In this guide we’ll look at some of the other forms of business insurance available.
Which of these insurance types are necessary for your business will depend on the type of business you operate, but it will give you an overview of the covers available.
Once you’ve insured yourself against damaging other people’s property (via public liability insurance) the next step is to insure your own property.
Property damage insurance will cover your business property from a range of risks including fire, storm and malicious damage.
Cover for flood damage is also available, but keep in mind that not all business policies provide full flood coverage, which is especially important for businesses located in Queensland.
Theft, Glass & Money
These are actually three separate covers, but they are typically bundled together under a business pack.
Theft will cover your contents and stock in the event of burglary, whilst glass provides cover for all fixed glass within your premises such as windows and shelving.
Money covers a set level of cash held on your premises or in transit either to or from your premises.
General property insurance is separate to your standard property damage and theft covers, and is designed to protect your portable items such as tools or laptops.
The cover is more expensive than the standard property options, but does have the added benefit of protecting your tools and equipment anywhere in Queensland or around the country.
In some ways this insurance is similar to public liability, but whilst public liability covers your physical actions, professional indemnity covers the advice or service you provide.
That’s quite a simplistic way of putting it, but it gives you an idea of what is covered.
Professional indemnity is generally only required if you provide a professional service, such as an account, solicitor or anyone else who charges for their advice.
If you operate your business from dedicated premises, business interruption can protect you in the event that you cannot operate from the premises.
A claim would occur if your premises where damaged by fire or storm for example, and your business lost revenue due to not being able to trade for a period of time.
There are other forms of cover available, and we recommend speak with a broker about which forms of insurance are right for your business.
For more information about the other covers available to Qld businesses please contact us.