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Also covers Employment Practices Liability Insurance that assists employers minimise their risk and potential cost of claims taken against them by employees in relation to events such as alleged discrimination, unfair dismissal and sexual or workplace harassment.

The cover can include defence costs arising out of the criminal and regulatory investigations and trials and it is quite common to find civil and criminal actions are brought against the directors and officers simultaneously.

Small Business Insurance Checklist

The main Small Business Insurance areas of cover are:

Employers Liability

Property Insurance

Public Liability Insurance

Professional Indemnity Insurance

Car Insurance

Landlord’s Insurance

When shopping around for small business insurance quotes, you have two options: Go straight to an insurance company (otherwise known simply as an insurer) or consult a small business insurance broker. Using an insurance broker has many advantageous over getting insurance directly from an insurance company.  Make sure you discuss all your needs including the ones above if they are relevant to your circumstances.

Business Property insurance?

Costs associated with the repair or replacement of your physical assets

Your building

Equipment

Furnishings

Fixtures

Inventory

Computers

Business documents & records.

Business Property Insurance is for businesses who want to protect their important assets and you should speak with an insurance broker before you get your insurance confirmed.Business Interruption Insurance

Covers you if your business is interrupted

Due to damage to your premises

From an insured event

which affects the trading results of the business.

All small businesses need protection from accidents and disasters as otherwise their long term viability is at risk. This can include a fire or a burglary. What often is overlooked is the need to protect against the loss of income that may follow such an event.

Business interruption insurance can replace the lost income needed to pay for ongoing expenses such as rent or wages as well as any profit the business would have made.

The cover can also include loss of gross profit, loss of rent and increased costs as a result of the situation like relocation costs or advertising a new premises.

Business Burglary Insurance

covers loss of

Business stock

Contents

Machinery

by theft following a forcible and violent entry into the business premises.

If you think your business needs Burglary Insurance, you should speak with an Insurance Broker and discuss your options carefully.

Engineering Equipment or Machinery Breakdown

insures you against the cost of breakdown of:

Machinery

Computers

Electronic equipment

owned and operated by your business.

Machinery breakdown or electrical failure can result in significant losses to your business and you can get an insurance policy to protect you and your business in the situation. 

You can talk to our friendly staff to get the right level of cover for your machinery and plant and ask about extending your cover to include extras such as financial loss following machinery breakdown, mobile plant and damage to electronic equipment.

Loss of Money Insurance

Loss of Money Insurance protects you against the loss of or damage to your business' money from:

Theft

Armed hold-up

Fire

either while the money is on your premises or in transit.

If you feel your business needs this kind of insurance, please contact our office to help you how much insurance cover you need, and what is the best policy we can get for your company.

Goods in Transit Insurance

Goods in Transit Insurance covers your business:

Against loss to your property

Damage to your property

whilst it is in transit.

This is available for Australia only or worldwide, depending on your business needs.

Fidelity Insurance

also known as Dishonesty Insurance protects you against:

Fraudulent

Dishonest conduct

of employees acting alone or in collusion with others.

This kind of insurance mainly relates to theft or misappropriation of money or other items owned by you by your employees.

Electronic equipment Insurance

covers specified equipment such as:

Computers

Faxes

Electronic cash registers

against accidental loss or damage including theft and breakdown. 

Home-Based Business Insurance Options

When looking at insurance providers for your home-based business, consider the following types of insurance:

Public liability cover for persons visiting your business at home. For example, your customers and suppliers.

Insurance of business equipment, office furniture, computer equipment, etc.

Workers' compensation for any employees working from your home

Fire, storm and theft cover for the loss of any stock and equipment

Professional indemnity insurance if you're in a service industry, especially if you have contracts with the government

Loss of income due to personal accident or illness

Costs arising from interruption to your business

A marine policy if you send products via freight carriers or post.

Professional Indemnity Insurance

Protects the owners and operators of a business from their financial liability to third parties arising out of an event or occurrence that they are legally covered for during their operation.

Some professional indemnity insurance companies offer cover from potential threats like accusation of negligence or infringement in duty and fault in the performance of professional services. Included in civil liabilities, but not limited to, are the following:

Breach of duty (including duty of confidentiality)

Unintentional defamation

Loss of or damage to documents (to the full policy limit)

Dishonest/fraudulent/criminal or malicious acts and breach of fiduciary duty (innocent party cover)

Misleading and deceptive conduct under the ASIC Act 2001

Breaches of the Trade Practices Act / Fair Trading Acts (Australian and New Zealand

Businesses that often purchase Professional Indemnity Insurance include:

Accountants

Architects

Bookkeepers

Consultants

Engineers

Graphic Designers

IT Professionals

Nurses

Real Estate Agents

Travel Agents

Public Liability Insurance

protects the owners and operators of a business from their financial liability to third parties arising out of an event or occurrence that they are legally covered for during their operation.

Also includes liability arising from injury or damage arising from your products

Advantages of Using a Small Business Insurance Broker

Listed here are some reasons why using an insurance broker for your insurance quotes will advantage you:

A business insurance broker, unlike an insurer's agent, does not work for an insurance company and is not tied to any one insurance company’s insurance products.

Brokers who are registered with the National Insurance Brokers Association (or NIBA) are duty bound by its Code of Conduct to place their clients' interests first and to provide them with superior service and advice.

As they are not aligned to any particular company, Insurance Brokers have a larger array of insurance products to choose from than insurer's agents. Insurance brokers are able to deal with a variety of insurance companies and are far more aware of the range of costs and benefits available.

They will guide you through claims procedures that can baffle and dismay many people.

Brokerages in Australia are licensed through Australian Financial Services (AFS) licence and must meet the conduct standards within the Financial Services Reform Act (part of the Corporations Act).  

Insurance brokers also are required to maintain their qualifications through certification programs

An Insurance broker is bound to disclose all fees charged and (on request) the amount of any commission received and what effect it will have on the premium.

Contract Works & Construction Insurance

If you are a licensed builder or contractors on commencing a new residential or commercial building project you should carefully consider getting Contract Works & Construction Insurance. 

Some building contracts stipulate you have to have this type of cover.

Because insurance can be complex, you should get in contact with our friendly staff to arrange some insurance quotes to suit your circumstances.

Typically, a contract works construction insurance policy will cover:

Loss or Damage to the insured construction project

Loss or damage to third party property

Personal Injury to a third party person

Directors & Officers Liability Insurance

Directors & Officers Liability Insurance covers the directors and officers of a company and the organisation itself for reimbursement of costs or advancement of defence costs in the event of legal action brought against them for wrongful acts in their capacity as directors and officers.