When you own your own business, you need to be prepared for the unexpected and insurance is the best way to ensure that you’re protected financially when things go wrong. With that in mind, it’s essential that you make insurance part of your business plan and regularly review your cover. But what policies do you actually need? Let’s take a look at some of the most important insurance policies that you need to consider for your business.

Public liability insurance

Public liability insurance is designed to protect you financially if you cause damage to property or injury to a person as a result of your actions at work. This policy will also help cover the legal costs associated with a claim. If you’re found liable for a claim, you could be expected to pay for medical bills, replacements, repairs, rehabilitation costs and any number of additional expenses which is why liability coverage is so essential.

Property insurance

If you own your building or have property onsite related to your business, it’s essential to have property insurance in place so you’re protected. From office furniture and computers to tools and specialist equipment, property associated with your business can be expensive to replace in the event of events such as fire, vandalism or theft so make sure you’re protected with property insurance.

Business interruption insurance

When you own your own business, it’s important to consider how you’d cope financially if your business was unable to operate for a period of time. Business interruption insurance means that if your business is affected by an insured event such as fire or damage, you’ll be covered for ongoing costs so you don’t have to dig into your savings or struggle financially.

Workers compensation insurance

If you have employees as part of your business, it’s compulsory in Australia to have workers compensation insurance in place. This policy means that employers are reimbursed for wages, medical bills and other expenses associated with employees who make a successful worker’s compensation claim.

Cyber insurance

Cyber insurance will protect you from the financial implications of cyber-attack. Cybercrime is on the rise and you shouldn’t make the mistake of thinking that it’s just big businesses that are being targeted – many small to medium businesses also find themselves at the receiving end of this type of crime. Your cyber insurance will cover the expenses and legal costs associated with data breaches, attacks by hackers, and viruses and malware.

At GSK Insurance Brokers, we’re the experts when it comes to business insurance Australia. Our experienced brokers will take the time to get to know your business so we can provide a tailored insurance solution. We have established relationships with some of Australia’s leading insurers which means we can provide high-quality cover at a competitive price.

If you’re looking for business insurance brokers Perth to help you out with your insurance, contact GSK Insurance Brokers today on (08) 9478 1933.

May 7, 2019

By Graham Knight

Founder and Managing Director of GSK Insurance (established in 1981). Graham draws upon more than 50 years’ experience in the insurance industry, working in both insurance and broking across various private, public and government sectors in Australia.

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