Your business may be small but it’s big to us. Having a risk management strategy in place is vital to the survival of any business in times of crisis or significant loss. No matter how much you plan and prepare, sometimes circumstances beyond your control occur. Let us help you mitigate these risks and take some time to consider your options and find you the right cover at the right price.
Find out how to potentially reduce your premium
Most small business owners like to prepare for unexpected events by insuring their premises, contents or stock. But have you thought about what would happen if you had to shut your doors for a few days, weeks or even months due to an insurable event, like fire, storm or theft?
Would your business survive? How would you continue to pay for things like rent, utilities, staff wages and other business expenses?
Business Interruption cover* provides protection for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is also designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).
It is important to note that Business Interruption cover is an additional cover option available when you take out a Business Insurance policy.
What’s typically covered?
Loss of turnover due to damage to your own premises as a result of an insured event
Additional costs of working
What’s typically NOT covered?
Losses due to labour strikes and changes in legislation
Losses beyond the indemnity period
Losses due to breakdown in equipment or machinery
Public Liability insurance provides cover for your business if a customer, supplier or a member of the public is injured or sustains property damage due to your negligent business activities
It is designed for all types of businesses, big or small, and is an important form of cover if your business deals with third-parties such as clients, suppliers or members of the public.
As a small business owner, we understand that you like to be prepared for the different things life throws at us, but probably never really expect the well … unexpected to actually happen, because it will never happen to you right?
Imagine the surprise of hearing a loud shriek outside your home-based office. Concerned, you walk outside to find one of your regular clients has fallen down your stairs and broken their ankle. Fixing the stairs which had a few missing tiles was on your to-do list but you hadn’t had a chance to get around to it..Your client could potentially make a public liability claim against you for their injury, including the associated medical expenses and any loss of earnings.
The harsh reality is that public liability claims can be very expensive (the example above could easily cost well over $50,000), and not having Public Liability insurance means you could well end up paying for the claim straight from your back pocket.
Bear in mind that Public Liability insurance is designed for all types of businesses, not just those who work in an office or have a fixed business premises…
Take the time to consider the overwhelming impact a Public Liability claim could have on your business, not only financially but to its reputation.
The key things Public Liability Insurance is designed to provide cover for include:
Any award or settlement of compensation to a third party due to them sustaining personal injury or property damage due to your negligent business activities
Costs awarded to the claimant if they bring a court case against you as a result
Your defence costs, including legal expenses incurred in assessing or defending a claim
When considering how much Public Liability insurance your business may need you should consider the level of risk your business faces, as well as other factors like industry or contractual requirements.
It would be nice to have a crystal ball to know exactly how much cover you should have, but the amount of Public Liability cover you choose is ultimately up to you.
Many business contracts will include a minimum amount of Public Liability insurance to be in place –stipulating the amount of Public Liability insurance you are required to have to comply with the terms of the contract. Many industry associations and professional bodies also require members to obtain and maintain a minimum amount of Public Liability insurance for membership or to meet licensing requirements.
It is important that you take the time to consider the scale of work that you do and the level of financial protection you will need in the event a public liability claim is made against you.
Glass insurance provides cover for breakage of internal and external glass and signage you own or for which you are legally responsible, at the insured premises.
What’s typically covered?
External glass breakage
Destruction of stock or contents (caused by broken glass that constitutes a claim)
Signs made of glass or plastic which forms part of an illuminated sign
Costs for after-hours service, express delivery and overtime by repairers
What’s typically NOT covered?
Repair or replacement for glass:
Which is stock
Which is in poor condition (eg. chipped) when the period of cover commences
Which is part of a greenhouse, computer screen, vase, television screen, radio, conservatory, or is damaged in transit
Things to consider
Would the cost of replacing internal or external glass or a fixed mirror put financial pressure on your business?
Does your commercial lease agreement require you to insure glass? This is a common requirement requested by landlords.
Are you in an area that is prone to malicious damage to shopfronts, such as an entertainment or nightclub district?