The following is a general outline of the basic types of "general" Insurance.
Assets & Revenue Insurance
To protect your assets and revenue-generating capacity, here
are some of the types of insurance available:
Building and Contents
Covers the building, contents and stock of your business
against fire and other perils such as earthquake, lightning,
storms, impact, malicious damage, explosion and accidental
damage.
Business Interruption or Loss
of Profits
Covers you if your business is interrupted through damage to
property by fire or other insured perils. Ensures your ongoing
expenses are met and anticipated net profit is maintained
through a provision of cash flow.
Fidelity Guarantee
Covers losses resulting from misappropriation by
employees who embezzle or steal.
Machinery
Breakdown
Protects your business when mechanical and electrical plant
and machinery at the work site break down.
Motor Vehicle
Many different types of policies are available, so make sure
you understand the options before making a decision. There are
three basic options:
- Third party property damage - covers your liability for damage to another person or to the property of others and your legal costs. It does not include repairs to your own car if you caused an accident.
- Third party, fire and theft - covers you against the events covered above, as well as fire and theft. It also insures against damage caused if your car was stolen.
- Comprehensive - covers you for all of the above plus damage caused to your car in an accident. If you're buying a car on an instalment basis, financiers will usually insist on this cover.
Liability Insurance
These are the basic types of liability insurance you need to
consider:
Public Liability
Public liability insurance protects you and your business
against the financial risk of being found liable to a third
party for death or injury, loss or damage of property or 'pure
economic' loss resulting from your negligence.
Professional Indemnity
Professional indemnity insurance protects you from legal action
taken for losses incurred as a result of your advice. It
provides indemnity cover if your client suffers a loss - either
material, financial or physical - directly attributed to
negligent acts.
Product Liability
If you sell, supply or deliver goods, even in the form of
repair or service, you may need cover against claims of goods
causing injury or damage. Product liability insurance covers
damage or injury caused to another business or person by the
failure of your product or the product you are selling.
What to do next?.....
Talk to your IBANZ broker to discuss what is best for you. If you currently do not have a broker, a list of Members is on this website in the "Find a Broker" section.