As a small business owner, there’s no doubt that your plate is often full – and ensuring that you have the right type of business insurance is one of the most important things you will do as a responsible business owner. With so many different types of business insurance and providers out there, it can be overwhelming trying to decide which type of policy is right for you and your business.
UNDERSTAND THE TYPES OF SMALL BUSINESS INSURANCE AVAILABLE
Common types of business insurance small businesses need to consider include property, liability, and workers’ compensation insurance.
Property insurance is designed to protect tangible assets like buildings, equipment, supplies, furniture and inventory from losses caused by events such as fire, theft or natural disasters.
Liability insurance is an important form of coverage to consider if you provide goods and services, as it can help protect you and your business from damages or legal action related to products, services or operations of your business.
Workers’ compensation insurance is mandatory in Australia if your business has employees, as it covers medical expenses, lost wages and other financial losses related to workplace injuries or illness.
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WHAT INSURANCE IS LEGALLY REQUIRED
It is important to stay current on any insurance requirements in your state. Failure to comply with insurance requirements can result in hefty fines and penalties, so make sure you research any specific insurance requirements for your state before selecting a policy.
UNDERSTAND YOUR RISK PROFILE
Employers typically face different risks associated with their industry which could affect employee or customer safety and even negligence. Determining the areas where your business is most exposed to risk will help you determine the types of coverage you need most.
A legal professional will likely take out professional liability insurance, whereas a restaurant owner would benefit more from product liability insurance.
WORK WITH TRUSTED INSURANCE BROKERS
Working with reputable and reliable insurance brokers is essential since they help guide you through the selection process and provide advice on which types of coverage are most important for your business.
Compare their ratings, online reviews or customer testimonials. An insurance broker with a reputation of putting your business needs first and standing by your side at claim time is invaluable.
Choosing the right business insurance for your small business takes significant time and research, but it is essential to the success of your business. Westside Insurance Specialists is your trust insurance broker, who provides the expertise and information you need to define your risk exposures and make quality insurance decisions. If you are feeling overwhelmed and are looking for market-leading value and advice, contact us today.
This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice.
We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.