Business Insurance

A Snapshot of Services We Assist

Understanding Small to Medium Business Insurance

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Business Insurance

Running a business is a challenge, and it often involves putting your own finances at risk. It makes sense to manage risk, reduce uncertainty and protect your livelihood.

Business insurance can protect the equipment and machinery you need to stay in business. It can ensure that you, your employees and any members of the public with whom you interact in your business are protected from the risk you face as a business owner.

Insurance may also provide financial support if your business is unable to operate following an unexpected event such as a fire or natural disaster.

Think about how you would manage if your stock, equipment, or even your premises were badly damaged or destroyed. Would you be able to continue running your business? Would you be able to recover from the financial loss?

Insurance companies provide a variety of policies that cover small businesses, tradespeople, professionals, hospitality operators and more. Our brokers are experienced to find an insurance policy that is most appropriate for your small or medium-sized business.

Different types of business require different policies to protect company assets and to protect against legal liabilities. Make sure you know what kind of insurance you need for your business. Contact our team of brokers in Brisbane to ensure that you have the right type of business insurance.

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Types of Business Insurance
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Business insurance policies can be changed and customised to suit your business needs. You can choose from a wide range of insurance cover specifically tailored for business owners.

Many products are also designed to meet the needs of specific industries.

Insurance companies that offer business insurance will often offer packages that bundle different types of insurance policies together. These are designed to meet the needs of small-to-medium sized businesses and may be less expensive than purchasing policies separately.

There is no one-size-fits-all insurance solution for small businesses. Your insurance needs will vary according to the industry, trade and type of business you are operating.

For example, the risks a home-based sole trader will face will be very different to those faced by a coffee shop, landscaping business or a construction company.

Common types of business insurance focus on assets and revenue, liabilities, and personnel. These include:
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Professional indemnity/liability

Protects you from legal action taken against you if someone suffers a loss after following your professional advice or as a result of receiving your service.
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Property

Covers damage or loss to buildings, contents and stock caused by insured events and accidental damage.
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Public liability

Covers your business for legal costs and compensation costs that you might have to pay if you are found liable to someone because you caused death or injury, loss or damage to their property, or economic loss due to your negligence.
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Property

Covers damage or loss to buildings, contents and stock caused by insured events and accidental damage.
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Product liability

Businesses that supply, deliver or sell goods, even in the form of services or repairs, may need cover against claims of goods causing damage, injury or death. Product liability cover protects you if any of these events happen to another person or business by the failure of a product you are selling.
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Theft and burglary

Theft insurance generally covers your business against loss or damage to your stock and contents if someone forces their way onto your premises, or uses deception to get in your premises. It usually does not cover cash losses, which can be covered separately.
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Money

Covers your money for theft at the premises, in transit and at your private residence.
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Mandatory motor vehicle accident personal injuries insurance

Every state and territory requires mandatory motor vehicle accident personal injuries insurance for all company or business vehicles.
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Commercial vehicle

Many different types of policies are available, so make sure you understand the options before making a decision. Consider the three most common options below:

• Comprehensive
• Third party property damage
• Third party, fire and theft.
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Tax audit insurance

Covers costs incurred by your accountant, or registered tax agent, when notified by the Australian Taxation Office to conduct an audit or investigation into your tax liability.
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Business interruption

Insurance can cover businesses that suffer a loss because they cannot trade for a period of time due to loss or damage from a weather event, flood, fire or other insured interruptions.
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For more information on how business interruption insurance can cover your business click here to read this article.

Deterioration of stock

Covers businesses for the deterioration of chilled, refrigerated or frozen goods and stock if a refrigerator or freezer unit storing these goods breaks down and spoils the items.
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Glass

Covers the replacement of external and internal glass, as well as specified glass items.
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Employee fraud or dishonesty

Covers against fraudulent or dishonest actions committed by employees that directly results in loss of money, negotiable instruments or goods.
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Workers’ Compensation

Workers’ Compensation insurance is compulsory in all states and territories for businesses with a certain number of employees. For more information click here.
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Machinery/Equipment breakdown

Covers machinery and equipment used in your business. Some policies may also cover stock damages as a result of the breakdown.
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Goods in transit/property in transit insurance

Covers the loss of, or damage to, goods you buy, sell or use in your business when they are in transit by road, rail, air and sea. It also covers damage to property – such as tools and equipment – while in transit within a defined set of geographical limits.
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Computer and electronic equipment

Covers accidental damage or loss to computers and electronic equipment and data.

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‍How are Premiums Calculated?

Each business is unique. Premiums will vary depending on the nature of your business, the risks the business is exposed to, the insurer and the product’s inclusions and exclusions.

When calculating your premium, the insurer will take many factors into consideration. These factors may include, but not be limited to:

• Type and location of business activities
• Nature of the business
• Size of the business, including the number of employees, premises and business income
• Claims history
• Nominated sum insured
• Products produced and/or sold
• Interaction of the business with third parties
• Risk factors involved in running your business

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Why use Hunter Broking Group?

Business Insurance Broker Brisbane:


Hunter Broking Group can assist with Small Business Insurance Brokerage. Through industry specific insurers, your designated advisor has access to a comprehensive range of insurance products that can be tailored to suit most business operations including restaurants, cafes, retail shops and trades. We can arrange insurance for various segments in the small to medium business sector, including:

• Legal Services
• Business Management Services
• Business Administrative Services
• Finance And Investments Services
• Computer Consultancy Services
• Architectural Services
• Advertising Services
• Mortgage Broker
• Consulting Engineering Services
• Bread & Cake Retailing
• Clothing Retailing
• Domestic Cleaner
• Engineering Services
• Fabricated Metal Product Manufacturing
• Fencing Contractor
• Food Court Outlet
• Grocery Wholesaling
• Hairdresser And Beauty Salon
• Metal Security Screen Doors And
  Gates Manufacturing

Hunter Broking Group pride themselves on having a local presence in Brisbane with a national strength, our technical product experience allows us to manage and service business insurance products such as:

• Fire & Perils (Property Damage)
• Business Interruption Insurance
• Crime / Theft Insurance
• Marine Insurance (Goods in Transit)
• Equipment Breakdown & Machinery Breakdown Insurance
• Motor Fleet Insurance
• Public Liability Insurance
• Products Liability Insurance
• Product Recall Insurance / Contamination Insurance
• Professional Indemnity Insurance (design / specification)
• Management Liability Insurance
• Cyber Insurance
• Corporate Travel Insurance
• Trade Credit Insurance
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Business and Office Equipment Insurance is a core focus for our advisors, whether we are looking after small offices or large scale manufacturing workshops, Hunter Broking Group have the experience to provide the appropriate advice for your size and risk exposures.

Whether you’re a large corporation or a small business, our brokers can help you get the most appropriate insurance cover by assessing your specific needs and recommending the most appropriate insurance solution for your business, whilst still maintaining the highest standard of cover.

‍Our head office in the western suburbs of Brisbane allows us to serve Brisbane’s locals through personable, 1-on-1 consultations. Hunter Broking Group aims to spread our quality service across south east Queensland, so if you’re on the Sunshine Coast or the Gold Coast, don’t hesitate to contact us for your business insurance needs.

Information Source

http://understandinsurance.com.au/types-of-insurance/business-insurance