income-insurance.com.au :: Articles
SHARE

Share this article!

Important Considerations While Choosing Business Insurance

Important Considerations While Choosing Business Insurance

Business insurance is a comprehensive package of individual insurance policies intended to safeguard the property, people, and operations of a business from unforeseen losses or damages.
Business insurance is not static for every business and hence the policies included are subjected to change based on the size, type and the risks involved in the business.

Business insurance is a comprehensive package of individual insurance policies intended to safeguard the property, people, and operations of a business from unforeseen losses or damages. Business insurance is not static for every business and hence the policies included are subjected to change based on the size, type and the risks involved in the business. Hence, every business owner needs to look at different aspects of the business before taking insurance.

This article gives a basic idea on what all a business owner needs to consider while insuring his business, which aids in choosing a better policy that perfectly covers major risks associated with his business.

Policies that are required by state laws:
To protect the rights of the employee/employer/public many state governments have made some mandatory business insurance policies for different businesses. So, while looking for business insurance, the buyer has to start with the policies that are required as per his state's statute. For instance in UK, policies such as employers' liability insurance, motor vehicle insurance, professional indemnity, etc., are mandatory. However, the laws may vary based on the state and the business type. So, business owner needs to check the state laws and the policies which are applicable to his business before taking the policy.

Protection of the business property:
After considering the compelled policies, the buyer now needs to look at the possible risks/dangers/hazards/accidents that might cause significant harm to his business property. Building, vehicles, goods, stock, machinery and all other office equipment are different things which enable the business to perform various operations. Any damage to them not only causes significant financial loss, but also results in business interruption. Hence, they should be insured properly. Insuring the property which is vulnerable to risks that are specific to business type is very important.

Liability claims:
The present society is highly litigation prone - if any injury happens to a person due to the negligence of the other party, the first phone call goes to a lawyer, instead of a doctor. So, any case filed against the business either by the public or the employee claiming for the compensation for the damage creates additional burden and also affects the reputation of the firm. Hence, in order to avoid such cases, including liability policies like public liability, workers' compensation, auto liability may help the business to survive.

Personal risk coverage:
While assuring protection to the business operations, public and employees, it is also necessary for business owner/partner/director to take personal protection cover. An executive coverage which protects the directors and the officers from any personal litigation or any other harm caused while managing the business should also be considered as a part of business insurance policy.

Now that we are clear on what are all the major aspects we need to consider while taking business insurance, the next step would be to approach a company which can suggest a best possible policy that extends its cover to all the major risks that might affect your business.

Instead of directly approaching an insurance company, it is advised to approach a reputed insurance broker as he may help you in assessing the risks and assist you in choosing the amount of cover required, besides directing you to the best insurance company.

Keystone insurance group is a UK and Ireland's premier insurance brokerage firm specialized in builders insurance solutions. It offers a broad range of products to contractors and general business customers including public liability insurance.

Published:Thursday, 23rd Jan 2014
Author: 331

Share this article:


Insurance News

Insurers Bet Big on AI for Streamlining Claim Resolutions Insurers Bet Big on AI for Streamlining Claim Resolutions
28 Mar 2024: .Paige Estritori

Australia's insurance sector is witnessing a transformative embrace of artificial intelligence (AI), with a sweeping 90% leaning on, or on the cusp of adopting, chatbots and advanced AI to enhance claim handling, as noted in Gallagher Bassett's yearly analysis. This heightened integration reflects the sector's aim to bolster operational speed and efficacy, with a remarkable 98% of insurers predicting immense benefits from such advancements. - read more
Spike in Weather-Related Insurance Claims During Summer Revealed Spike in Weather-Related Insurance Claims During Summer Revealed
27 Mar 2024: .Paige Estritori

Over the recent summer period, NRMA Insurance reported an influx of claims linked to severe weather, with a record not seen since the autumnal months of 2022. An overwhelming number of these, about 85%, have been ascribed to weather disturbances such as storms and hail, per the updated Wild Weather Tracker statistics. - read more
Federal Court Upholds Insurer's Policy Update Clause Federal Court Upholds Insurer's Policy Update Clause
26 Mar 2024: .Paige Estritori

The Federal Court has provided a green light to Auto & General’s home and contents insurance policy terms, confirming the necessity for policyholders to inform the insurer about significant changes affecting their coverage. The company emerged victorious in a legal scrutiny instigated by regulatory body ASIC over the disputed clauses. - read more
Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles
25 Mar 2024: .Paige Estritori

Steeped in administrative duties, brokers are dedicating over three hours daily to data processing tasks, finds a survey issued by an insurance software company. Further intensifying their plight, nearly one-fifth have reported growing complications and time expenditure in compliance adherence, underlining a pressing industry conundrum. - read more
Revolutionizing Carbon Trading with Novel Insurance Offering Revolutionizing Carbon Trading with Novel Insurance Offering
24 Mar 2024: .Paige Estritori

In an innovative move within the environmental finance sector, CFC has introduced a cutting-edge insurance product specifically targeting the burgeoning carbon credit market. This pioneering Carbon Delivery Insurance is designed to mitigate the risks associated with non-delivery of carbon credits, reinforcing market confidence and integrity. - read more

Life Insurance Articles

Understanding the Process: A Beginner's Guide to Income Insurance Claims Understanding the Process: A Beginner's Guide to Income Insurance Claims
Income insurance, an often-overlooked component of financial security, is gaining traction among Australia's burgeoning self-employed population. In an economy where traditional employment is no longer the sole path to success, this form of insurance has become a cornerstone for proactive financial planning. Touted as a safety net, it ensures that personal livelihoods and business operations remain secure in the face of adversity. - read more
Navigating Pre-existing Conditions in Income Protection Insurance Navigating Pre-existing Conditions in Income Protection Insurance
Income protection insurance is a safety net that many Australians rely on to secure their financial future in the event of illness or injury preventing them from working. It's a type of policy that provides a replacement income if you are unable to earn your regular income due to a health-related absence from the workplace. - read more
The Role of Rehabilitation Benefits in Income Protection Insurance The Role of Rehabilitation Benefits in Income Protection Insurance
When the unexpected strikes, such as an illness or injury hindering our ability to earn a living, the financial repercussions can be devastating. This is where income protection insurance becomes a pivotal part of our financial safety net, ensuring a stream of income during challenging times. - read more
Income Protection Insurance: Balancing Cost with Adequate Coverage Income Protection Insurance: Balancing Cost with Adequate Coverage
Income protection insurance is a critical safety net for anyone who relies on a steady paycheck to meet their financial obligations and maintain their lifestyle. It offers a replacement income if you are unable to work due to illness or injury, ensuring that your financial responsibilities can be met even when you're not at your earning best. In today's fast-paced world, income protection has become an essential consideration for the modern working individual. - read more
Understanding the Tax Benefits of Income Protection Insurance in Australia Understanding the Tax Benefits of Income Protection Insurance in Australia
When hardship hits and earning a steady income becomes a challenge due to illness or injury, income protection insurance steps in as a crucial lifeline. This insurance acts much like a monetary buffer, providing you with a percentage of your regular income during times when you're unable to work. It's designed to offer peace of mind and stability, not just for you, but also for your dependents who rely on your financial support. - read more

Start Here !
disability protection
Apply now for your free Insurance assessment and price comparisons!

Monthly Income Benefit:
Your Postcode:
All quotes are provided free and without obligation. We respect your privacy.