Business Package Insurance
Whilst most Micro and Small business owners have some form of Insurance coverage, the industry has embraced business package insurance for a wide range of occupations allowing the combination of common policy sections all within the one insurance policy.
Different insurers have different approaches depending on their corporate structure and also their re-insurance and other restrictions as to how they rate, write and confirm the cover on business packages to small business owners.
Typically, the business package is split into about 7-10 policy sections covering different risks applicable to the business owner. Whilst comprehensive in its approach caution is to be practiced as the package only responds to those sections taken (unlike a domestic policy which tends to bulk all the covers together in one section and one wording).
The most common policy sections applied to Business Insurance Packages are:
- Property including fire, storm, malicious damage and accidental damage cover
- Business Interruption covering loss of revenue, gross profit and allowing cover for additional expenses incurred after an interruption
- Burglary of stock, contents and plant. Sometimes this may also have a small theft limit included
- Glass breakage: internal, external and signage
- Machinery Breakdown including deterioration of stock cover
- Tax Audit
- Public & Products Liability Insurance
- Commercial Motor
- Electronic equipment and computer breakdown
- Management Liability covering Employment Practices, Directors and Officers Liability and Statutory Liability exposures
In addition to the business insurance package, other companies may combine other relevant policy sections or compliment the policy with complimentary insurance products.
Our approach at Insuring theProduct is to fully review your business structure, operations and risk management to custom design an insurance program with you for your small business and then implement the program to work with your business risk management.
Nothing can replace professional expertise advice from an experienced Specialist Insurance Broker.
To arrange a full discussion and quotation on Business Package Insurance and how to protect your business contact us Today on 07 5313 7871 or complete the short form below.
We serve Birtinya, Caloundra, Nambour and all areas in the Sunshine Coast and Brisbane, QLD.