Business growing? The insurances you might want to consider
It’s happening. Your business is growing and things are moving in the right direction. Business insurance may be the last thing on your mind.
This is great and certainly something to celebrate, but like any business, the more it grows and the bigger it gets, the more there is at stake and the more there is to protect.
So, how do you know which parts of your business you need to protect and how to go about protecting it?
Well, business insurance is one place to start.
Which type of business insurance do you get? Well, this all depends on the type of business you run, what the main risks of your business are and more. When it comes to insurance, particularly business, there is no such thing as ‘one size fits all’.
Today, Frans Du Plessis from Grace Insurance in Landsdale and Joondalup, north of Perth, shares some insight on a few of the insurances you may want to consider for your growing business.
Business Interruption Insurance
Interruptions are a part of life, so, unfortunately, they’re a part of business too.
Business Interruption Insurance covers the turnover lost from unexpected events. Such events as storm damage, equipment malfunction and break-ins, (to name a few). This provide you with the opportunity to recover and rebuild without the extra stress of income loss.
Business Interruption Insurance can cover ongoing operating expenses, relocation costs, damage to a supplier’s premises and more.
Unfortunately, security isn’t getting easier. Our digital landscape is rife with phishing, all kinds of malware including ransomware and plenty more nasty hacks and potential attacks.
Cyber insurance can help. It covers businesses and individuals against internet-based liability and risks. It also provides business owners peace of mind and protection against cyber-attacks, such as computer hacking, ransomware and data theft.
Cyber Insurance can cover loss of revenue, hiring negotiators, recovery and replacement records, defence of legal claims, further attack prevention and more.
If you run a business that provides a specialised service or advice to your customers, then you may want to consider Professional Indemnity Insurance.
This insurance is designed to protect professionals who provide advice or specialist services to their customers. This protect them against legal costs and claims by third parties for damages arising from acts, omissions or breaches of professional duty, in the course of their business.
Professional Indemnity Insurance covers legal costs for accidents, errors and omissions.
Public Liability Insurance
Do third parties come into contact with you and your business?
What you may not realise is that you are accountable for anything that may happen at your business premises. One example is an accident or injury.
Public Liability insurance helps protect your business against claims resulting from accidents or injuries that occur as a result of your business activities. It also protect you against damage to property owned or controlled by someone else which also occurs as a result of your business activities.
This insurance covers legal costs, property damage, injury to a third party and more.
Many types of business insurance
To name a few such as Directors’ and Officers’ Insurance, Workers Compensation, Employers’ Liability Insurance and more. You can find additional information here.
Grace insurance is here to find out more about you and your business. Looking forward to advise you on which type of insurance you may need for your business. We can provide you with an obligation free quotation on these insurances too.
Contact Grace Insurance in Landsdale, servicing Wangara, Malaga, Whitfords, Joondalup and the north of Perth today.