With its attractions drawing in tourists and residents alike, the Sunshine Coast has proven to be a great option for businesses of all types. The region offers a wide range of business opportunities, including creative industries, tourism and events, sports and leisure, digital industries, aviation, and more.
Wherever you are conducting business, though, unexpected circumstances that can interrupt business operations may happen. Last April and May, a series of severe storms ravaged the east coast of Australia. The Sydney Morning Herald reported that the damages total over a billion dollars, including $360.2 million worth of damage in southeast Queensland.
When something like this happens and your business is not properly insured, you’ll take a massive financial hit and recovery might be near-impossible. How do you know that your business is adequately insured? That’s where insurance brokers can help.
Identifying the Insurance You Need
Certain types of insurance are required by the government, like workers compensation insurance (if you have employees) and third party personal injury insurance (if you own a motor vehicle). The problem is that some business owners tend to get only these specific kinds of coverage and think that’s already enough. In fact, many non-compulsory insurance types are necessary to more thoroughly protect your business from potential risks.
Business insurance can be classified under three categories: asset and revenue insurance, personal and workers insurance, and liability insurance. Each category has compulsory and non-compulsory insurance. Then, each specific type may or may not be applicable to you depending on the nature of your business and its operations. Some are pretty easy to determine: For example, if you don’t operate any complex equipment, then you may not have to worry about Machinery Breakdown insurance.
How Insurance Brokers Help
Determining the specific insurance types that you need will be difficult to do on your own. You’ll need to analyse a lot of factors, and doing this on top of taking care of the core operations of your business will be a daunting task. An insurance broker with extensive experience will have the knowledge and tools to determine exactly what kinds of coverage you’ll need. Brokers, such as Insuring the Product, can conduct a thorough evaluation of your business and develop a suitable plan to make sure it’s protected.
This information is not intended to be advice and you should not rely on it as a substitute for any form of advice. You should always consider the PDS / Policy wording before making a decision.
Insurance Council of Australia says severe storms leave $1.55b damage bill, Sydney Morning Herald, Jun. 2, 2015