A Business Insurance Pack (often called a ‘Business Pack’) provides insurance cover for small to medium sized businesses. There are different sections of business insurance that can be tailored to your business. Some wont apply to you so our HG Insurance Specialist will want to discuss your business activities and do an onsite visit to first identify the risks that are unique to your business.
*Please note all insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording before deciding whether the insurance policy meets your needs.
- business fact findDocument size: 34kb
|Level of Protection:||Tailored to your business|
|Pay by the Month||Yes|
Types Of Business Insurance
Here are the sections of a business insurance that can be chosen to suit your your business:
Public & Products Liability Insurance
This covers you for if people come on to your property and injure themselves, if you cause property damage and most important of all if you make any products, this covers you for any injury or damage your goods may cause. Public Liability is required for most business leases and tradies.
Property covers for things like fires, storms, floods (depending on policy wording) and other listed events. It covers your building (if your the owner), contents, stock, rewriting your documents and removal of debris.
This is the section that you can choose a sum insured for your contents and stock that could be stolen in a forced entry burglary. Depending on your business, its unlikely that a thief would steal all of your stock and contents so you need to consider the sum of the items would most likely be stolen.
You can cover both your internal and external glass on your business premise. Especially to be considered where you have large panes of glass or multi shop fronted. The excess can be tailored to be a small amount and your business signage can also be covered. Its usually very affordable to add this cover to your business package.
In simple terms - your business building burns to the ground (property damage). You don't have the cash flow to cover your expenses while you rebuild or relocate and your profits just went up in smoke. Business Interruption insurance, when insured correctly, aims to replace your normal business profits and cover your operating expenses while your premise is being repaired OR there is an additional cover you can take to cover additional operating expenses such as relocating your premises.
This cover is for business that want to cover their business cash. You have the option to decide how the cash is covered, such as during business hours or after business hours or locked in a safe or money at your private residences.
If you ship or transit your goods around Australia, import or export goods overseas or are you responsible for transporting clients goods then transit cover should be considered. Covers are relatively cost effective for most businesses. An example would be a cabinet maker who transits the kitchen to the customer in a van. If the van were to have an accident the vans insurance is usually very limited in the cover of the items within the van, so in this case transit cover should be considered.
If you work with machines that are prone to breaking down and costing thousand to be replaced that you should look at machinery breakdown cover. This will generally also have an option for deterioration of stock, so if a refrigeration unit or freezer breaks down the spoilt stock can be covered under your policy.
Electronic Equipment Breakdown
Covers your electronic equipment used by the business such as computers.
The cost of a tax audit can surprisingly be very expensive. With variable amounts to cover you for your accountants and audit preparation costs, this is essential cover for a lot of Australian businesses and individuals.
Commonly called tools cover, general property covers your tools, phones, mobile stock and a host of other things if they are stolen. Some polices have cover for property taken overseas and some have cover for accidental damage, but you will need to confirm the type of cover you require.
Do you have staff dealing with your banking? Employee dishonesty cover can help you mitigate your risk against theft and dishonesty by your employees.