21 Feb No Comments admin Uncategorized

Compared to the kind of risks businesses have to take, choosing insurance probably looks easy. But before you seal the deal, you need to make sure that depending on the type of business you operate, your requirements are met. Some premium policies may look good on paper but that doesn’t mean they can protect your business from external attacks.

If you operate a mobile business or have outlets in several locations throughout the country, you may be very well-aware that business regulation laws differ from province to province. The same is with insurance policies. What might be available to you in one territory or province will not be in another territory or province.

That is why, it is important to make sure you’re updated on all the laws. Depending on the type of insurance you have, here’s what you need to know:

Car Insurance:

Every type of business — big or small — needs car insurance. This is because business operations are dependent on transport of stocks, equipments and products. If you’re a food manufacturing company, you will need to transport your products to the supermarket. Similarly, if you’re a clothing line, you will need to transport your products to your outlets.

Your business vehicles are part of your property and therefore, they are your organisation’s assets. Getting car insurance is mandatory in Australia but depending on the location, it varies. Some policies cover drivers, some policies cover the vehicle. It is important to look into what you are covered for.

General Liability Insurance

General liability insurance is useful in case a client injures themselves on your property. This type of insurance covers the legal costs of the damage incurred through your business to the client. But this does not cover damage to you or your property. It does, however, cover damages to the client’s property.

Business Interruption Insurance

In case your business is forced to cease operations, this type of insurance will protect you against the legal costs. Whether it’s because you have been sued for negligence or for a fatal mistake that one of your employees have made, you will be covered. Anything that interrupts your business’s operations will be handled and covered by this insurance.

Commercial Property Insurance

Protecting your business is the number one priority. However, sometimes, it’s important to protect your enterprise from result of damages out of your control. Fires, foods and weather damages are all out of our control. Therefore, it is essential to purchase commercial property damage insurance. Depending on the area your business is located, this insurance’s premium policies can be customized to your required to maximise protection in case of damages. This will cover legal costs.

For further information, contact our insurance experts or get a free quote today!