Business Insurance At A Glance

What Is Business Insurance?

A Look at Business Insurance

Regardless if you run a multi-national organisation or a mom and pop storefront, you will always remember how much work went into creating your company. In order to protect your efforts and investment, the correct business cover is essential.

Consider how often unexpected perils happen to others; you would be overly optimistic to believe an accident or disaster will never harm your business. When you have proper insurance cover you reduce your risk of losing property, stock, supplies, and your livelihood.

A Business Insurance Case Study

You are the owner of a small printing shop. Late on a Saturday night, a water pipe ruptures and your entire shop floods over the weekend. The flood destroys your equipment, stock, electronics, and finished orders scheduled for pick up. The damage to your structure is extensive, and major renovations are necessary. You are not able to operate your business for at minimum, six weeks.

Even though this is a daunting scene, if you have proper insurance cover, you will not suffer the total loss of your business.

If you need more convincing, consider the following statistics:

  • Australia is experiencing and spending more on natural disasters that ever anticipated. By 2050, the estimated cost of these disasters will exceed 33 billion dollars.
  • The Insurance Council of Australia notes that there is an extreme division among business size and the amount of cover they carry. 21.4 per cent of small businesses running from home is not insured. The number of Sole Traders without insurance is 24 per cent.
  • Most SME’s do not have any kind of back-up financial plan; only 16 per cent report having a contingency plan. A full 35 per cent of SME’s say they would need to make substantial lifestyle changes if they were not able to work.

How Do I Know What Cover I Need?

Business insurance can be confusing and even a bit frustrating when you are trying to determine what insurance you need and what you should pay for it. For this reason, we strongly suggest that you contact a professional for guidance. Connect Business Insurance associates will assist you in finding the best cover at a fair price.

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What Can Insurance Professionals Do for Me?

Aside from giving you the peace of mind that comes with knowing you have what you need, Connect Business Insurance pros can help with the following.

  • Evaluate the potential for risks that are associated with your business
  • Offer you options based on your needs and budget
  • Create an individually tailored insurance package that meets your unique needs
  • Renew your policies or apply for new policies every year
  • Work on your behalf to make settling claims easy and fast. We will also do whatever we can to make sure you have the best results

How Will This Help Me?

By doing the work associated with finding insurance cover for you, Connect Business Insurance will:

TYPE OF COVER
POTENTIAL BENEFITS
Save You Money
We have the tools and resources to assess your business insurance needs and secure the best rates. You will not overpay, and you will not carry insurance you do not need. Our associates understand the complexities of the insurance policy wording, so you will know what you are getting and why you need it.
Reduce Your Stress
Trying to determine your business’ insurance needs can be a frustrating experience. When you are thinking about whether or not you made the right choices, you can experience lingering angst. Our professionals do the research, understand the jargon, and have the experience to help you find the policy that is best for you.
Save Your Time
Aside from being stressful, researching business insurance is a time-consuming endeavour. As a business owner, you know that your time is practically priceless to you. Do not spend what little free time you have wrestling with insurance research. Use your time for things you want; we will take care of finding the best insurance cover for you.

What May I Add to Business Insurance Cover?

  • Cost of care for an injured employee including medication and treatment
  • Employee wages if they are unable to work

However, it is important to note that limits and exclusions included in your policy can impact the amounts covered.

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