What Is The Best Type Of Business Insurance?
Apr 27, 2019
Business insurance may be the last thing on your mind when you are just starting out in business.
It’s not fun when you have to sit down and contemplate all the worst-case-scenarios that may occur when running a business.
However, this is the reality of business which makes business insurance crucial to the protection of your small or start-up business in the long run.
Business insurance services can be complex. As a result, many business owners don’t know what type of business insurance they need.
Risk and uncertainty are part of daily business. Unfortunately, there are a number of things that can go wrong when operating a business.
Taking this into consideration, one has to account for all the possibilities – including mistakes – when operating a business.
All business entities face a myriad of risks every time they open the doors such as theft, floods, fire or even being sued.
Having some form of business insurance is important for the protection of your business.
Following are the most popular types of business insurance that are available in Australia.
General Liability
General liability is important for a small business in the event of an accident or lawsuit.
There could be many claims against a business such as property damage, bodily injuries to staff and clients or even false advertisement.
General liability will protect your business if a customer sues your business for slipping and falling on a wet floor for example.
This type of insurance provides comfort to your customers and ensures them that they are protected if an accident was to occur.
That’s why you should consider purchasing general liability coverage for your business.
Property Insurance
This insurance coverage will protect your business property.
Property insurance will cover your business premises, the products inside the building, and your customer’s property while it’s under your care.
If your business has a physical location, you should consider this type of insurance for your business.
Commercial Auto Insurance
This type of insurance will protect the vehicles of your business.
In fact, the coverage will protect the vehicles and drivers during the event of an accident, theft, natural disaster or vandalism.
If your vehicle is an essential part of the business, you need a way to protect it. That’s where commercial auto insurance comes in handy.
Worker’s Compensation
This type of insurance will protect your business from costs and lawsuits that arise from work-related injuries and accidents to the employees of your business.
If you operate a business with more than one employee, you should consider a worker’s compensation policy for your business.
It will protect your company from various accident and injury related lawsuits by the employees.
Product Liability
This type of insurance coverage will protect you from being liable for damages and injuries caused to customers by the failure of your products.
If you manufacture a product, you should definitely consider investing in this type of business insurance for your business.
Business Interruption
Business interruption will cover losses suffered while you cannot trade due to whatever reason.
For example, if you have to close down your business due to a disaster – natural or otherwise – this insurance will cover you.
It will repay the costs of incurred business expenses and lost revenue accrued during the interrupted period.
The coverage will help offset the financial loss during such instances.
If you have to move the business to a new location due to the damage caused, the insurance will pay for relocation and related expenses.
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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