The Small Business Specialists
Phone: 13 12 49
As a small business operator, it's important to protect your business against unforseen events such as loss or damage to assets and revenue, legal claims, and injury to employees.
The right type and level of insurance is essential to business success. If your business is uninsured or underinsured it's vulnerable to major loss and may not survive. It's much easier to budget for insurance premiums than to try to meet large claims as they occur.
There are many different types of insurance available for your business. The insurance that is right for you will depend on many things such as the nature of your business and whether you employ people. Insurance can be divided into protection for three main categories: assets and revenue, liability, and employees. Read more...
Select an insurance policy or package that serves the specific needs of your business. It's a good idea to get professional advice to help you decide on the most suitable insurance for your circumstances. Insurance is a complex area so take time to understand all the terms and conditions of the insurance contract and obtain advice before you sign. Insurance cover may be arranged through an insurance company, an insurance company agent, or an insurance broker. Read more...
Always obtain a cover note if there is a risk of trading without a policy being issued in time. The insurance company is entitled to payment for cover note protection. If you change your mind, advise the insurance company immediately to cancel the cover note. This will minimise the amount payable.
You can reduce many avoidable risks in your business with a good risk management plan. Appropriate and adequate insurance cover will protect your business against those risks that cannot be controlled or predicted. Risk management aims to manage uncertainty and includes actions taken to identify, assess, monitor and reduce the impact of risks to your business.
A good risk management plan with appropriate risk management strategies can minimise costly and stressful problems, and may also reduce insurance claims and premiums. Read more...
Insurance policies should be reviewed at least annually, before renewal, and when important changes occur in the business. Cover should be increased or decreased as appropriate to reflect the value of the assets insured.