Money talks especially when it comes to small businesses. Most do not have the luxury of spending considerable time on details such as insurance coverage and are more concerned about making money. However, business leaders do not realise that investing in insurance might save them a boatload of money in the future because we don’t know what tomorrow may bring.. Your backyard business might seem small to you but to others, it might be a way to make a quick buck through theft or cyber-attacks. Let us not disasters such as fire, storms and theft which might damage our tools or protection from lawsuits should a customer or unknown third party get insured. These are real scenarios that small business owners should think about and then run to the best insurance provider they can find. Such incidents have seen businesses closing down when it could have been avoided. There are plenty of options of insurance for businesses Victoria and if you are wondering why you should sign up for one, here is a few helping points:
General property coverage
As a tradie, we have our tools of the trade so to speak. That could be a hammer and a nail to the electric saw, timber and frames, as well as the laptop and tablet that you use to book appointments, basically anything that helps you complete a project including the tablet or laptop. These tools are important and without them, you can’t earn a living, so protecting them from an incident is a good idea. Getting general property insurance will cover any loss or damage to this equipment that helps your business grow. No matter what line of business we are in, we are dependent on these tools. Certain policies cover your tools in the event of a fire and storm that damages them, there is theft of the tools or if they are damaged in a vehicle accident. Because each policy is different and might not cover you under such circumstances, select a policy that will be suitable for your work environment.
The internet can be a fun place and paradise for most businesses because it is a chance to advertise your products and services to a wider market. However, the internet is not all smiles and roses. Many businesses that rely on digital technology face the threat of cyber risks like the fraud that could lead to loss of income, the website taken down leading to downtime and loss of data which also impacts their clients. The reason this occurs may be due to fraud stemming from getting hacked. This is not something changing your passwords can help with. With cyber insurance, you can rest easy in that although you can buy a software that can create an impenetrable wall of defense for your business, you will still be protected in the event that there is a breach. You will not have to worry about the costs of getting experts to resolve this issue. Cyber insurance may cover customer’s personal information, claims should clients file a lawsuit and help with getting you back in business following a Cyber Event.
Public and products liability cover
This is most likely the most common type of insurance that you will hear about. For most businesses, it should be the main priority especially if they will be dealing with clients and customers on a daily basis. We can never predict what will happen, you could fall through the ceiling while fixing a clients’ roof tiles and damage their home or if a customer trips on a floor tile while walking through your workshop. Public liability insurance covers property damage and bodily injury following a claim for compensation from a Third Party. For example, this may include being hit by a loose roof tile that was moved while you were working on their ceiling or roof. While public liability is more about protecting your business’ legal responsibility towards your customers on your property, product liability is about protecting yourself from any issues if products manufactured, altered, installed etc by your business causes injury. All these issues may lead to a lawsuit from your customer who sues for compensation following an incident. Without public and product liability insurance, a business may find itself in trouble if it is unable to pay out of its pocket due to a lawsuit and this leads to bankruptcy and closure of the business.
There are many other types of insurance such as business package insurance which is a policy that covers small businesses from business exposures include machinery, transit, money and business interruption. Another package to consider is the industrial special risks insurance that is available for damage to your property and business interruption. This is for clients with high asset values. Commercial motor insurance is another option to cover all of your vehicles from third-party property damage and damage to your vehicle. There are plenty of other benefits to consider including a free windscreen which can be included on your cover These offers and more are available at Atlantic Insurance, you can begin your search on their website until you find something you are satisfied with.
Once you find an insurance package that works for your business and are happy with what you are getting, then you will be able to rest easy knowing that someone has your back following a claim.