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Business Insurance

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Business insurance for peace of mind

Business Insurance is a broad term that encompasses various types of coverage designed to protect businesses from financial losses due to unforeseen events. These events can include property damage, legal liabilities, employee-related risks, and other operational interruptions. The goal is to provide a safety net that allows businesses to continue operating smoothly even when they face significant challenges.

Business Insurance

Who Needs Business Insurance?

Everyone who owns a business needs Business Insurance, no matter the size of the business or what industry it is a part of. You also need a Business Insurance Package if you are planning to start a new business. 

Business Insurance Claim Example

The Insured operates a sushi shop in a shopping centre. The shop sustained damage when a vehicle crashed into the wall of the shopping center, affecting the Insured’s premises, including the kitchen, storeroom, and dining area. As a result, the insured was also unable to continue trading.

The insurer made payments of $18,837 under the Property (Contents) section and $1,583 under the Business Interruption section of the policy, less the insured’s excess.

What Does Business Insurance Cover?

Every business is different and so are their risks and insurance needs. A Business Insurance Package (often called a ‘Business Pack’) is structured to include several insurance cover options that offer broad financial protection for a number of risks faced by small to medium sized businesses. 

A typical business pack includes cover for protection against fire, theft, accidental and malicious damage as well as liability cover (Public, Products and General). There are also many optional covers available within Business Pack, allowing you to tailor the policy specific to the needs of your business. 

It is important to note that Business Insurance doesn’t include Workers Compensation. If you need Workers Compensation, you need to get a separate policy. 

Business Insurance

Key Components of Business Insurance

Two of the key components of business insurance are Public Liability (PL) Insurance and Professional Indemnity (PI) Insurance. PL coverage protects businesses against claims of personal injury or property damage that occur as a result of business operations. For instance, if a customer slips and falls at a business premise, the business could be held liable for medical costs and other damages. Public Liability Insurance helps cover these costs, reducing the financial burden on the business and ensuring that it can continue to operate without significant financial disruption.

PI coverage is crucial for businesses that provide professional services or advice as this type of insurance covers legal costs and damages that may arise from claims of negligence or errors in the service provided. 

PL and PI Insurance can form part of a Business Insurance Package or can be implemented as standalone policies. 

Each Business Insurance Package is tailored to meet the specific needs of different types of businesses, whether they are small enterprises, large corporations, or niche industries and form part of a comprehensive risk management strategy that helps Australian businesses to mitigate potential financial losses and sustain long-term growth.

How Brindabella Insurance Brokers Can Help

As your preferred Business Insurance Broker, Brindabella Insurance Brokers simplifies the process of obtaining Business Insurance. We handle all the hard work for you by understanding your business, risks, and requirements. We then negotiate with a large panel of approved insurers to secure a suitable policy within your budget.

We provide advice and recommendations on your existing coverage or identify potential exposures that need protection. Additionally, we manage claims on your behalf, from lodgement through to settlement. With us, you can operate your business confidently, knowing it’s protected.

Frequently Asked Questions

The cost of a business insurance policy depends on several factors, including:

  • Industry: The nature of your business.
  • Policy Coverage: The specific covers you select.
  • Annual Turnover: Your business’s revenue.
  • Employee Numbers: The size of your workforce.
  • Location: Where your premises are located.
  • Subcontractors: Whether you engage subcontractors.
  • Claims History: Your previous insurance claims.
  • Perceived Risk: The insurer’s assessment of your risk.

Reducing or skipping insurance coverage can save money in the short term but may leave you financially vulnerable if something unexpected happens. It’s best to be prepared with adequate insurance that meets your needs.

As your Business Insurance Broker, we gather necessary information to approach the market on your behalf. Information needed includes:

  • Business Type: e.g., retail, restaurant.
  • Business Structure: e.g., sole proprietorship, partnership, company.
  • Business Size: Number of employees.
  • Subcontractors: If you work with other companies.
  • Annual Revenue: Your yearly income.
  • Location: Where your business operates.

If you have stock, contents, or own or lease commercial space, you face risks from unexpected events. A Business Insurance Broker can help you find a policy to protect your assets.

Yes, you can cancel your policy within the cooling-off period and receive a full refund of your premium.

Cooling-off periods vary but are usually 21 days from the start date of coverage.

Insure your contents and stock for their new replacement value to ensure full claim payment.

Review your figures whenever they exceed your policy amounts, possibly more than once a year, not just at renewal.

Yes, if they are secured and locked when unattended and at your insured address.

No, a business insurance policy doesn’t cover cyber attacks. You need a separate Cyber Insurance policy.

Flood coverage is not standard and must be requested and approved on a case-by-case basis.

Yes, if you’re registered for GST, you can claim the GST paid on your insurance policy.

Coverage for vacant properties varies by insurer. If your property is vacant for more than 60 or 90 days, coverage may cease or be limited.

Signage is usually covered when you have external glass cover.

Yes, property damage cover typically responds to power surge damages.

If you sublet, inform your Business and Public Liability insurers to see if they will extend coverage. Don’t assume it’s automatically covered.

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