Small business insurance – are you covered?

Small business insurance – are you covered?

In light of this year’s bushfires, floods and hail, we’ve been thinking a lot about insurance.  As a business owner, insurance cover is a necessary and important part of your business.  

As a creative, to attend events, you will be required to have public liability insurance.  But are you aware of the other important types of insurance you may need for your business?  Something as simple as road closures due to a natural disaster stopping you from getting to an event.  Not being able to attend due to a last minute illness.  Theft of your stock or equipment.  These things can be insured.

We cannot offer you insurance advice but here are some things you might want to seek advice from your insurer or broker about:

Business Interruption

May cover your lost income, profits or turnover if your business (including trading premise, i.e. the market) has to close due to unforeseen defined events, like storm or fire.

Theft

May cover for loss caused by theft of insured property from your business premises.  This could include your stock, money or equipment.

Building & Contents/Stock

May protect your property, such as business building, contents or stock with cover for damage from unexpected events like a fire, storm or vandalism.

Electronic Equipment 

May cover the cost to repair or replace electronic equipment at your business premises, such as computers, in case of breakdown.

Public and/or Products Liability

Liability insurance helps to protect you if you become liable to pay compensation for injury to third parties, or damage to their property, during the course of your work. If a third-party brings a claim against you in relation to your business activities or product/service you sell.

We advise all of our traders to re-visit your insurance policies regularly.  Make sure you’re up to date on the latest insurance advice, and to make sure you’re covered for all the right things.