Business Insurance Specialist in Australia
What is Insurance and Why Is It So Important?
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. It can play a central role in your financial plan by potentially providing financial security for you, your business and your family when it's needed most.
No matter how healthy we are or how well we are doing financially or how good a driver we are, we all needs insurance.
The Importance of Insurance in Business
Starting a new Business is exciting & stressful. It is important for a new business to consider insurance right from the start. Insurance for your business is important to cover unexpected events such as loss or damage to your property, legal claims and workplace injuries. Different types of business require different policies to protect company assets and to protect against legal liabilities.
The Types of Business Insurance in Australia
There are several types of business insurance that business owner might consider, including the following:
Business Interruption Insurance: Business interruption insurance can help your business to keep running if the insured property is lost or physically damaged after a natural event such as fire, hurricane by covering on-going costs so you can recover and rebuild.
Professional Indemnity Insurance: Professional indemnity insurance* protects professionals who provide advice or services to other businesses or individuals. This type of insurance is important to have because if the client claims your advice or services caused those damages, injury or loss, then you could be hit with hefty claim and associated legal costs.
Workers Compensation Insurance: Workers' compensation insurance is compulsory if you have employees. It is designed to cover an employee's loss of wages, medical and rehabilitation expenses for work-related injuries or illnesses.
Loss of Income/Income Protection: Income Protection is designed to help you get back on your feet if you are sick or injured. It provides a regular payment in place of your income if you're unable to work for extended periods due to injury or illness.
General Property Insurance: General Property insurance is a flexible product that can provide both Damage and Theft coverage under the one policy.
Public Liability Insurance: Public Liability insurance is your protection if you are found to be legally responsible for personal injury to a third party or damage to their property.
Product Liability Insurance: Product liability can provide protection for property damage or personal injury claims arising out of the use of a business's product, or the failure of a product.
Personal Accident, Illness or Disability Insurance: Personal Accident Insurance covers you for lost income due to an injury or illness that prevents you from working for an extended period.
Cyber Liability/Security Insurance: Cyber insurance can help cover financial losses to your business, your customers and other parties following a cyber security breach.
At SELECTINSURE, our business insurance broker in Sydney understands your business and its risks. Get in touch for a quick insurance quote online today on 1800 883 007 or visit https://www.selectinsure.com.au/