The answer is simple - without appropriate business insurance and personal insurance you could lose not only your business but even your personal assets, including your house! Imagine the impact on health & physical well being due to the stress you could experience if you are sued and don't have insurance to protect you…
You may think your risks are low and the financial penalty of a mistake might be minor, but for a relatively small spend, you can obtain protection of $5, $10 or even $20 million! Even if you weren’t at fault, the potential costs of engaging your own legal representation to defend your business can be crippling.
Aside from the potential downside noted above, some of your customers may insist on sighting evidence of your insurance prior to allowing you to provide your services, so without insurance cover you are possibly restricting your customer base.
The real question is - what insurance or insurances do I need? Melbourne Insurance Brokers will make you aware of your potential exposure(s) you face and help you decide what cover(s) is most important to you and then source the best, most cost effective solution tailored to your specific needs.
Possibly … certainly not always BUT using a broker will save you in other ways that are invaluable:
MIB has been operating for forty years, trusted by multiple clients to handle their insurance covers for many years. You don’t last that long in business without doing something right. Our brokers will take the time to learn about and understand your business so we can recommend the cover that best suit your needs.
We have no ties to any insurance company meaning we will tailor a solution which is the best possible one for you rather than channelling business to one particular insurance potentially disadvantaging you.
Melbourne Insurance Brokers will take the stress out of selecting the right insurance and if you have a claim to make, we will handle the claim on your behalf, taking the hassles of dealing with the insurance company yourself.
There are an extensive array of insurance covers available which is one of the reasons why you need to talk to MIB about your requirements. Some of the more common insurance covers relevant to business owners include:
Suitable for many small to medium sized businesses incorporating a number of different types of covers including property, burglary, money, glass, liability, machinery breakdown, general property & tax audit
Includes both Public & Products Liability cover, protecting you in the event other parties allege you caused damage to their property or injury
Protects you where your client or customer alleges they suffered a financial loss as a result of the advice or services you provided
Protects the cash flow of your business against downturn following an insurance event
Shields business owners from many of the perils of operating a business, including employment practice liability e.g. allegations of wrongful dismissal or harassment in the workplace, theft by employees, breach of trade practices act, tax audit, OH & S breaches
Can be either cashflow or lump sum cover, protecting the business in the event of the demise of a key member of your team; such protection is organised via a life insurance company
Covers your tools or equipment Australia wide; invaluable for the tradie who relies on their tools to earn a living
Compensates you in the event your refrigeration equipment breaks down & the contents of your fridge/freezer are ruined
Refer to our Business Insurance page for further details.