Protecting your Business
Running a business is a challenge, and it often involves putting your own finances at risk. It makes sense to manage risk, reduce uncertainty and protect your livelihood.
Business insurance can protect the equipment and machinery you need to stay in business. It can ensure that you, your employees and any members of the public with whom you interact in your business are protected from the risk you face as a business owner.
And it may also provide financial support if your business is unable to operate following an unexpected event such as a fire or natural disaster.
Think about how you would manage if your stock, equipment, or even your premises were badly damaged or destroyed. Would you be able to continue running your business? Would you be able to recover from the financial loss?
Insurance companies provide a variety of policies that cover small businesses, tradespeople, professionals, hospitality operators and more.
Different types of business require different policies to protect company assets and to protect against legal liabilities. Make sure you know what kind of insurance you need for your business.
There are many different business and personal risk that could bring your business to its knees. The good news is that a lot of these risks can be mitigated.
Business insurance policies can be changed and customised to suit your business needs. You can choose from a wide range of insurance cover specifically tailored for business owners.
Many products are also designed to meet the needs of specific industries.
Insurance companies that offer business insurance will often offer packages that bundle different types of insurance policies together. These are designed to meet the needs of small-to-medium sized businesses and may be less expensive than purchasing policies separately.
There is no one-size-fits-all insurance solution for small businesses. Your insurance needs will vary according to the industry, trade and type of business you are operating.
For example, the risks a home-based sole trader will face will be very different to those faced by a coffee shop, landscaping business or a construction company.
To find out what insurance is important for you, contact us and we will have our competent insurance broker sit with you on a Free no obligation meeting, to assess your needs.
Book Your Free Business Health Check
The average Australian worker will earn over $2 million in their 40-year working life. With these facts in mind have you ever considered what would happen to you and your family if you were sick or injured and unable to earn that money?
Insurance industry statistics tell us that every working Australian has a one in three chance of becoming disabled for more than three months before turning age 65.
Employees may be entitled to a limited amount of sick pay from their employer but workers’ compensation only covers you for work related injuries – a small percentage of the causes of disability.
On the other hand, an income protection policy will pay you up to 75% of your income (salary plus super and any other benefits) allowing you to maintain your lifestyle and keep paying your mortgage and other debts.
Income Protection insurance is a vital link in providing you and your family with a regular income stream during times of illness or injury.
In the event that you are unable to work due to prolonged illness or injury, income protection provides you with a monthly benefit of up to 75 per cent of your salary. This is paid while you are unable to return to the workforce, up to age 65.
Life Insurance
No one likes to think about the worst case scenario but every day in Australia 220 people are diagnosed with some form of cancer and over 36,000 Australians die from cancer each year.
Statistics tell us that serious illness does not discriminate based on age or gender and the reality is that most Australians are under insured or not insured at all.
When considering life insurance the most important question is, can you afford to live without it? Most people have financial commitments no matter what stage of life and you can be insured against death, injury or illness:
Life insurance helps alleviate the financial burden your family may be left with after your death. Usually paid as lump sum, your dependants can use this money at their discretion to assist with medical costs, funeral expenses or help secure their future.
Total and permanent disability (TPD)
This is generally taken as an optional extra within a life insurance policy, but can also be arranged as a stand-alone policy. In broad terms it provides a lump sum in the event of a permanent disability (due to illness or injury) that prevents you from returning to work (e.g. Losing both hands).
Trauma
Trauma insurance is generally paid as a lump sum upon diagnosis of an eligible condition (eg cancer, heart disease), and the funds can be used at your discretion.
Speak to us today on how we can assist you with your insurance needs.
