What Insurance Do I Need For My Business?

The type of insurance you need for your business will vary depending on what your business activities are. For example, the insurance an office will need will be completely different to a construction company.

There are insurances that are mandatory, such as workers’ compensation, and insurances that you can choose to insure for depending on your perceived level of risk such as a business package. Either way, Insurance is the best thing you can do to protect your business and its financial future.

Workers Compensation

Workers’ Compensation is mandatory for any business that has employees. Workers’ Compensation protects employees from the financial burden if they were to get into an accident at work or fall ill and could not work. It can pay for any medical expenses, lost income due to time off work, and compensation for their injuries. The compensation will depend on the severity of the injury. Workers’ Compensation Insurance is mandatory in all states and territories so it’s important to be familiar with your local regulations before hiring employees.

Public Liability

Public Liability insurance no matter the size is a crucial insurance policy to have. It protects businesses from claims brought against them for injuries, or property damage from third parties. It is designed to protect the public from the financial implications if they were to suffer an injury as a result of the negligence of a business. It is also designed to protect the business from being financially ruined in the event an accident happens and someone was injured or someone’s property was damaged. It pays for the legal, defence and compensation costs.

Business Package

There are many sections to a business package policy that can cover to protect a business.

Fire & Perils Cover for a business will protect the physical assets such as the building, contents and stock from fire, weather events, impact damage, flood, power surge etc.

Theft Cover – Theft insurance protects contents and stock from theft and attempted theft. It can also protect the rental premise from damage.

Money Cover – Money Insurance reimburses a business if they’ve suffered a theft and there was money stolen. It does not cover electronic funds.

Business Interruption – Business Interruption is designed to protect the income of a business if the trade was disrupted by events such as fire, flood, storm, machinery breakdown etc.

Machinery & Electronic Breakdown – This coverage will pay for the repairs or replacement of electronic or motorised machinery. If you have business interruption selected, your business interruption could also pay the lost income as a result of the machinery item being out of use.

General Property – General Property will cover the portal items that you take away from the premise. It can cover fire, theft, flood, and collision.

Professional Indemnity Insurance

Professional Indemnity Insurance protects businesses that provide professional services for their advice, recommendations and overall services provided.

For example, businesses that provide advice for a fee

  • Accountants
  • Financial Planners
  • Insurance Brokers
  • Any occupation where reports and certificates of compliance are provided; such as Motor Vehicle Inspection services; Building Inspection Services

Cyber Insurance

Cyber Insurance should be highly considered with the frequency and severity of cybercrime currently. It provides cover for costs associated such as

  • Financial Loss that you or a third party suffer.
  • Data Recovery
  • Interruption & Escalated costs to the business
  • Fines & Penalties
  • Notification costs

Motor Vehicle Insurances

Motor vehicle insurance is not mandatory, but it’s the insurance that almost all businesses won’t go without. This is because of the high frequency, high-value claims that are a result of a car accident. Morgan Insurance Brokers can provide cover for personal vehicles, business-use vehicles, and also fleets.

Depending on the size, scale, and activities of your business, all or only a few of these insurances may be crucial to the financial well-being of your business going forward. Contact Morgan Insurance Brokers to discuss your risks and have your business insurance tailored to meet your specific needs.