Business Insurance: finding the right fit for your needs

Business Insurance

There’s a wide range of options for business insurance in Australia, so it’s worth finding tailored advice. Just as there is no ‘one size fits all’ brand design, the same is true of business insurance.

Starting your own business

If you’ve just started your own business, congratulations on leaping into an exciting adventure. You’ll have invested time and planning into ensuring that your dreams can operate in reality. You have the skills and vision to grow and succeed.

Once you’ve applied for your Australian Business Number (ABN), registered your business name and trade mark, received any necessary licenses, found the right premises or invested in tools, and have a website domain and email address, you may feel ready to start doing business.

But there is another step before launching into operation. You’ll want to protect your business from the start with the right insurance.

Growing your existing business

Perhaps you have been operating for a while, but you are questioning whether your business insurance is the right one for you. Are your monthly premiums really necessary? Or maybe your business is poised for growth, and you aren’t sure whether your current business insurance is sufficient.

Your business may be similar in to others in some areas, but unique in others. Your insurance policy needs to be carefully considered and based on your individual business requirements.

Your business size and industry

Whether you own a small, medium or large business, find an insurance broker big enough to offer total cover, but flexible enough to understand the needs of a small business owner. Your Insurance should be able to provide considered advice and provide specialist solutions whether you are a new or existing business.

Before deciding on the right policy for your business, speak to an experienced Client Manager who can help you to insure your assets and liabilities. They will need to have experience in a wide range of industries and be able to provide specialized risk management and insurance advice, at any stage of your business journey.

Of course you’ll be looking for competitive premiums, but it’s also best to meet with the client managers first so that they can gain an in-depth understanding of your individual needs and help you to set up the right policy.

A range of business insurance products

With head offices in Victoria and serving states across Australia, Atlantic Insurance offers access to a wide range of products. Here we look at some of the options for business in Australia.

  • Small Business Insurance

A cost effective way to cover small business property and liability exposures is with a comprehensive Atlantic Insurance Business Pack. Exposures include fire, burglary, money, glass, machinery, transit, liability, business interruptions and more. Your client manager will tailor a business pack to suit your needs.

  • Public and Products Liability

No matter how well qualified you are, accidents can and do happen. For certain types of business, a public and products liability insurance is compulsory. For others, it simply makes sense. A Public and Products Liability Policy will protect you for claims made against you for property damage and bodily injury.

  • Industrial Special Risks

This type of business insurance provides cover for loss or damage to high value assets including buildings, property, machinery and materials that required a substantial investment. Protect your high value assets with an Industrial Special Risks Insurance.

  • Cyber Insurance

In today’s digital and data driven world, there is an emerging cyber risk to your business. Specialist policies can protect against losses to your business or others, or lost income in response to an event. Speak to a broker who understands the recent changes to Australia’s mandatory reporting laws.

  • Management Liability

Protect your directors, officers and employees against claims arising in the performance of their duties. All businesses should consider covers such as Directors and Officers Liability, Employment Practices Liability, Statutory Liability, crime and more.

  • Professional Indemnity

If your business is involved in the less tangible transfer of professional advice, put a professional indemnity policy in place before you do so, to protect you against claims of negligent advice.

  • Machinery Breakdown

There’s no need to tell you that this could have a huge financial impact on your business. Even with good maintenance plans, sudden or unforeseen loss can cause business interruptions and substantial finance to fix or replace. Machinery Breakdown Insurance will keep you running.

  • Construction Insurance

The construction industry has its own set of challenges. Brokers need to understand unique building risks, such as contract works, display homes and transit. Public and products liability is also more complicated when working with other contractors on projects.

  • Corporate Travel

If your business involves frequent corporate travel, protect your employees while doing so, including directors and senior staff on leisure travel. It includes cover for medical, baggage and other important exposures.

  • Transit Insurance

If you move or store goods locally or internationally, protect your imports or exports by air, sea, road and rail, as well as when they’re in storage.

  • Product Recalls

No business expects this to happen, but it is sometimes unavoidable. This is often excluded from your Liability program, so this specialized policy can cover your costs, including advertising, in securing the return of the product.

  • Farm Insurance

Whether it’s a commercial farm and your sole source of income or a hobby farm, specific conditions in general policies exclude cover if property is over a certain size or includes non-domestic pets. A specialized farm insurance policy takes into account your situation.

  • Trade Credit

Does your business carry debtors, and what would happen if they couldn’t pay? It’s a large exposure and a Trade Credit Policy can provide the appropriate cover.

  • Income Protection

Perhaps your biggest asset is your health. Your ability to earn an income is crucial to your business and your family. Insuring against a loss of income takes careful consideration and professional advice should be obtained.

  • Commercial Fleets

Whether it’s a single vehicle vital to your business or a fleet, commercial motor policies can extend to cover automatic additions or deletions, free windscreen and other benefits.

If you would like your business to benefit from our extensive range of insurance services and expertise, speak to Atlantic Insurance and we’ll provide obligation free advice and quotations.

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