On December 11, 2015

Future Proof Your Business

Insurance is not just for individuals.  It can also protect your business from financial loss, liabilities or instability in the case of the death of a business owner or partner.

Businesses deal with risk on a daily basis, regardless of size or industry.  It is important to future proof your business to reduce your risk and allow you to get on with running your business successfully.

So what type of business insurance do I need?

Your business needs will vary according to the type of business you are operating.

There are some types of insurance that are mandatory such as:

  1. If you employ people, you are required to take out workers compensation insurance to protect your employees in the event of an accident or illness.
  2. If you own a motor vehicle, you must pay for third party personal injury insurance, which is often included in your vehicle registration fee.
  3. Public liability insurance may be required in certain circumstances.

There are many insurances available for businesses, some common insurances include:

  • Business Interruption – this can cover risks such as loss of profit, ongoing staff costs and additional operating costs that may be incurred as a result of an event such as fire
  • Burglary – theft from locked premises
  • Directors and officers liability – against alleged breaches of duty
  • Employment practices liability – covers damages and costs resulting from, for example, anti-discrimination, unfair dismissal and harassment actions
  • Electronic breakdown – specialised cover for computers and machinery
  • Fidelity guarantee – fraud or dishonesty committed by employees
  • Fire – protects your principal assets including buildings, contents and stock
  • Key Person Insurance – life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two
  • General property – for tools, equipment, mobile phones or stock samples
  • Glass – breakage of fixed external or internal glass
  • Marine and transit – goods being transported by sea, air, road or rail
  • Marine and transit (construction risks) – for builders and tradespeople
  • Motor vehicle – either business or private, singular or fleets of vehicles
  • Money – in transit, on business premises and in personal custody
  • Products liability – if the use of your product causes harm, loss or damage
  • Professional indemnity – for negligent acts, errors and omissions in the provision of professional advice or services.

As you can see, trying to work out what insurances you may require can get very confusing.

We focus on three key areas: 

  • Income Protection
  • Key Personal Insurance
  • Business Succession

We believe that by focussing on these elements, we can structure a business package to manage risk and reduce uncertainty.

We will work with you and your business associates to structure the most effective business protection plan to safeguard your business so you can get on doing what you do best.

To future proof your business, talk to us today.

 

This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.

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