 In today's dynamic business environment, safeguarding your company's assets is paramount.
From physical property to intellectual property, a business insurance policy plays a crucial role in safeguarding the reputation of business owners and ensuring their operations can withstand unforeseen challenges. Read on, as this blog delves into the essentials of business assets insurance and why it’s a must-have coverage option for enterprises of every size… What is Business Asset Insurance? First things first, what are business assets? Business assets are content, stock and resources owned by big and small businesses that are expected to provide future economic benefits. They can be tangible or intangible and are used in the operations of the business to generate revenue. Tangible business assets are things such as cash, accounts receivable, inventory and prepaid/ongoing expenses for services or goods. Intangible business assets include intellectual property like trademarks, copyrights and patents, as well as licenses and permits, and fixed assets include land, buildings, machinery, equipment, vehicles, and items used on business premises like office fittings, fixtures and furniture. Asset insurance is designed to protect these aspects of your company. Coverage can be customised and tailored to meet the specific needs of different industries, providing a safety net that allows businesses to recover quickly from disruptions or loss of income. Types of Business Assets Covered There are various types of insurance packages that can be put together to include the following:
Why Business Assets Insurance Is So Important
How to Customise Your Business Asset Insurance Coverage The nature of your business and industry will determine the type and extent of business insurance pack you need. Engaging with experienced brokers like B Insured can provide valuable insights and tailored solutions. Here’s how you can customise your coverage to protect your business:
Investing in business asset insurance is a proactive step towards securing the future of your business. Contact us today to get a business asset insurance quote!
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 In the dynamic, ever-changing landscape of the business world, risks are rife, and managing them effectively is paramount for sustained success.
One crucial aspect of risk management that is often overlooked is protecting the individuals steering the ship, aka the management team. This is where management liability insurance (ML) is most important, offering a safety net for business owners against a range of potential legal and financial disputes and disruptions. So, let's explore what management liability involves, its coverage, exclusions, and some common examples… What is Management Liability Insurance? Management liability insurance in Australia is a specialised form of coverage designed to protect business directors, officers, and other key decision-makers within a company from legal actions arising from their managerial duties. This type of insurance is particularly relevant in today's litigious environment, where even the most well-intentioned decisions can lead to costly lawsuits and losses. In this country, where the regulatory landscape is fairly tight, it’s a vital component of risk management for businesses of all sizes. It offers peace of mind to executives and allows them to focus on driving the company forward without the constant fear of personal financial ruin and reputational damage due to legal claims. What does Management Liability Insurance cover? Management liability coverage typically includes these several key areas of protection:
The right policy will also cover a wide range of other business risks, including allegations of company mismanagement, tax audits and investigations, environmental defence costs, and whistle-blower cover. What doesn’t Management Liability Insurance cover? While management liability offers comprehensive coverage, it's essential to understand its limitations. Common exclusions can include:
So it's always important to review your policy terms carefully and consult with your insurance broker to understand the specific exclusions applicable to your coverage. Management Liability Claims Examples To illustrate the importance of ML insurance, consider the following management liability insurance examples:
In conclusion, management liability insurance is a vital tool for protecting the individuals at the helm of a business from the myriad of risks they could face in their roles. By understanding what ML insurance covers (as well as what it doesn't) and exploring real-world examples, businesses can make informed decisions to safeguard their leadership teams and ensure continued growth and success. Get in touch with us to get a management liability insurance quote today!  In the fast-paced modern world of business, uncertainties hide around every corner, ready to disrupt operations and threaten financial stability. From unforeseen natural disasters to legal liabilities, the risks faced by businesses in Australia are diverse and ever-present.
This is where business insurance steps in as a vital shield against potential setbacks, ensuring that enterprises can thrive and grow even when challenges arise. But what exactly is business insurance, and why is it crucial for Australian businesses – particularly small enterprises and sole traders? Let's delve into the ins and outs of business insurance and explore how it can safeguard your company and its assets… What is Business Insurance? Business insurance (also known as commercial insurance) is a specialised form of coverage designed to protect businesses against various risks and liabilities that may come up during their day-to-day operations. Unlike personal insurance, which primarily focuses on individuals and their families, business insurance is tailored to address the unique needs and challenges faced by enterprises of all sizes, from individual traders to large corporations and franchises. The Importance of Business Insurance In some industries insurance is mandatory and in others it’s optional. Either way, it is highly recommended. For Australian businesses, navigating the complex landscape of risks is only possible with a robust insurance strategy in place. Good business insurance serves as a critical tool for mitigating financial losses and ensuring continuity in the face of unexpected events. Whether it's protecting business assets, covering liability claims, or getting protection against disruptions, the right insurance coverage can make all the difference in maintaining business resilience and longevity. Types of Business Insurance in Australia Business insurance in Australia encompasses a wide range of coverages tailored to meet the specific needs of different industries and sectors. Some common types of business insurance include:
The Role of Insurance Brokers Getting to grips with business insurance can be daunting, especially if you’re just starting up and not sure what kind of cover you need. This is where business insurance specialists – like the team here at B Insured Brokers – can play a crucial role. A business insurance broker acts as a trusted advisor, providing personalised guidance and professional advice to help businesses identify their insurance needs and secure appropriate coverage. They use their industry expertise and extensive network of insurers to help businesses approach the insurance market with confidence, ensuring that they are adequately protected against potential problems. Whether you're a small business or a big business, investing in comprehensive business insurance is essential for securing your financial future and protecting the hard work you've put into building your business. Contact us to get a business insurance quote today!  Most businesses use computers and the internet on a daily basis. It’s a big part of how they organise their day-to-day operations. They can use it to roster staff and keep track of inventories and expenses. They can also use it to market their brand and engage with customers and clients on social media.
It will make your life a lot easier, but it will also make you vulnerable to cyber attacks. Safeguarding your business from cybercrime, such as hacking and blackmail, is obvious. A standard Business Insurance policy covers a lot, but it won’t cover you if you fall victim to an online attack. This is why you need to take out a specialised Cyber Insurance policy. Cybercriminals are getting smarter and becoming more active in Australia. They now have many different ways of gaining access to your business systems and your client’s personal information. So, read on to learn about the 4 most common cyber threats your business could face, and how Cyber Security Insurance can protect you from them… 1. System Hacks One of the most common forms of cybercrime is system hacking. This type of hack is best described as occurring when someone gains unauthorised access to your business’s network uses advanced tech skills. They are often undetected, and once in, can do a range of damaging things from destroying files to exporting files – and even extortion! If a business suspects or knows they have been hacked, the first response is often to pay for an IT expert or computer forensics consultant to access the situation and upgrade their security level. If you’re a small business, this can be an expensive undertaking. But if your business has Cyber Risk Insurance, it will reimburse you for any financial loss within the time it takes to get your system back up and running. 2. Malware Attacks Another regular occurrence in the world of cyber attacks is malware. Malware is a malicious code or type of software that has been specifically designed to disrupt, damage or gain illegal access to someone else’s computer system. Malware can be uploaded to your network without your knowledge and often includes spyware, trojans, computer viruses, bots and ransomware. Ransomware in particular is concerning. It means that an attacker gets access to your information and prevents you from accessing it. They can then demand payment in exchange for access (cyber extortion). Unfortunately, there is no guarantee that paying the fee will give you full access back, or that the perpetrator hasn’t already copied the information and circulated it on the dark web. Business interruption will happen when your system becomes corrupted and you have no way of undertaking business operations until the issue is resolved. A customised Cyber Liability Insurance policy can cover the loss of any sales you would have made while your business was out of action. 3. Phishing Scams Sometimes malware isn’t planted secretly. Sometimes businesses download it themselves – although of course they didn’t know that’s what they were doing! Phishing attacks use fake emails or texts to try and trick you into installing malware and revealing sensitive business information, including account usernames and passwords and banking details like credit card numbers. These scams are clever, and are often disguised as coming from organisations or people you trust, such as employers and employees or government agencies. They use email addresses that look legit and messages that include official details, logos and letterheads. Cyber Insurance will cover you for unfortunate outcomes like loss of transferred funds if a scammer does indeed get access to your financial information. 4. Data Breaches A data breach is one of the most worrying cyber events that could happen to a business with lots of customers, clients and partners on their books. Confidential information like names, birthdates, home addresses, phone numbers, passport details, driver’s license numbers, government IDs, medical records and more can all stolen in an instant. Not only is personal data theft and identify theft a cause for concern for the individuals directly affected, it can also do a great deal of damage to the business in question’s reputation. Think about the recent Telstra, Optus and Medibank data scandals and how the public and media perceived them. If cybercriminals steal data or expose your business’s sensitive data, most Cyber Security Insurance policies will pay for the mandatory notification costs and provide monitoring services to track a company’s credit line following a breach. This helps to find possible data leak instigators and give customer’s peace of mind. Speak to a B Insured insurance broker today for more information and to get your business covered for cybercrime.  Tow trucks and recovery vehicles have come to the rescue of so many people over the years. They can move motor vehicles that are impounded, improperly parked or incapacitated. If a car is involved in an accident on the highway, or it has broken down on a remote country road, a tow truck is the safest way to get it out of the way. Tow truck operators clearly know how to protect us, but are they protecting themselves and their business? Can a tow truck be covered by insurance? Yes, they can! Tow truck insurance (also known as car carrier insurance) is a specialised form of commercial truck insurance. Whether you run a fleet of car carrying trucks and trailers, or just drive one as your day job, it’s important to ensure you are adequately insured against all potential risks that could occur on and off the road. So, if you think this applies to you, read on to find out why you should be signing up for tow truck insurance and what it includes… What industries use Tow Trucks? There are many different reasons why a company might offer towing services, but if they fall into an automotive, transportation or construction industry category, it’s most likely an essential part of their business. Businesses that commonly use towing trucks include:
A state–based roadside assistance agency like the RACV is the most recognisable example of a company that would regularly require the use of towing equipment, but it’s not the only one. Mechanics can use them to move immobilised cars from the street to the shop, technical and trade workers and machinery movers often need them to ferry equipment between job sites, and salvage vehicle auction houses will have them to deliver purchases to their buyers. Even some carpark operators have contracts with trucking companies that have tow trucks suitable for getting cars out of tight spaces. Are there different types of Tow Trucks? To the untrained eye, one tow truck may seem much like the other. But for those in the know, there are three ways to classify a commercial tow truck: light–duty, medium–duty and heavy–duty. And to narrow it down even further, there are four main types of tow truck design:
Most commonly used for light to medium–duty jobs – like carrying passenger vehicles – is the flatbed truck (also know as a rollback tow truck). It features a large flatbed which can tilt down to the ground, so a car can be drive or dragged up onto the back and then secured for transport. A hook and chain tow truck can come in with an array of different capabilities (light, medium and heavy–duty). Although they are not widely used anymore, they are compact, making them ideal for retrieving vehicles from tight spots and towing them short distances. A wheel lift tow truck is similar. It hooks around the front or back type to start, but instead of using a chain, it has a hydraulic or pneumatic hoist to lift the vehicle up. Finally, an integrated tow truck is almost exclusively heavy–duty, meaning it’s designed to carry big rigs like other trucks, tractors, vans and buses.  Why would a Tow Truck need Insurance?
If you work in or for towing services, then you’re exposed to a range of risks in your day–to–day job, both on and off the roads. A tow truck insurance policy will be custom designed to suit your business and protect you in the case of an accident or collision, theft or damage. Not only does it cover you and your truck, it also safeguards you against possible incidents concerning the vehicle or cargo you have been hired to tow. Towing insurance is the easiest and smartest way you can defend yourself against lawsuits and accusations, and your business operations and finances won’t be impacted if an issue does arise. What Insurance Solutions are there for Towing Trucks? You may think that a basic car insurance or truck insurance policy will cover you, but it’s not quite enough. Towing involves a range of business activities, from providing roadside assistance, to carrying and delivering goods to and from other company premises. This is where we here at B Insured Brokers come in. Both our general insurance brokers and specific truck insurance brokers will be able to help you tailor make a policy to address your needs and concerns. An comprehensive policy could be a combination of the following:
How much is Tow Truck Insurance? Over the past few years, the average cost to insure a single tow truck in Australia was around $450 per month. On top of that, is a general liability policy (a mandatory requirement), which is approx. $100 – $150 per month. That being said, there are a lot of factors that will determine the true cost, taking experience, risk and locations into account. The main things insurance brokers need to consider are the following:
Although cheap tow truck insurance can’t be guaranteed, you can lower your premiums as much as possible by also keeping your rig in good condition and maintaining a good driving record. Contact us for more information and to get your tow truck insured with B Insured Brokers today!  Not that long ago, the humble food truck was the last resort for hungry Aussies unable to get a table at their favourite restaurant on a night out. Nowadays, they’re a staple of the streets and even a necessity at the likes of a market stall, live music festival, fete or private, open–air event. Mobile food vans have become famous for their multicultural menus, essentially serving up gourmet on the go, They aim to cater to all patrons – regardless of their dietary requirements or preferences – by providing various options and alternatives, and just as importantly, they are affordable. However, with a mobile business comes risk and responsibility, and there are many different situations and scenarios for a food truck business to try and pre–empt. This is where food truck insurance comes in handy. The coverage needs to be as versatile as the business itself, and protect traders from a wide range of potential claims, such as accidents, allergies, equipment failure and property damage. Whether you operate a single food truck or a fleet, keep reading to find out all the reasons why insurance should be an essential part of your industry… Why do Mobile Food Trucks need Insurance? It doesn’t matter what you’re serving up, be it sliders, pastries, pizzas and french fries, or hot coffees, ice–creams, dumplings and donuts, the need to have insurance is universal. You function like a hospitality business but you function out of a vehicle, meaning there are more variables to be considered and covered. So, the best insurance option for a food truck is one that can be customised and made to suit the specifics of the industry and the people who work in it. First of all, there are the food industry incidents to be protected from. Burns, poisonings, allergic reactions and foreign objects in the food are just a few of the things people can cite as reasons for suing an establishment. Secondly, the nature of the business being run out of a truck could cause issues, from collisions on the road or in car parks with other vehicles, to customer (and even employee) injuries, slips or falls whilst engaging with the business.  What Types of Insurance do Food & Coffee Vans need?
Food truck insurance doesn’t just give the participant peace of mind, it gives them protection against specific circumstances and claims, if they should arise. To adequately address all the potential risks that come with the job, a good truck insurance policy will need to combine several types of coverage to safeguard the business from lawsuits or lost income. An appropriate policy could be a combination of the following:
There are also opportunities to widen your coverage to include food spoilage, roadside assistance (for if you suffer from a flat tyre or if your truck breaks down) and liquor liability for if your food or coffee van also sells alcoholic beverages. How much does Food Truck Insurance cost? The average cost of commercial truck insurance for a mobile food business in Australia is around $2,500 per year, however, the true price for a tailored policy comes down to a number of factors. The type of truck you drive is the first thing to take note of. A light truck, mini van, kombi van etc will be valued very differently, with size and weight all considered. For example, a heavy vehicle with a lot of stock and equipment onboard is at greater risk of incurring a higher premium, due to how much it would cost to replace them if they were to get damaged. And if the truck is an expensive model and parts and repair work would be costly, that would increase the policy price too. Location is another factor, as different states around the country have different pricing methods. This links in with the operating radius too, as charges are higher for trucks that clock up many kilometres and cover long distances (and are therefore at risk of fatigue). For a food truck or coffee van, however, this isn’t an issue as they often only travel a short distance to their spot and then remain static for the rest of the day. The truck driver’s driving history has an impact on price too. The cleaner their record (i.e., the fewer violations and speeding fines they’ve accrued) the cheaper the policy. Truck drivers with a clean driving history get better deals. Having a few traffic violations or speeding tickets could add hundreds of dollars to your quote. Contact us for more information and to get your food truck insured with B Insured Brokers today!  When you’re in the business of delivering advice and services to customers and prospective clients, trust and honesty is key.
However, no matter how much effort you put into pleasing them and achieving milestones, there’s always a risk of things not going to plan or expectations not being met. If this were to happen, you’d want to make sure that you, your employees and your business are protected. That’s where professional indemnity insurance comes in. It doesn’t matter what type of industry you’re in – from education, accounting and advertising, to IT, real estate and sport – it just matters that you’re covered and not coming up against an expensive allegation or claim without policy protection. Keep reading to find out all you need to know about this type of business cover… What is Professional Indemnity Insurance? Professional indemnity insurance (also referred to as professional liability insurance or errors and omissions cover) protects companies that provide services and/or advice for a fee. It’s put in place to cover claims made against you and your business for an alleged mistake or breach that has negatively impacted or misled a client. It ultimately covers the financial consequences of neglect, an error or an omission made by yourself or your business. When you take out professional indemnity insurance, it needs to be tailored to your needs, otherwise you’re at risk of a substantial loss of profits, not to mention harm to your reputation and legal fees if you are found guilty of causing injury, damage or financial loss to your client. What does Professional Indemnity Insurance cover? No matter how experienced, professional or attentive you are, mistakes and miscommunications can happen, and that’s why professional indemnity insurance is so important. There are a number of claims that a client can make against you, including:
The right professional indemnity insurance cover should protect your business reputation and assets, provide protection against your personal assets and comprehensive claims against financial losses, cover against personal injury and property damage and an overall adequate level of cover (often starting at $500,000). Who needs Professional Indemnity Insurance? Basically, anyone who provides a service that is relied upon by another person or business should have professional indemnity insurance to protect them. Here at B Insured Brokers, our professional indemnity insurance can cover a wide range of industries including accounting and consulting, advertising and marketing, health (chiropractors, optometrists, psychologists and physiotherapists), commercial and residential real estate, barrister and lawyers, training organisations such as TAFEs and universities, veterinarians, sporting facilities and equipment hire. Also, if you’re keen to cover yourself for claims of negligence (such as an injury sustained in a shop or office by a customer or client), it’s worth looking into taking out public liability insurance as well. Melbourne based business insurance brokers B Insured Brokers have been providing financial and professional advice to Australians for more than two decades.
Promising competitive prices and a customised service, they are committed to getting results for their customers as well as taking the stress and confusion out of the insurance claim process along the way. Trust is a crucial element to the industry too, and with over 30 years of experience, B Insured Brokers’ director & principal advisor, Kathy Calleja is someone you can trust. A fully qualified business insurance broker, she’s across every new and existing client to ensure high standards are maintained and great outcomes are achieved. So, if you want to learn more about the company, the ins and outs of the insurance industry and some handy tips, keep reading for our interview with Kathy Calleja… 1. How did you get started in the business insurance broker industry? I started out as a temp for an insurance company in approx. 1988. I really enjoyed it and found it interesting. After many years working in the industry, I decided to become a broker. I recognised the gaps between customers and the insurers and wanted to minimise this for the customer. 2. When and why did you decide to set up your own company, B Insured Brokers? I decided to set up B Insured Brokers in 2022 as I can add value to customers and share my knowledge with them. 3. What are the most common types of insurance that you cover people for? Our services are quite broad. We provide Professional, Commercial and Domestic Insurances. Some of the most common types of insurance that we get enquiries about are truck insurance, cybercrime insurance, business insurance and business assets insurance, professional indemnity insurance and management liability insurance. 4. A lot of individuals & businesses have had bad experiences with insurance companies. Why should someone get insured through B Insured Brokers as opposed to a competitor? What do you do better or differently? Direct insurers do not offer all products nor can they offer advice as they are not qualified. The onus is on the customer to ensure they have read all the documentation and understand what they are buying. This is a very complex process and many customers can find themselves not insured or underinsured. At B Insured Brokers, everything is done in the interest of the client. As a broker, I work on behalf of the client providing advice in respect to insurance products and policies and assist at a time of a claim. 5. How do you help clients decide which policies are best for them and how easy is the process? As a business insurance broker, my team and I have thorough conversations with our clients to establish the risks and exposures that are present for them. Once this has been worked out, we approach the market and complete comparative quotes. When this is completed, we will speak to the customer and provide recommendations on price and covers to ensure it suits their needs. 6. What are some of the most important areas to be insured for both personally & professionally? It is important that the entire risk is covered comprehensively. This will vary in respect to occupation, industry etc. 7. What are some of the most common mistakes people make when it comes to insurance? Common mistakes that a consumer can make when purchasing insurance is under-insuring themselves or leaving out certain covers and not understanding the policy they are buying. 8. What are some of the most frequently asked questions you get about insurance and what would your advice be? Am I covered? Are my sums insured correct? Does the Insurer pay a claim? Can my son & daughter drive my car?  Commercial vehicle insurance in Australia has a market size of $3.4 billion. It's a huge industry with loads to learn about, and understanding truck insurance is a big part of it. If you are running a trucking business, you know how important it is to have a reliable truck insurance policy. It protects your assets and provides you peace of mind knowing that your business is protected in the case of an accident or any other unforeseen event. However, finding the right truck insurance policy can be overwhelming. After all, there are many coverage options available. This article aims to help you understand everything you need to know about truck insurance. From coverage options to costs and requirements, read on to learn more... What Insurance Companies Consider About You It's important to note that truck insurance companies take into consideration a number of different factors when calculating your premium. As they record all of your information, they are able to use this data to determine the likelihood of you making a claim in the future. For example, if your truck is a certain age or if you have had a history of claims, you may be considered a higher risk and therefore your premium may be higher. Similarly, if you have a clean driving record and you have taken steps to protect your truck, such as garaging it overnight, your premium may be lower. Location Is a Determiner It's also important to consider the location where you operate your truck. If you're driving in areas with a high incidence of theft or accidents, your premium will likely be higher. On the other hand, if you primarily operate in low-risk areas, your premium will likely be lower. The gender, age, and length of time that a driver has held their license can also impact your premium. For example, younger drivers may be considered higher risk and therefore their premiums may be higher. At BGI Brokers, we have a highly experienced team. We can use your details to shop around a wide panel of insurers to find the best possible insurance options that meet your specific truck insurance needs. How to Choose a Truck Insurance Provider There are many insurance companies that offer truck insurance policies, but not all of them are created equal. It is important to choose a company that has a good reputation and is financially stable. You can also consider working with an insurance broker who has specific expertise in truck insurance. They can help you compare different insurance policies and find the one that best meets your needs. Truck Insurance Coverage Options There are a few coverage options available for truck insurance. You should try to understand each of them so you can choose the right policy for your business. Some of the most common coverage options include:
Liability insurance covers damages or injuries that you may cause to other people or their property while operating your truck. Collision insurance covers damages to your truck in the event of an accident, regardless of who is at fault. Comprehensive insurance covers damages to your truck from events such as theft, fire, and natural disasters. Cargo insurance covers damages or losses to the goods you are transporting. This is especially important if you are transporting high-value items. Non-trucking liability insurance covers damages or injuries that you may cause while using your truck for personal use.  Types of Trucks
There are several types of trucks, each with its own unique insurance needs. Some of the most common types of trucks include box trucks, flatbed trucks, refrigerated trucks, and tanker trucks. Make sure to choose a truck insurance policy that is tailored to the type of truck you are operating. Truck Insurance Costs The cost of truck insurance varies depending on several factors. These factors may include the type of truck, the coverage options, and the location. The age of the driver and the age of the truck are also important factors that can affect the cost of insurance. Additionally, the cost of insurance can vary depending on the location, with some states having higher insurance costs than others. Truck Insurance Requirements When it comes to truck insurance, there are certain requirements that must be met in order to be fully covered. First and foremost, it's important to have a valid commercial truck license in order to be eligible for truck insurance. This license is required by law in order to operate a commercial truck and is necessary in order to get insurance coverage. Additionally, the driver must have a clean driving record. They also need to have passed a background check. Another important requirement is that the truck must be in good working order and must be regularly maintained. This is because insurance companies consider the condition of the truck to be a factor in determining the likelihood of a claim being made. As such, it's important to keep the truck in good condition and to have a regular maintenance schedule to ensure that it's always in good working order. As well, keep in mind particular truck driving laws in the various parts of Australia. For instance, here's some info for truck driving in South Australia. Other Considerations There may be specific coverage requirements for the type of goods that are being transported. For example, if you're transporting hazardous materials, you may be required to have a higher level of insurance coverage. Finally, it's important to be fully aware of your policy's exclusions and limitations. This will help you to understand what is and isn't covered by your policy and will help you to make informed decisions when it comes to your truck insurance. Your Road to Understanding Truck Insurance We hope we've now set you on the road to understanding truck insurance in Australia. Take on board this info and you should have pretty much everything you need to know to start searching with confidence. We are BGI Brokers located in Melbourne, and we provide truck insurance to customers right across Australia. While we will ensure we provide you with a very competitive quote, we invest significant time to ensure the insurance meets your specific needs. By doing this you will not be disappointed if or when you may need to depend on your insurance to protect your business and the trucks (assets) that your business is dependent on. Contact us today to get a quick quote!  Did you know that there are over 2.5 million active businesses in Australia? However, many of these companies fail within the first few years. One of the most important aspects of running a successful business is having public liability insurance. However, not everybody understands what this covers or who needs it. We've put together a brief guide that provides insight into everything you need to know. Let's take a look at some of the key factors... So, What Is Public Liability Insurance? This type of insurance protects businesses from any third-party claims that may arise as a result of damage or injury. This could be something as simple as a customer slipping on your premises and sustaining an injury. Or, it could be more serious, such as damage to property caused by one of your employees. This type of coverage also extends to any legal fees that may be incurred as a result of these claims. Who Needs Insurance for Public Liability? If your business deals with customers or clientele in any way, then you need public liability insurance. This includes businesses that operate online, as there is always a risk that something could go wrong and a customer could make a claim against you. Even if you have strict health and safety procedures in place, accidents can still happen. Having public liability insurance gives you the peace of mind that you and your business are protected. It's worth noting that you will need this type of insurance to work with government agencies. Otherwise, they will deem you too risky to work with. It can also prevent you from experiencing significant financial strain. For example, many small businesses simply do not have the funds to deal with substantial claims. In some cases, even a single claim could be difficult or impossible to recover from. Be sure that you keep this in mind when moving forward so you can choose the policy that is best for you. How Much Does Public Liability Insurance Cost? The cost of public liabilities insurance will vary depending on a number of factors, such as the size of your business, the industry you operate in, and the level of coverage you require. However, it is generally fairly affordable, especially when you consider the potential cost of having to defend a claim without insurance. For example, it's not possible for another party's claim to seek tens of thousands (or even hundreds of thousands) of dollars in compensation. The factors that affect your premium also give you some control over how much you pay. For example, you can reduce your risk by implementing strict health and safety procedures. You might also be able to get a discount by bundling your public liability insurance with other types of business insurance, such as property insurance or business interruption insurance.  Public Liability Versus General Liability Insurance
It's important to note that public liability insurance is not the same as general liability insurance. General liability insurance covers businesses against any claims that may arise from the operation of the business. This is regardless of whether they involve third parties. This could include claims for injury or damage caused by your employees, or claims for defective products sold by your business. Public liability insurance only covers claims that involve third parties, such as customers or members of the public. So, if you're looking for comprehensive coverage, it's recommended to have multiple policies in effect. It's also important to keep in mind that public liability insurance is a subset of general liability insurance. Public liability insurance is typically for those who only wish to implement the minimum required coverage. As such, these policies are often cheaper than those of general ability insurance. What Other Types of Coverage Should I Consider? Depending on your company, you may want to consider motor fleet truck insurance or trades insurance. You might even choose information technology insurance coverage. The best coverage for you will be contingent upon how your business operates. It's recommended to get in touch with a reputable professional that can help guide you toward making the right decision. Otherwise, you may find yourself paying for coverage that does not necessarily help you. You may also find yourself in a situation where you do not have the coverage that you need to protect your business. What Should I Look for in an Insurance Provider? When shopping around for public liability insurance, it's important to choose a reliable provider. They should have experience in insuring businesses like yours, and they should be able to tailor a policy to your specific needs. It's also a good idea to read the policy carefully before you commit to anything so that you understand exactly what is and isn't covered. This will help you avoid any nasty surprises down the line. As you might guess, it's also in your best interest to check out the online reputation the insurance provider has. This will go a long way in terms of providing insight into what you can expect from them. Be sure you know how to recognize fake reviews, though, so that you can avoid working with a provider who is not able to meet your needs. Public Liability Insurance Is Not Something You Should Overlook Some business owners are often on the fence about if they need public liability insurance. However, it's something you should give serious consideration to. The peace of mind and protection it offers are well worth the cost. Want to learn more about what we can do? Be sure to reach out to us today and see how we can help you. |
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B Insured Brokers Pty Ltd ATF Calleja Family Trust | ABN 54 388 356 193 | CAR No. 1296963 and Kathy Calleja | AR No. 1296963 are Authorised Representatives of Ausure Pty Ltd | ABN 94 096 971 854| AFSL 238433
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