You may think that even though you’re a small or medium-sized business, you don’t require any or much insurance at all. However, depending on your type of business, there are some insurance policies that you are legally required to have, and some insurance policies may be a good investment to protect you in an unfortunate event. Regardless of whether you own or run a shop, pub, hotel, restaurant, café, office, surgery or other small to medium-sized business, specialist business insurance policies may be a good idea to protect you, your employees, clients/customers and business. Here we offer a few tips as to why it’s important to take out specialist business insurance.
To cover your advice
If you run a surgery, practice or other company that gives out advice or recommendations of any kind, you may be required to take out Personal Indemnity insurance. In Australia, this kind of specialist business insurance can cover you in case you provide advice to someone which they then deem to be negligent and from which they suffer a loss or damages.
To cover your employees
As a business, if you hire employees, you’re legally required to take out Workers’ Compensation insurance. This kind of specialist business insurance covers your employees (and you) should they be injured or get sick as a direct result of your workplace or the work they partake in. Workers Compensation can cover your workers for the wages they miss out on while not at work due to the injury or illness, as well as medical costs incurred as a result.
To cover your tools & property
If your business relies on your place of work or tools and equipment to operate, taking out Equipment and Property insurance may be a good idea for you. From a plumber’s drain clearing equipment to dentistry tools or even a coffee machine in your café, taking out Equipment and Property insurance can help cover you in the event that these items are lost, stolen or written off enabling you to get on with your job quickly and with little or no out-of-pocket expense.
To cover your clientele
Public Liability insurance can cover your customers or clients in the event that they hurt themselves or have their property damaged at your place of work or as a result of work you have carried out. From someone tripping over a cord to a house being flooded, Public Liability insurance can cover you should someone sue you for negligent work or hazards in the workplace.
Call Elliott Insurance Brokers today on 1300 635 315 to speak to one of our experienced brokers in Perth.
