Business Insurance, or Keyman Insurance as it is commonly referred to, is a type of Life Insurance Policy which is set up to protect your business. A Business Insurance policy can cover the ‘key person/s’ for a combination of all, or any of the four major types of Risk Insurance covers, i.e.:
Business Insurance, as the name suggests, is designed to protect the business, not the individual. Whatever your business, you should consider taking out a 『Keyman Insurance Policy’ on the key person/s or employees within the business.
Just imagine the consequences if any of the following situations were to occur:
The amount of Keyman Insurance cover really depends on the business and the purpose of the policy and may be dependent on the tax effectiveness of different structures. There really is no quick fix, but a general rule is to start with the four key Risk Insurance areas listed above and then tailor the cover to cover your business.
Please call First Choice small business insurance brokers to discuss your Business Insurance opportunities and for any assistance in accessing the Business Insurance application process. With many decades of expertise, our business insurance brokers can ensure that you have all of the coverage you require, guaranteeing your business is not exposed in the event of an unforeseen event.
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:
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:
You can make an appointment with a First Choice Mortgage Broker consultants by calling 1800 111 455.