in confirming their credibility and authority.

 

  • Tools and solutions for efficiency

A broker that can offer you a digital solution to your concerns and inquiries can ensure precision and convenience. As a business owner, time is a valuable asset so it would be best to make things faster and easier.

For example, can the time frame of the submission process be shortened when done digitally? Can the broker handle your queries through online means? Just in case you’re wondering, we do have an email form that you can conveniently fill up whenever you need help.

 

  • Encouraging reviews and insights

In this digital age where everything can be found online, it would be best to check out testimonials, reviews, and insights from clients with similar businesses as yours.

Mt. Barker Business Insurance: We’re Here to Help

Graeme Jameson - Insurance Broker in the Adelaide HillsHaving a proper business insurance, especially for small and medium enterprise owners, gives peace of mind while making it possible to focus on their main goal, which is to run a successful business.

 Here at Fleurieu & Hills Insurance, we have insurance brokers who are ready to help you and guide you in choosing the right coverage.

With over 50 years in the insurance industry, Fleurieu & Hills Insurance brokers are dedicated to providing services that will help and protect small and medium enterprises. Our expertise ensures that we can provide the best solutions. Feel free to call or email us or visit our contact page for a free consultation.

We can help you find business insurance thats tailored for your needs