From the day you start your business, you are exposed to risks. One lawsuit or disastrous event is enough to wipe out your business. Thus, it’s extremely important to have the right insurance in place. As important as it is to insure yourself against financial losses, you will also need a policy that is tailored specifically to the needs of your business and that you are aware of the contract and its exclusions.
Fortunately, it’s never too late. Entrepreneurs like you have access to a wide range of insurance policies. Here are some types of insurance your business should consider:
1. Public liability insurance
Public liability insurance covers you and your staff for potential liabilities to third parties if your products or services cause bodily injury or property damage. For instance, your customer walks into your shop and accidentally slips, public liability insurance can cover the cost of this compensation. At the same time, it covers your defence costs. Just imagine what would happen if you do not have this covered? A potential claim can cost you thousands of dollars or even more, put you out of business!
2. Professional indemnity insurance
Professional indemnity insurance protects you against legal costs and claims that may arise from an act, omission, or breach of duty in your line of work. If a claim is lodged against you for financial damages or any other reason, you don’t want to be facing a claim without professional indemnity insurance. Just imagine what could happen if you’re not insured with applicable insurance, you could be working in fear as a result of misinformed advice you provide to your client and the cost of the possibility of you getting sued by your client or third party can skyrocket.
3. Cyber liability insurance
As your business continues to grow and expand, this could mean it will also become highly accessible to anyone, as you may be exposed to a potential cyber-attack. In the unfortunate event that your business does experience cybercrime, the degree of financial and brand impact placed on your business may eventually lead to a downfall in revenue and sales for your company. Putting measures in place to protect yourself and your business is essential with cyber liability insurance.
4. Business interruption insurance
Having business interruption insurance is crucial, as it provides financial protection in the event of loss or damage, such as a fire break out. This coverage helps to replace your lost gross profit so that your business can get back on its feet again. Any business that has to close down completely while undergoing repair or total rebuild may cause loss of potential sales to competitors. With business interruption insurance, this helps to lessen the potential financial blow.
At East West Insurance Brokers, our aim is to keep your business safe, secure, and protected. Our team of experienced brokers can provide you with tailored solutions to suit your business needs. Talk to us today to learn the types of insurance you need.
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.