It’s the beginning of a new financial year if you haven’t thought about revising your business insurance yet, now is the time to do it. Your business is continually evolving, whether it’s expanding location, upgrading equipment or employing more staff, so it is essential to make sure your entire asset is protected. As your business grows, the cost to repair damages becomes more significant, and we don’t want all your hard work to go down the drain in the case of a devastating event. At East West Insurance Brokers, we are committed to working with you to revise your insurance policy where it is needed and make sure your business remains fully protected as it continues to grow. To help you begin re-evaluating your business needs, here are the 7 most common types of business claims identified by The Hartford, and the policies that will help protect you and your business against these claims.
Burglary and theft:
Theft is amongst the most common cause of asset loss, and it can even occur daily. Theft happens when an outsider enters your business to steal valuable assets such as cash. These thieves will not only take your asset, but they will most likely damage your property in the process, and therefore increasing your business loss. On the other hand, theft can also occur internally where dishonest employees take advantage of their access to your business and steal cash or inventory without your knowledge. Internal theft can occur regularly, over a long period, and is more difficult to catch. Therefore, it can end up being very costly for your business. The Theft, Money and Glass Insurance will help protect you from damaged business premises, employee dishonesty, malicious damages and more.
Moisture is in the air, and it’s causing grief for many businesses. Some properties are not made to endure weeks’ worth of rain, so there’s no doubt that water damage is often a concern and frustration for businesses. Leaking roof and damp walls are not only safety hazards, but it gives off an unprofessional image and will deter customers from engaging with your business. In some cases, your business might be deemed unsafe to operate until the issue is resolved. This will eventuate into some losses of revenue; therefore the Business Interruption Insurance can help compensate you for the loss of income.
Wind and Hail damage:
We know that Australian weather can get a bit crazy, from strong winds that make trampolines go flying down the street to large hailstones the size of a golf balls, the unpredictable weather can be costly for businesses. Strong wind and large hail will damage vehicles parked outside, outdoor equipment and even your property. Repairing these damages can be very expensive, especially if most of your plant and equipment are located outdoors. The Plant and Equipment Insurance can help relieve the pressure of these losses. Plant and equipment are essential for your growing business, so don’t risk losing it all.
Fire is amongst the most common causes of property damage, but many business owners underestimate its power of destruction. A fire that erupts can spread uncontrollably at a rapid rate, immersing all your assets in flames. In a case like this, it is very difficult to recover your assets and most of the time it’ll come out second best. If your business operates using flame or if you are increasing the use of electrical equipment as your business expands, then you are exposed to this risk. The Property Insurance will help protect your property, stock or loss of rent due to a fire.
Customer injury and damage:
As a business owner, you would want your premise to be hazard-free and safe for your customers, but accidents do happen, and often it’s out of your control. Customer injuries are commonly sustained through a slip and fall. An example where one customer spilt water on the floor, but did not notify you, then another customer comes along and slips. In this case, the injured customer will raise a claim against your business since you are liable for their safety. Depending on the severity of the injury, this claim can become expensive. Public Liability Insurance will provide coverage for personal injury to a third party such as your customer, supplier or a member of the general public as a result of your negligence. This cover should be considered as your business grows, and you are receiving more foot traffic on your premise.
If you are a manufacturer, distributor, supplier or retailer who offers products to your customers, then you are exposed to the risk of a Product Liability claim which arises when the user of your product claims to have been injured in the process of using your product. In minor cases, your business will have to issue a product recall and refund your customer their money. In severe cases where your product causes fatal damage like death, you will most likely incur some significant fee. In both situations, your business will suffer some financial losses therefore the Product Liability insurance is here to lessen the strain by protecting you against claims of personal injury or property damage caused by the products which are supplied or sold by your business.
Your business reputation often determines your business success. Customers will more likely engage and conduct business with you if they believe that you are professional and trustworthy. However, an incident like a product recall or misconduct by your business representatives can have a domino effect and tarnish your reputation. The legal fee to recover from this can become significant; therefore, the Management Liability Insurance helps cover the costs that your business would incur while trying to defend and settle claims from outside parties alleging wrongful conduct.
Considering the 7 most common claims above, have a think about your business needs and whether you currently have enough protection to continue operating comfortably throughout this new financial year. If you need to revise your current business insurance, the team at East West Insurance Brokers are here to help tailor an insurance solution that suits your growing business. Give us a call on 1800 809 132 or email your broker directly.
P: 1800 809 132
*Please note all insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording before deciding whether the insurance policy meets your needs.