Most new business owners have no idea of their small business insurance obligations
Trying to figure out what kind of business insurance is best for your business?
Most new small business owners don’t understand their insurance obligations and don’t do enough preparation when assessing insurance providers. Victorian law states that businesses must have some sort of business insurance, this should at least make business owners realise what kind of insurance they require at a minimum.
The next step, is to assess the different types of insurance available. Check the list and compare it to your present coverage:
Public Liability Insurance
Public Liability Insurance covers your business against the financial risk of being found liable to a third party for death, injury or property damage. Melbourne Insurance Brokers can help you in sourcing this business insurance cover to protect you from unforeseen events.
Business Interruption Insurance
Business Interruption Insurance ptotects your business and is vitally important to ensure the ongoing existence of your business in the event of substantial or serious loss. Even a small material damage loss can be catastrophic without this business insurance cover.
Directors’ and Officers’ Liability Insurance
Directors’ and Officers’ Liability Insurance covers the directors and officers personal assets arising from a potential claim as a result of “wrongful act” allegedly committed by them in the course of managing their duties.
Management Liability Insurance
Management Liability Insurance extends to include Employment Practice Liability, protection against Statutory Fines and other relevant covers to provide you with greater peace of mind in running your business.
Products Liability Insurance
Products Liability Insurance covers damage or injury caused to another business or person by the failure of your product or the product you are selling. We can help you in sourcing this business insurance cover to protect you from unforeseen events.
Take the time to carefully assess which options are right for your business. Which part of your business is more vauable? e.t.c. These are all factors to consider when assessing small business insurance providers.