For many small businesses, their business is their livelihood, but it is alarming that over one in ten have no understanding of business insurance coverage *.
If tomorrow a disaster and you could trade either, could you be sure that your business could get back on track? The best starting point is to consider the type of insurance covers available to protect your assets.
Typical blankets to protect your physical assets include:
- Fire and other damage cover for your buildings and contents business and equipment for special events such as fire, storm, earthquake and explosion.
- Cover accidental damage in case of accidental loss or damage to property of your company.
- Anti-theft for your business inventory or equipment following the forced and violent entry to cover in your office.
- Glass covers the cost of replacing broken windows or signs in your premises.
- Equipment breakdown cover the cost of repair or replacement of key mechanical and electrical equipment in case of sudden failure or accidental, causing damage to equipment.
- Goods in transit of goods in transit in case of loss or damage by collision, fire, theft or a derailment.
There are more insurance companies than just protecting physical assets. Public liability claims could cost millions and it is important to consider what your income if your company has been out of action for a claim.
other coatings to protect businesses include:
- The insurance allows operating losses to ensure that small businesses can survive periods of disruption largest trading partner to cover loss of gross profit or gross rental interruption of society because damage caused by an insured event.
- Causes associated public and product liability covers liability to third parties for bodily injury or property damage, the claim by filing with your business.
- Fraud and dishonesty coverage for loss of money or property through an act of fraud or dishonesty committed by an employee.
- Cash covers loss of money, while being held in the building, in transit or at your private residence.
- Tax audit fee covers following a tax audit of the company makes.
Besides not the right type of coverage, a common mistake by some small business owners to renew their policies each year is made without taking into account the growth in their businesses or extensions such as renovations and higher inventories.
Research findings indicate that only 63 percent of businesses small and medium businesses in Australia believe they have adequate insurance.
