Business Insurance At A Glance

What Is Business Insurance?

What Is Business Insurance?

A business takes years to build - but an accident or disaster could destroy it all in minutes. That's why businesses should help protect themselves with a quality business insurance pack.

With the right cover in place, owners can run their business with confidence, knowing that their premises, stock, equipment and reputatin are protected by insurance.

Steadfast - Business Insurance

Who Should Consider It?

Business owners can benefit from taking out an affordable and comprehensive business insurance pack to help protect them against the main risks involved in running a business.

"Having the right insurance will help protect your business and minimise its exposure to risk. This may include insuring your business, your income and your commercial risk."

Department of Innovation, Industry and Science, 2018

Business Insurance Guide

Did You Know?

The cost of natural disasters to Australian business, government and communities is estimated to reach $33 billion by 2050

(Australian Business Roundtable, The Economic Cost of the Social Impact of Natural Disasters, 2016)

According to Inside Small Business, only 16% of SMEs have a financial back-up plan in place, while 35% said the'd need to cut spending and limit their lifestyle if they were unable to work

(Inside Small Business, 'Seven insurance issues small-business owners should consider in 2017', 2017).

Sole traders were the least likely of businesses to be insured, (24%) followed by small businesses operating from home (21.4%).

(ICA, Non-insurance in the Small to Medium Sized Enterprise Sec tor, 2015).

What Can It Cover?

Business insurance packs can offer general protection for a business, which may include cover against:

TYPE OF COVER
POTENTIAL BENEFITS
Employees's wages
If they're not fit to work
Employee injury
Cost of their rehabilitation and mediacaiton

What Usually Isn't Covered?

Exclusions, and the excess you need to pay and limits of liability can vary greatly depending on your insurer and the requirements of your business.

Important Note

A product disclosure statement (PDS) is available from your Steadfast insurance broker. You should consider the PDS in deciding whether to acquire, or continue to hold, business insurance.

Case Study

Rohan owns a shop in the city. One night a water pipe bursts, flooding the building and damaging his stock. Even worse, the building must be evacuated and renovated to repair all the water damage. This means that Rohan is unable to trade for six weeks.

Rohan's business insurance covers the cost of the renovations. And, because he has business interruption insurance, he receives a payout to cover the income lost while he's unable to trade.

Want More Information?

Confused About Business Insurance?

Confused About Business Insurance?

Trying to work out exactly what type and how much insurance your business needs can be complex, time-consuming and overwhelming. And the wrong cover could be devastating to your business if things do go wrong.

With so many options on the market, and with emerging risks such as cyber, and new product coming available all the time, it can be hard to be confident you're making the right choice. That's where we can help.

Get An Expert On Your Team

TYPE OF COVER
POTENTIAL BENEFITS
  • With Steadfast innovative tools, we can quickly compare and assess different insurance products - taking the hard work out of finding the right cover.
  • We can take the time to understand your business and tailor a policy to match - so you don't need to spend time researching insurance options yourself.
  • Policy wordings can be complex and making sure your have the right one for your business needs can be confusing. With the expertise of a Steadfast insurance broker on your team, you can be sure you are getting the best available.
  • As part of the Steadfast network, we can often negotiate lower prices for our clients - so you can get the right cover at the right price.
  • We can provide expert advice to help your business withstand cyclical premium increases, helping keep your cover cost-effective.
  • Our claims and policy management processes help to minimise price rises over the life of your policy.
  • We can take time to understand the unique risks for your business and ensure they're covered - so you be confident you're protected.
  • You'll be supported by the strength of Steadfast, which manager more than 2.3million polices for small to medium businesses.
  • If you need to claim, we can champion your cause with insurers every step of the way - helping assure the best outcome for your business.

How We Can Help

We take the hard work out of getting the most suitable cover - at a competitive price. As part of Steadfast, Australasia's largest general insurance broker network, we have access to policies from national and international insurers - so we can help find the right one for you.

We're experts in helping you:

TYPE OF COVER
POTENTIAL BENEFITS
Assess and manage the unique risks your business faces.
Understand your insurance options, based on your need and budget.
Tailor an insurance package especially for your business - and explaining all the details to you clearly.
Apply for and renew insurance policies each year.
Settle any claims that you may have - and advocating on your behalf to help achieve the best possible outcome.

Whatever your needs, we have a wide expertise in providing tailored insurance solutions for almost any business or trade.

We have an expert team of insurance professionals on hand to deal with injury management and workers compensation claims.

We have an expert team of insurance professionals on hand to deal with injury management and workers compensation claims.

Get a quote from the experts