Insurance: Insider Tips and Facts

Your Number-One Priority As A Small Business Owner

9 April 2019 by Brian Dunn

There are many risks when running a small business, and the financial burden of these almost always end up on the owner. From burglaries to floods and fires, there are a myriad of reasons your business could suffer losses. If you are not careful, these can quickly put you into soul-crushing debt. In addition to this, the stress of worrying about these problems can cause you to make many fundamental errors that can cost you customers and time that you could spend managing your workplace more efficiently. The solution to this is a simple one, but it bears repeating because of how overlooked it often is: business insurance. 

Business Insurance

Everyone knows about insurance, but people are often still very reluctant to part ways with their money when everything is going well. It can be hard to get past the immediacy of having profit in hand, but this is a very dangerous line of thinking. Business insurance can cover you for all sorts of natural and man-made events, including fires, theft and water damage. When you have business insurance, you can focus completely on which direction to take your business in without worrying all the time. Get back to what made you choose to start a small business in the first place and leave the support roles to the experts. 

What Is Covered In Business Insurance?

Most good business insurance plans will allow you a certain level of customisation. Of course, there are basic levels of cover that include damage done to your property inside the business, but this is not much more than a blank slate for you to then pick and choose the most relatable options to your small business. These options include:

Business Interruption Cover: provides a certain amount of cash flow during any interruptions in business caused by theft, fire and water damage and whatever else is agreed upon.

Glass: Provides cover for any broken glass windows. Check whether your area has a history of broken windows to see if this might be a more useful option.

Tax Audit Insurance: covers your legal and associated fees if you are chosen for an audit by the Australian Tax Office. Audits can set small businesses back months and be very time-consuming.

There are many more options provided for by different business insurance providers, so make sure to go through the full list.

Choosing The Best Business Insurance Provider

To an untrained eye, every insurance company is the same thing, but this couldn't be further from the truth. They all have different rates, policies and payout schemes which you really should take into account when choosing. This is not a simple decision, so you should spend at least a few weeks mulling over the options. It is helpful to write a list of everything you want covered and then seek out business insurance providers that offer what you require at the lowest price. Meet face to face with a representative so you can express your fears and desires and so that you have a point of contact should anything go wrong. When you have found a business insurance provider that covers your needs and has a good customer service department, you will be ready to move on with running your business again!

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