As a business, preparing yourself for the unexpected is the smartest thing you can do.
Every business automatically exposes themselves to risk when they open their doors and in these economically uncertain times, these risks are abundant.
To ensure that your business isn’t wiped out by a surprise lawsuit or an unwelcome interruption, getting comprehensive business insurance is your best chance at helping your business to thrive.
These are the 6 business insurance policies that you need to have:
1. Public Liability Insurance
Public Liability Insurance, and the very similar Products Liability Insurance, is potentially the most important type of insurance you can have to protect your business from external lawsuits.
The purpose of these policies is to provide you compensation for any third party that has had their person injured or property damaged by a service you have carried out or a product that you sell.
This can provide cover for any:
- Legal costs
- Medical fees
- Settlement payments
- Costs of damages
To learn more about this cover, head to our Public and Products Liability Insurance article for all of the details.
2. Tax Audit
Random tax audits by the ATO are common for small businesses but they can be stressful, expensive and time-consuming.
Tax Audit Insurance can provide financial relief during this interruption. It can cover costs associated with professional fees from accountants, lawyers, bookkeepers, and any other advisors that are required.
3. Cyber Insurance
Cyber attacks are on the rise, and in the event that your business’s data is breached, you’ll want some back up.
Cyber Insurance can cover you for the costs of any damage or loss of computers or data and any subsequent business interruptions. This can also include any legal costs that arise.
4. Professional Indemnity Insurance
Professional Indemnity Insurance covers you for any consequences that result in injury or damage that comes from advice that you have given in a professional capacity. This may include any act, omission, or beach of duty in the course of your work.
This insurance provides that much needed compensation for damages or cover for legal fees.
For more information, check out our article on What Is Professional Indemnity?
5. Property Insurance
Natural disasters have been increasing over the past few years and if your physical place of business gets damaged, that will damage your profits too.
Property Insurance won’t just cover you for damage from natural disasters. You can make a claim if your building is damaged by:
- Fire or arson
- Malicious acts or vandalism
To find out what exactly your policy covers you for, contact your insurance broker today.
6. Business Interruption Insurance
In the past 12 months, business has been interrupted very frequently and very unexpectedly.
This type of insurance covers you for unexpected interruptions that causes you to cease operations. For all of the details check out our Ultimate Guide to Business Interruption Insurance.
There are a lot of insurance policies available for businesses and managing all of your policies yourself can be overwhelming.
To take the load off yourself, contact Regional Insurance Brokers. We can assess your risks and tailor a business insurance package suited just for you.