What is Business Protection Insurance
Mar 31, 2019
Simply put, business insurance is a coverage that protects businesses or companies from losses that may occur during business operations.
This coverage can protect the machinery and equipment that you need to stay in business.
It can also ensure that you, your workers and members of the public that you interact with are protected from the risks that you face.
Business insurance can ideally offer financial support if your business is unable to operate as a result of an unexpected event like a fire or natural disaster.
The ideal business insurance policy, however, will depend on what you do, the budget as well as the size and location of your business.
Areas of cover that are typically included in business insurance are:
Business Assets Insurance
The place of work and items held within it are vital to the success of your business.
If something were to happen to the property like theft or fire, the cost of replacement could be huge.
Getting this type of policy provides you with a substantial amount of money to cover any losses if such an incident occurs.
If you come into contact with other people when conducting business, regardless of the premises, it’s important to have a public liability cover.
This policy protects you against claims from the public.
This includes injuries sustained and even damage to a third party’s property as a result of negligence that involve you or your business.
If you have employees, you are legally obliged to have workers compensation insurance.
This policy is designed to protect you and your company if a worker is injured or falls ill as a result of their work.
Workers compensation insurance is a vital part of many commercial insurance policies.
These are designed to cover the legal costs of defending a claim made against your company and any compensation costs to be paid out to the worker if your business is at fault.
Professional Indemnity Insurance
Also referred to as professional liability, this type of insurance covers you for claims against your company.
This could be as a result of alleged or actual faulty advice or design work for a client.
For instance, if a person loses money as a result of wrongful guidance or an error you have made and they sue you, then the legal costs will be covered.
A professional indemnity or errors and omissions policy will help you in this situation.
Business Insurance For Home-Based Business
If you work from home or run an online business, you may think that you do not require business insurance.
However, there are numerous risks, most of which are the same as running a business in a commercial setting.
However, your requirements will depend on your type of business and activities.
For instance, if you have visitors or staff come to the home for business services, then you will need to have the policy to cover you in case of injury or damage to property.
So, regardless of the business you run, be it small or large, it’s imperative to be covered for an array of risks.
The exact cover will depend on your business and how you go about it.
Do you need a business insurance quote? At CBD Insurance, we are here for your needs.
For an obligation-free, competitive quote, professional insurance advice or more information on how we can help you, please contact one of our expert consultants today on (08) 8357 1422 or send a message through our website
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