Small Business Insurance

Small Business Insurance Broker

Public Liability Insurance For Small Business

Business insurance is important for all businesses but it is small and medium businesses that have the most to lose by not having adequate insurance protection.

While larger businesses may be able to absorb losses, the risks for smaller businesses are much more significant. Our business insurance services cater specifically to the needs of business owners.

We understand that ensuring you have the right cover for your business needs may be confusing but rest assured our experienced business brokers can help find insurance solutions specifically for your needs.

Small Business Insurance

Types of Insurances For Small Business

The type of small business insurance you need will depend on the type of business activities you carry out. It's important to consider everything from business premises to vehicles, tools and equipment and assets such as mobile phones and computers. And it's not just the things you can see: you should also consider how you can protect your business reputation and interruptiion that may be caused to your business through unforeseen events such as fire and floods. A business takes years to build – but an accident or disaster could destroy it all in minutes. That’s why businesses should help protect themselves with a quality business insurance pack. With the right cover in place, owners can run their business with confidence, knowing that their premises, stock and equipment are protected by insurance. Explore your cover options and talk to our dedicated small business insuance experrts to get covers to suit your specific circumstances.

Even with the best planning, there is always the possibility that something can go wrong, and insurance can help mitigate the financial risks associated with such events. Here are some reasons why a small business should take out insurance cover:

  • Liability protection: If your business causes damage or harm to others, you could be held liable for any resulting legal claims or damages. Liability insurance covers such costs, including legal fees, settlement costs, and damages awarded by a court.
  • Property damage protection: small business insurance policies can provide coverage for damage to property caused by fire, theft, or other events. This can help cover the costs of repairing or replacing damaged property, which can be particularly important for small businesses that rely on equipment or inventory to operate.
  • Business interruption protection: If your business is unable to operate due to an unexpected event like a natural disaster, insurance can help cover the costs of lost income and expenses, such as rent or payroll.
  • Employee protection: Insurance policies can provide coverage for injuries or illnesses sustained by employees on the job, as well as for lawsuits related to employment practices, such as discrimination or wrongful termination.

Small Business Liability Insurance

Public Liability Insurance Cover

If your business involves direct contact with the general public then public and products liability insurance cover is going to be a necessity for your small business. This type of insurance protects you against the financial impacts of negligence which results in personal injury to others of property damage.

In Queensland, it is optional for many small businesses. However, there are a number of business types where public liability insurance is mandatory.

Professional Indemnity INSURANCE

The key difference between personal liability and professional indemnity insurance is that while public liability covers you for negligence resulting in physical damage, professional indemnity covers you against negligence resulting in financial loss for another person.

Essentially if your business is involved in giving others professional advice and that advice results in a financial loss for your client, you could be liable for that loss.

Business property cover

Living and working in Australia means we are regularly at risk from a wide variety of natural and environmental impacts such as bushfires, storms and floods. Adequately protecting your business property is therefore vitally important. 

And it's not just about protecting your business from natural disasters. It's worth also considering the risks associated with burglary, theft, money, glass, employee fraud, stock and machinery.

You should also consider business interruption insurance and building insurance if you own the premises that you operate from.

Other SMALL BUSINESS Insurance options

There are a number of other insurance products that it is worth small and medium business owners considering, depending on the type of business that you operate. Aside from Workers Compensation insurance which is mandatory for employers in Australia, these include: 

To ensure you have the right insurance cover for your business, talk to one of our expert business insurance brokers and get the peace of mind that you have the right business insurance cover, tailored to your specific needs.

Talk To An AIB Small Business Insurance Broker To Get A Policy Review

 

 

 

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