The business world is a complex and often unpredictable environment. While there are many potential risks facing businesses, having the right insurance coverage can help protect your company from major financial losses and disruption.
WHAT IS BUSINESS INSURANCE?
Business insurance helps to protect businesses from financial losses due to unexpected events, accidents and lawsuits. Without it, one bad event could potentially put the business at risk of closure or bankruptcy. With the right coverage, businesses have peace of mind knowing they can remain operational, even during tough times.
TYPES OF BUSINESS INSURANCE
Knowing the main types of business insurance is essential for any entrepreneur or business owner who wants to ensure their company’s future success. Below we provide a brief overview of the types of cover available and why it is important for businesses to consider investing in these coverages.
- Property Damage Provides protection of a company’s physical assets, such as buildings and equipment, from damage or destruction due to natural disasters, theft, fire, and other unexpected events or accidental damage. Property insurance can help cover the costs of repairs or replacement in the event of an insured accident.
- Liability Insurances General Liability covers claims made by customers who have suffered injury or property damage due to negligence on the part of the business. Liability protection can include medical expenses, legal fees, and compensation for lost wages if necessary. Businesses should also consider additional liability policies such as Public and Products Liability and Professional Indemnity.
- Public and Products Liability Insurance Protects companies from claims related to the design, manufacture, marketing, or sale of a product that causes injury or damage to another party.
- Professional Indemnity Insurance Covers claims made due to negligence in providing professional services such as counselling, consulting, and other similar activities.
- Business Interruption Insurance Assists companies with financial losses related to unexpected closures due to insured natural disasters or other insured unforeseen events. This type of policy can cover loss of income and costs associated with having to close operations temporarily. Business Interruption Insurance is crucial in keeping a company afloat during difficult times.
- Workers’ Compensation Compensation Insurance is compulsory by law in Western Australia and protects workers employed by a business from losses due to workplace-related injuries and illnesses. It can cover the employee’s medical expenses, wages, and death benefits in the event of a workplace fatality.
ARE YOU COVERED?
Having adequate business insurance is essential for any business owner who wants to protect their investment from unexpected losses due to unforeseen circumstances. No matter what type of products or services a business provides, it is essential to have adequate protection in place in case something goes wrong.
Westside Insurance Specialists can work with you to understand your business and provide advice on the best way to manage these risks. Our specialist insurance advisers will work with you to define your risk exposures, design a robust insurance program and deliver cost-effective insurance solutions meeting the specific objectives of your business. Contact us today.
Important Information
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.
