Business Insurance

Since business requirements vary by company and industry, there is no one-size-fits-all business insurance package that is best for any business owner. When purchasing business insurance, it’s a smart idea to consider the most critical risk factors you need cover against, as well as the investments you wish to protect.

Furthermore, depending on the type of the industry, specific business insurance plans are legally required in Australia. Financial consultants and builders, for example, are expected to provide professional insurance protection in order to operate.

The types of business insurance you need is determined by your unique circumstances. For example, if the business property is accessible to the general public, public liability insurance can be helpful. If you own a garage, you should consider getting equipment and machinery insurance and burglary insurance to cover your tools.

If you require further assistance, please do not hesitate to call First Choice. We are one of Australia’s most reputable small business insurance brokers, and we do everything possible to assist our clients!

There are dozens of business insurances available on the Australian market; however, the most popularly useful covers include:

• Workers’ Compensation Insurance is compulsory if you have employees.
• Public, General and Professional Liability Insurance.
• Third-Party Personal Injury Insurance is compulsory if you own a motor vehicle, often part of your vehicle registration fee.
• If you have important business assets, property, stock or products you can’t afford to lose, consider a type of Stock, Product and Asset Insurance.
• Accident and Liability Insurance.
• Technology and Cybercrime Insurance.
• Commercial Property Insurance.
• Business Income Insurance.

There are many personal and business factors that determine the cost of business insurance coverage. To select the level of coverage you want, you must consider the most essential foundations and aspects of your business, the risks it faces, the industry, size, location and financial turnover.

For example, a retail business will most likely have less insurance requirements than a company in the building and renovation industry. Your insurer should weigh the following factors when determining your premium:

• Business industry: e.g., administrative, construction, retail, hospitality, etc.
• The nature of the business: what services or products do you provide?
• Location: where are you based, and where do you operate?
• Size: including the number of staff, the size of your site and your net business profits.
• History of claims: have you ever had to file an insurance claim for your business?
• Nominated insured sum: the amount paid by your insurer in the case of an insurance claim. This will have a substantial effect on the rate of your insurance premium.
• Products manufactured and/or sold: If your product is costly or comes with obvious potential risks, the cost of your premium can rise.
• Third-party interaction: the amount you communicate with other companies, through alliances, outsourcing, or as a supplier. The insurer can see this as a liability, depending on the arrangement and the organisation.
• Other risk factors: could include everything from the saturation of your sales market to the volatility of your goods and services.

• Protects your business from a legal standpoint

There are several types of business insurance that are available in Australia, which are relevant to varying businesses depending on the nature and sector of the company. The types of business insurance include, but are not limited to:

– Workers Compensation Insurance

– Public, General and Professional Liability Insurance

– Business Income Insurance

– Commercial Property Insurance

– Accident and Liability Insurance

– Third-Party Personal Injury Insurance

• Protects your business from potential risks

Small business insurance brokers may be beneficial when kickstarting your small business. There are many uncontrollable risk factors that could impact a business, such as natural disasters such as fires, theft and damages to business property, and injury or accident for key person/s or employees of the company.

There are some specific circumstances where the insurance level may not be applicable, so it is worthwhile going through requirements and level of coverage with our experienced small business insurance brokers.

Our talented team of business insurance brokers at First Choice Mortgage Brokers can assist you with tailoring coverage to suit your business needs and can help you with the process of acquiring business insurance.

• Commercial General Liability Insurance

This type of insurance provides insurance for general business risks such as property damage, bodily injury and medical payments. If your business happens to be found liable for third-party injury or property damage, you are covered by your commercial general liability insurance policy.

• Property Insurance

It is important to ensure that your property and its contents, such as computers or professional trade equipment, are protected from loss and damage. Commercial insurance brokers are able to help you protect your business’ assets with such an insurance policy.

• Business Interruption Insurance

In the instance of any natural disasters, property damage or theft, your business will be at risk of a loss of revenue. Business interruption insurance can protect your business beyond property insurance, ultimately covering events that may hinder you from producing revenue. This includes things such as employee wages, loan payments or even rent payments.

• Cyber Liability Insurance

Cyber liability insurance can protect you from four main types of risks depending on your coverage. This includes privacy liability, network security liability, media liability, errors and omissions liability. To find out more, contact our commercial insurance brokers.

Starting up your own business comes with a lot of risks. As a small business owner, it is important to protect the value of the assets that you purchase for your company. From property damage to theft and liability issues, insurance can aid you in recovering such losses when things don’t go right.

With the help of First Choice’s small business insurance brokers, you can gain peace of mind that your assets are protected and feel comfortable as a new small business owner.