When considering insurance for your business, it’s important to have a good understanding of what is included in your business insurance package. Having a good understanding of your business insurance means you have peace of mind that all areas of risk are covered.
To help you navigate business insurance, we’ve outlined below the main forms of cover that will commonly be included in your business insurance policy.
What is covered in business insurance?
Public Liability Insurance – Public liability insurance is essential for all businesses as it covers you financially if you’re found liable for damages following injury to a person or damage to property which has occurred as a result of your business actions. Public liability insurance also covers the cost of legal bills if you need to hire a lawyer during the claim proceedings.
Worker’s Compensation Cover – If you have employees in your business, it’s compulsory that you have workers compensation insurance in place. This cover means that if an employee is successful with a worker’s compensation claim, you’ll be reimbursed by the insurer for any ongoing payments made to the employee.
Property insurance – This form of insurance protects your business property, including buildings, from unexpected events related to fire and perils. If something happens to your business property, the cost of repairs or replacements can run into the hundreds of thousands which is why this type of cover is essential.
Business interruption insurance – If your business is interrupted after an insured event, such as a fire, business interruption insurance means that the insurer will provide you with payment to allow your business to continue to run. Based of course on figures and income submitted to your insurer and other factors.
Theft and money – Insurance for theft and money means that property and items kept at your business are covered in the event of theft. This includes money left in a safe on the premises.
General property insurance – If you transport equipment to and from home every day or take valuables, such as your laptop or work phone, with you when out of the office, general property insurance is essential as it covers you from the theft, loss or damage of these items.
Tax audit cover – More and more businesses are finding themselves on the receiving end of a tax audit and not only is this time consuming, it can also be expensive when you hire a professional to complete the audit on your behalf. Tax audit cover means that the expense of hiring an accountant or lawyer during the audit process is covered.
Consult your insurance broker
When it comes to choosing the best business insurance package, it’s best to speak with your insurance broker. Not only do they help you find the best price, they also take into the individual needs of you and your business which ensures all areas of risk are appropriately covered.
The information above is of a general nature only and should you need advice please consult your insurance broker. Contact Elliott Insurance Brokers today to get a fast quote for your business insurance.
