No matter how big or small a business is, they all need Business Insurance. Business owners are faced with a large number of risks that they may not even be aware of which could put their livelihood in danger. Even the most prudent business owner, a well-trained team combined with proper safety procedures cannot completely avoid risks, losses and claims.
Without proper coverage, your business is vulnerable to any number of risks that could have serious consequences.
A single lawsuit or natural disasters such as earthquakes could force highly successful businesses to shut doors.
If your business is just starting or doesn’t have cash reserve, it could take much less to result in closure.
Whether you’re a newborn photographer in Melbourne, or Ben’s Refrigeration, a heat pump installer in Auckland – there are risks associated with your trade. The same is true for Pure Exploration, a gap year adventure company in Queenstown or nationwide arborist franchise, Jim’s Trees.
Tony Gill has decades of experience helping businesses of all sizes, types and stages of growth with insurance cover to suit their unique and specific needs. Get in touch with Tony today on 09 526 5557 or 021 718 093 to discuss your needs.
Types of Business Insurance Small Businesses Need
Listed below are 8 types of insurance cover that most small businesses need to have in place:
Compulsory Third Party Vehicle. If you operate even a single vehicle for company business, Compulsory Third Party insurance is required for registering and operating the vehicle and protects you from claims made against you for any personal injuries related to the use of the vehicle. Though not required, it is recommended that you obtain additional insurance to cover things such as damage to property or vehicles including your own.
Public Liability. Public liability insurance covers your business in the event that someone is injured or someone else’s property is damaged during your normal work activities. This is an important cover in this time of rampant litigation because it provides some security in case of a lawsuit resulting from the injury.
Professional Indemnity. This is an important coverage to have if your profession involves providing a service or giving advice because it could protect against financial loss, injury or property damage that may have resulted from your services.
Property Insurance. This coverage protects you in the case of damage to your equipment so it can be replaced as quickly as possible. It also covers any damage to your building due to accident, fire or natural disaster.Theft coverage provides protection against theft of stock, money, office equipment, etc. which may be costly to replace. It covers both outside theft and internal theft, which unfortunately is on the rise.
Business Interruption. This important coverage protects businesses against loss of revenue due to an unforeseen circumstance that has disrupted your normal business activities
Commercial Vehicle Insurance. If you have vehicles that you use to transport employees or your equipment, protecting them with the proper coverage can protect them against theft or damage.
Cyber Insurance. For modern companies, their data is private information. Cyber Insurance can help protect your business against cyber attacks that could compromise your data and could result in revenue loss not only due to the lost information but due to your company’s tarnished reputation as well. You may be facing lawsuits from your customers because of the breach and Cyber Insurance will provide you protection. According to Anvesh Katuri, CTO of Auckland SEO Company – The Digital Squad, hundreds of New Zealand websites are under attack weekly from hackers exploiting vulnerabilities. Whilst most of these go undetected, there were over 28 cases reported each month to national cyber security council last year. Cyber attacks often leave a long lasting impact on business reputation and often incur additional costs hiring external reputation management and PR agencies to repair the damage.
Consult with Tony today and he can refer you to a Fire and General Specialist who will customise a policy to fit your needs.