Business Package Insurance

As a business owner, protecting your enterprise against unforeseen events and potential losses is crucial. Business Package Insurance is a type of coverage that can provide financial protection for your business in case of unexpected events, such as property damage, theft, or legal claims. There are several sections of your Business Package Insurance coverage that you can select from to customise your policy. You can pick and choose from the various sections to design your customised Business Insurance Package to suit your business under one policy. At Elliott Insurance Brokers we understand that every business has unique needs and risks. Our experienced brokers can work with you to identify the risks your business faces and recommend the coverage that's right for you.

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Business Insurance Explained

Business Package Policies allow you to customise tailor made insurance solutions for Small to mediums Business operators. There are some variations from insurer to insurer however typically they provide coverage in several areas, including:

Material damage loss for physical assets

.. This section of Business Insurance provides coverage for loss or damage to a business's physical property, such as buildings, equipment, and inventory. Covered events may include theft, fire, or natural disasters.

Business interruption

... This section of Business Insurance provides protection for businesses against losses of income and other ongoing expenses that occur when operations are disrupted due to a covered event.

Public Liability Insurance

... This section of Business Insurance provides protection for businesses against claims of third-party bodily injury or property damage caused by the business operations or products. It includes defense costs cover.

Glass Insurance

... This section of Business Insurance covers breakage of internal and external glass and signage that a business owns or is legally responsible for.

Theft

... This section of Business Insurance provides coverage against loss and damage caused by theft or attempted theft from a business's premises. It may also cover damage to the building, locks, and safes as a result of a covered event.

Tax Audit Insurance

... This section of Business Insurance provides coverage for accountants' fees incurred in connection with an audit by the Australian Taxation Office.

Employment Practices Liability

.. This section of Business Insurance covers employment-related claims against businesses, such as wrongful dismissal, bullying, harassment, or discrimination.

Money

... This section of Business Insurance covers businesses in the event that their cash, cheques, money orders, or other similar items are stolen, lost, or damaged while on the premises, in transit, or temporarily stored in a private residence.

Portable Equipment

.... This section of Business Insurance covers loss and damage to items of portable equipment associated with a business, such as tools of trade and items of stock.

Machinery Breakdown Statutory Liability

... This section of Business Insurance covers the cost to repair or replace specified machinery following a breakdown.

Electronic Equipment

... This section of Business Insurance provides coverage against loss caused by accidental and unforeseen damage, breakdown of electronic equipment, which can include computers and printers.

Goods in Transit

... This section of Business Insurance provides coverage against the loss of or damage to a business's goods (or, in some circumstances, goods that it is responsible for) while in transit in Australia in a vehicle owned or operated by the business.

Statutory Liability

... This section of Business Insurance provides protection for businesses, their employees, and directors against certain unintentional breaches of some Australian laws. It may also cover the costs of representation related to investigation costs for alleged breaches, as well as defense costs, and fines or penalties payable following a conviction.

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Why choose Elliott Insurance The Green Broker?

We take pride in being business insurance specialists and strive to provide the best business insurance in Australia. With our extensive industry knowledge and expertise, we can help you navigate the complexities of business insurance and find the coverage that's right for you. Whether you're a small business owner or run a large corporation, Elliott Insurance Brokers is here to help.

As one of the leading business insurance brokers in Perth and across Australia, we have built our reputation on providing exceptional service and expert advice. Our goal is to make the insurance process as easy and stress-free as possible, so you can focus on running your business. Contact Elliott Insurance Brokers today to get started with a free consultation and find out why we're the best choice for your business insurance needs.

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claim example

Fire Damage at a Local Retail Store

In January 2022, a small retail store in Melbourne suffered extensive damage from an unexpected electrical fire. The fire started in the back room, where electrical appliances and store inventory were stored. The flames spread quickly, causing significant damage to the store’s infrastructure, inventory, and essential equipment.

Fortunately, the retail store owner had a comprehensive business insurance policy in place, which included coverage for property damage, business interruption, and equipment breakdown.

Once the claim was filed, the insurance company dispatched an adjuster to assess the extent of the damage. The assessment revealed that the fire had destroyed approximately $150,000 worth of inventory and equipment, and caused an additional $80,000 in property damage. Moreover, the store was forced to close its doors temporarily for repairs, leading to a loss of income.

The business insurance policy proved to be invaluable for the retail store owner. It covered the following expenses:

Property Damage: The policy paid for the necessary repairs to the store’s infrastructure, including electrical wiring, walls, and flooring, amounting to $80,000.
Inventory and Equipment Loss: The insurance policy also covered the replacement cost of the damaged inventory and essential equipment, which totaled $150,000.
Business Interruption: To help the store owner manage the financial impact of lost income during the repair period, the policy provided coverage for business interruption, compensating for the estimated lost revenue and fixed operating expenses.

Thanks to the comprehensive business insurance policy, the retail store owner was able to recover from the devastating fire without facing financial ruin. The store reopened its doors after repairs were completed, and the owner was able to continue serving the local community with minimal disruption.

GOT A QUESTION?

Frequently Asked Questions

What is Business Package Insurance?

Business Package Insurance is a type of coverage that provides protection for businesses against various risks and financial losses that can occur during their operations. It is a comprehensive policy that can help safeguard businesses and their assets.

What does Business Package Insurance typically cover?

A Business Package Insurance policy typically includes different sections that provide coverage for specific areas of a business, such as property damage, liability claims, theft, and more. These sections may include Material damage loss for physical assets, Business Interruption Insurance, Public and Products Liability Insurance, Glass Insurance, Theft, Tax Audit Insurance, Employment Practices Liability, Money Insurance, Portable Equipment, Machinery Breakdown, Electronic Equipment, Goods in Transit, and Statutory Liability.

Who needs Business Package Insurance?

Business Package Insurance is recommended for all businesses, regardless of their size or industry. If you have a physical business location or own business property, employ staff, or interact with customers or clients, then Business Package Insurance can help protect your business against unexpected events and financial losses.

What is the cost of Business Package Insurance?

The cost of Business Package Insurance can vary depending on the type of coverage you need, the size of your business, and the level of risk involved in your operations. Our experienced brokers can work with you to identify the risks your business faces and recommend the coverage that's right for you. Cheap Business Insurance should not be your aim, the Best Business cover within your budget should be the goal.

Can I customize my Business Package Insurance policy?

Yes, Business Package Insurance policies can be customized to suit the specific needs of your business. Our brokers can work with you to identify the risks your business faces and recommend the coverage that's right for you.

Do I need additional insurance coverage beyond Business Package Insurance?

Depending on your business needs and risks, you may need additional insurance coverage beyond Business Package Insurance. For example, if you have employees, you may need Workers' Compensation Insurance. If you provide professional services, you may need Professional Indemnity Insurance. Our experienced brokers can help you identify the types of coverage that are right for your business.

Final Words

If you have any further questions about Business Package Insurance or would like to discuss your coverage options, please don't hesitate to contact us at Elliott Insurance Brokers.. Our team of experienced brokers is here to help you protect your business against unexpected events and financial losses.

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