We know you’ve invested a lot of time and effort into your business. That’s why it’s more important than ever that your insurance policy protects your hard-earned assets against loss or damages due to unexpected circumstances.
As you dive into the insurance market, you’ll soon realise that there are many types of business insurance and levels of cover that might be suited to your line of work. You might also find that you need multiple insurance policies to cover all your valuable assets. For example, you may need property or glass cover to protect your business premises but you might also want to protect your customers goods or the tools locked in your vehicles.
With so many options available in the market, it can be overwhelming, especially if it’s your first time looking for business insurance. Let’s start with the primary objective. When you take out an insurance policy, your goal is to protect your valuable assets; from the physical assets like your equipment to the intangible property like your data. The most common and simple solution is to opt for a Business Insurance Package, which offers multiple covers in one neat policy.
The Business Insurance Package can protect general business assets such as your buildings and contents if an insured event occurs. For example, storm, fire, accidental damage, vandalism or malicious damage. In addition, it can also include Public & Products Liability protection in the event of personal injury or property damage caused by your business activities. As the Business Insurance Package can offer protection across multiple areas of business operations, it has become a popular policy amongst business owners.
Below are some of the sections that can be included in a Business Insurance Package:
- Property/Material Damage
- Business Interruption
- Public & Products Liability
- Theft, Money and Glass
- Machinery Breakdown
- General Property/Tools of Trade
- Commercial Motor Vehicle
- Management Liability
As good as the Business Insurance Package can be (and is for many businesses), keep in mind that there is no one-size-fits-all when it comes to insurance policies. Many industries have additional exposures that may need addressing, such as a mechanic looking to cover customer vehicles whilst left at the workshop or whilst being test driven, or an accountant seeking contents cover for their employees working from home. Did you know there are specific industry policies for these occupations and the unique exposures they may face? Suppose your business provides a more specialised service or product, in that case, it’s best to seek an industry-specific policy to cover the often more complex risks associated with your business.
What is an Industry Specific Policy?
An industry-specific policy is an insurance policy that is uniquely designed and tailored to meet the needs of a particular occupation group.
Below are some of the most common types of industries where an industry-specific insurance policy is available:
- Motor Trades
- Office Package
- Trades Package
Too often businesses who have unique risks don’t realise that there may be parts of their business or activities which are not automatically covered under a standard business package. An example of this is faulty workmanship for a mechanic. This cover is not provided through a standard business package and in order to obtain this additional coverage, an industry specific motor trades package should be considered.
If you are unsure of your business risks and whether an industry specific policy may be better suited to your needs, then contact the team at East West Insurance Brokers. We can provide tailored policy solutions to best address your specific industry and insurance needs.
1800 809 132
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Important Note: All insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording to decide whether an insurance policy meets your needs.