A business can takes years or even decades to grow, but a major disaster or accident could severely damage or destroy it. Therefore, it’s important for businesses to protect themselves with a quality business insurance pack.

With the right insurance cover in place, owners can run their business with confidence, knowing that their premises, products and equipment are all protected.

If you work with a qualified insurance broker, such as Centrewest, they will identify the main risks your business faces and tailor a business insurance pack specifically for your needs.

Here are some of the types of insurance that can be covered in a business insurance pack:

• Property damage: repair or replacement of damaged property.
• Business interruption: covers loss of income following insured damage to property and additional costs and expenses incurred during a claim.
• Theft: repair or replacement of stolen property
• Money: loss of money
• Public or products liability: your liability to pay compensation for personal injury and property damage as well as the costs involved in defending a claim triggered by the policy.
• Glass: for replacing glass inside or outside your premises, including your shopfront windows, mirrors or display cases.
• Transit: for stock that is in transit on the road, in the air or by sea.
• Electronic equipment breakdown: repairing or replacing electronic equipment that breaks down.
• Machinery breakdown: cover for costs associated with machinery breakdown.
• General property: to cover your tools of trade, including laptops and tools that you use for your profession or trade.
• Tax audit: to cover the costs of being audited by the ATO.
• Employee dishonesty: direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance.

What isn’t covered by business insurance?

Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer and your business requirements. If you work with an insurance broker they will identify and explain any exclusions specific to your policy.

To learn more about what insurance might be right for your business, contact our team of experienced commercial insurance brokers today.