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Planning a start-up or already in an established business? Whichever your answer might be, a business is bound to be risky, always. All the investments, assets, employees, and goods or products are prone to several miss happenings that can cause extreme loss. Therefore, it is not only mandatory but also intelligent to cover your entire business and all its aspects with relevant insurances.

Answering the following questions will help you to select the most appropriate insurance package that will secure your business and save you the stress over loss.

1) Are you a one-man-band or are there workers and employees working under you?

2) Which industry does your business belong to? Is it transportation or hospitality? Is it IT or trade?

3) What are the valuable assets used in your business? Infrastructure, computers, books, journals, etc.?

4) Does it involve contracts? Are the possibilities of making mistakes existent in your business? Are they high?

5) Are you working from home?

6) Is theft a possibility? How high are they?

7) What about natural disasters and weather? Does it affect your business?

8) Does it involve transit of goods and products?

ESSENTIAL POLICIES

1) Professional Indemnity – Professional indemnity insurance protects the business against legal charges and claims made by third parties for damages caused by acts, omissions or breaches of professional duty in the course of your business. It also covers the cost of claiming investigations. Intended for professionals who give advices and provide services, such as estate agents, education workers, consultants, etc.

2) Personal Accident, Illness or Disability – It covers the employee belonging to a propriety company. It will cover your loss of income when you are unable to perform duty due to illness or accidental major injury or accidental death.

3) Worksafe Injury Insurance (compulsory) – This is a mandatory insurance for Victorian employers. It covers death, injury or illness that is caused by their work. This includes legal costs.

4) Fire And Perils – This insurance protects the loss against fire accidents that can perish your documents, computers, furniture, etc. It also covers the enormous damage due to natural disasters like earthquakes, storm and water disasters.
NOTE – Most peril policies do not include flood damages that are caused by overflowing watercourses like rivers, etc.

5) Burglary – This insurance involves loss caused by theft through violent and forceful entry, damage to stock, goods that were held in trust and all the content within premises.
NOTE – Does not normally cover theft by employees or anyone belonging inside the premises.

6) Engineering Equipment – Also commonly known as “Machinery Breakdown Insurance”, it protects owners or operators of fixed machinery by covering unbudgeted repair costs when breakdown, explosion or accidental damage occurs.

7) General Property – Covers the tools and equipment, stock in trade and office content a tradesman uses while doing the job. It protects them against theft and damage.

8) Goods In Transit – It covers the loss and damage to property or goods while they are in transit.

NOTE – Includes laptops used in business.

(Make sure whether the transit covered is within Australia or overseas, and what suits your business.)

9) Products Liability – Product liability insurance protects claims against personal injury or property damage caused by goods or products sold, supplied, delivered or repaired by your business. This insurance will ensure that if this happens, you will not have to pay any legal or court costs for the causality.

10) Public Liability – Public liability insurance is intended to protect professionals whose profile demands regular customer interactions or members of public. It protects against the claims of a third party that suffers (or claims to have suffered) illness, injury or property damage caused by your business affairs.

WORTH CONSIDERING

1) Business Interruption

2) Directors And Office Bearers Liability

3) Employee Dishonesty Or Fidelity Guarantee

4) Electronic Equipment And Breakdown

5) Employment Practices Liability

6) Glass Breakage

7) Income Protection Insurance

8) Key Person Insurance

9) Loss Of Money

10) Machinery Breakdown

11) Perishable Food Or Stock Deterioration

12) Motor Insurance

13) Product Recall

14) Tax Audit

15) Trade Credit

16) Unregistered Equipment

17) Weather

Depending on the affairs, requirements and industry that your business is involved in, you can wisely choose the right package that will protect your claims against public, property, financial and reputation loss as well.

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