Public liability insurance might not be near the top of your list of things to consider as a small business owner, but it should be.

Research shows that nearly 1.5 million Australians are self-employed. This accounts for around 17% of the total workforce.

If you’re one of these workers, you know that some of the standard rules, regulations, and policies that apply to full-time salaried office workers are a little different for you.

That said, it’s easy to get confused about what does apply and what doesn’t. Public liability insurance falls into this grey area and you might have put it off until now. However, it’s time to understand the basics so you can make a smart decision moving forward.

As a self-employed worker, are you required to pay for this coverage? Today, we’re exploring the answer to this question in detail so you never have to second-guess again.

Ready to dive in? Let’s get started!

What is Public Liability Insurance?

In short, public liability insurance is designed for anyone who interfaces with the public on a regular basis. This policy protects you in the event that a third party suffers a personal injury, death or property damage as a result of your business activities. In addition, it also helps protect you against other types of damages, including:

• Pain and suffering
• Sickness
• Disease
• Disability
• Fright
• Shock
• Mental anguish
• Mental injury
• Wrongful eviction
• Some assault or battery charges

Self employed business owner liability insurance

For most business owners, this type of coverage is a no-brainer.

Not only does it safeguard your business against the costly aftermath of such an incident, but it also sends a message to current and future clients that you’re invested in their wellbeing. You can also use public liability insurance to help cover the costs you incur as you work through a claims assessment, including all administrative and investigative expenses.

The only time that such a policy would not offer protective coverage is in the event that a claim relates to:

• Asbestos
• Product recalls
• Punitive damages
• Workers compensation
• Gradual pollution
• Aircraft products

That said, not every self-employed worker in Australia is required to pay for this type of coverage. Next, let’s take a look at a few types of workers who will need it, and those who won’t.

Am I Legally Obligated to Carry It?

The short answer? Unless you’re a self-employed contractor working for the Australian Government, you aren’t legally required to carry self employed public liability insurance.

However, just because it isn’t a legal obligation doesn’t mean that it’s something to shrug off. In fact, most small business owners will agree that this insurance coverage is strongly recommended across a variety of industries.

If you’re unsure whether or not your industry is one of them, the government’s website lists all major sectors, along with their associated legal, operational and business requirements, on this page.

In general, business owners will purchase this type of insurance policy if one or both of the below statements holds true about their organization:

• The general public, including delivery personnel, can visit you on-site at your home or place of business.
• Your business regularly hosts off-site events that are open to the general public.

Examples of Applicable Fields

A self-employed Australian worker who works from home all day and never comes into contact with a member of the public for work-related endeavours might not need public liability insurance. However, there are plenty of fields that do, including the following.

Contractors and Tradies

Are you a construction worker, carpenter, plumber, electrician or any other member of the contracting trade? If so, a majority of your workday involves interfacing with the public.

As such, you’ll definitely need public liability insurance to protect your business as much as possible. This is especially the case if you work on a regular basis with dangerous and heavy-duty machinery that could pose a significant safety risk.

Advertising and Marketing Specialists

This is another example of a people-person field! If you’re in the marketing sphere, you interface with public clients and prospects on a daily basis. They rely and depend on you to create solutions that will help drive business and exposure to their company.

What would happen if a project that you spearheaded went awry and winded up costing your clients a significant amount of money in financial damages? A public liability insurance policy could help protect your own bank account while you help them restore theirs.

Accountants and Banking Professionals

In addition to public liability insurance, banking and finance professionals should also have professional indemnity insurance.

Why? You could be the best accountant in the city, but one slip of the keyboard could render your best client penniless in an instant. Professional indemnity insurance protects your business if a service you perform harms your client financially as a result of your:

• Act
• Error
• Omission

Depending on your niche and skill set, these acts will vary. Some of the most common mistakes that industry professionals make include:

• Auditing errors
• Incorrect tax advice or preparation
• Incorrect numerical data analysis and interpretation

Gardeners and Landscapers

Landscape professionals invest a significant amount of money into their tools and equipment. If you’re one of these experts, are you prepared to bounce back financially if a member of the public is hurt or loses personal property on your job site?

A public liability insurance policy can help you answer “yes”. In addition, this policy will also help you recoup your losses if someone steals your materials while you’re on-site.

Mortgage and Real Estate Experts

Most self-employed jobs in the real estate sector are widely public-facing. This includes mortgage lenders, agents, loan consultants and more.

The very nature of the housing industry means that there are plenty of opportunities for your clients or prospects to experience an injury. For instance, touring unfinished houses could result in injury or another mishap. Investing in public liability insurance helps make sure you’re covered if such an accident happens.

Professional Consultants

Do you plan to offer consultancy services that require in-person visits with the public? This might mean having open business hours during which clients and prospects could arrange a meeting to discuss their needs. If anything goes wrong during such an encounter, you could face an expensive claim that your fledgling business isn’t prepared to cover.

That’s why most consultants will benefit from carrying public liability insurance.

Small Business Owners

Do you own and operate a small brick-and-mortar business? From bookstores to retail clothing boutiques, there are myriad different types of shops and storefronts scattered all around Australia. Keep in mind that the second you open your doors to the public, you’re making yourself liable for any injuries or damages that occur on your premises.

You’ve heard of public liability for business, but did you also know it’s equally important to invest in public liability for coffee shops, cafes, art galleries, and any other niche business that attracts passersby? Otherwise, a simple snafu could cost you big time. A small business owners liability insurance policy could be the saving grace you need to get back on your feet and stay there.

Public Liability Insurance vs. Professional Indemnity Insurance

In your quest to obtain all of the insurance coverage you need, you might have come across another type of policy that sounds similar to this one: professional indemnity insurance.

How does professional indemnity insurance differ from public liability insurance? Both types of insurance policies will cover compensation claims that your business faces. However, the details of those claims will differ.

As its name implies, public liability insurance covers your business against claims filed by any member of the general public, including:

• Current clients
• Current customers
• Suppliers
• Passersby

For instance, a vendor might slip and fall walking into the entrance of your office building. Or, you could schedule a consultation with a prospect and spill your cup of coffee over their laptop.

In both of these instances, the other party can legally file a claim against you to help pay for any physical or property damages. The types of claims filed might include injury compensation claims or property damage compensation claims. In addition, you can also use the money to help cover any legal fees you incur.

On the other hand, professional indemnity insurance only covers you if a client files a claim stating that you had an error in your work that cost them or their company.

Some of the most common mistakes that you might make include:

• Performing professional negligence
• Losing important documents or data
• Unintentionally breaching copyright or confidentiality
• Engaging in defamation or libel

What If I Don’t Have Public Liability Insurance?

As mentioned, there are some self-employment scenarios in which you might never come into contact with the public. For instance, you might be a self-published author who works from home all day and handles his own administrative work.

However, most employees, whether they work for themselves or for someone else, interface with the third-party public on a consistent basis. You might have customers who pass through your premises or ones who use a good or service that you sell.

As such, failing to purchase a public liability insurance policy could expose your business to a great amount of risk.

The reality is that even if you follow every industry best practice regarding quality control, inspection, regulation and safety, you cannot foresee any injury, accident or mishap that might occur at your business. Moreover, you cannot guarantee that every product you produce will be completely free of potentially harmful defects.

Paying into your policy won’t cause a major strain on your company’s finances, but it can protect them substantially down the road. Compensation claims can be enormous, and you don’t want to be caught off-guard by one.

What Should My Policy Include?

It’s critical to work with an insurance broker who knows your local regulations and can advise you on the exact level of coverage you need.

Depending on your location, this might mean partnering with a public liability Perth professional or one who knows the laws for public liability Joondalup. When you find the right agency, you can rest assured that your policy will include all the applicable terms and conditions it needs to maximize protection.

Most policies will include details such as:

• The scope of your business
• The scope of any associated entities that your business interfaces with
• Coverage for members of the public, suppliers and third-party members of the wider community
• Coverage for any employees, directors, or partners

Naturally, the level of coverage that you require will hinge on the nature of your business. A risk assessment will reveal the specific level you need, but for the most part, a business that could pose a greater threat to the public will need greater protection. For instance, a labour-centric trade that requires the use of heavy machinery will need more coverage than a sedentary office environment.

Find the Public Liability Insurance Coverage You Need Today

As a small business owner, you already have plenty on your plate to worry about. You might believe that public liability insurance coverage is just another expense that you can avoid.

However, a single claim can devastate your organization and render your hard work fruitless. You cannot know when or if such an incident might occur, but planning ahead can drastically change the outcome in your favour.

Looking to learn more about this type of insurance policy? We’d love to help.

We provide such coverage for more than 2,000 different types of occupations, with policies ranging from $5 million to $30 million.

Click here to connect with our team of expert agents and get a custom quote today.

Grace Insurance does not accept any liability arising out of any reliance on the information in this article. We urge you to consult your insurance broker for personal advise, as we only provided general advise.

The post Do I Need Public Liability Insurance If I’m Self Employed? appeared first on Grace Insurance.

Your Perth, Brisbane, Melbourne and Sydney Photo Booth business is highly successful with your booths being hired out for weddings, parties and other events every single weekend. How wonderful! You are undoubtedly so busy servicing these bookings that you don’t have time to think about anything else, right?

There is something else you need to be thinking about though, and that’s photo booth insurance.

We know what you’re thinking; “Why do I need insurance?”  Most photo booth operators/owners don’t think they needed it either. That is until they realise that they did!

How did photo booth owners realised they needed business insurance and who came to the rescue? Read below to find out.

Grace Insurance Photo Booth Insurance

How do business owners realise they needed insurance?

As a photo Booth business owner …

Photo booth operators came to the realisation that they needed insurance when the following questions came to mind:

• Accidents happen, so don’t they want to be covered if there’s one in their photo booth?
• If a customer injures themselves whilst using one of the photo booths, would the business owner be liable?
• What would be photo booth owners responsibility if someone tripped and fell near one of their photo booths?
• What if something happens to one of the photo booths during transit?
• Would we have the funds to cover property replacement, medical costs and potential legal fees?

This is when they realise, they need insurance…

What type of insurance do photo booth businesses need?

Grace Insurance did some research and found that most companies probably needed to look into the following types of insurance cover but not limited to:

• Public Liability Insurance

What is Public Liability Insurance?

It’s insurance that covers your business for things such as:

• Loss or damage of someone’s property
• Injury to others as a result of your service
• First aid expenses at the time of the incident involving your photo booth
• Legal costs incurred in the defence or settlement of a claim

For more information about what’s covered with Public Liability Insurance, click here

• Business Insurance

Business insurance covers many things from:

• Electronic portable equipment for accidental loss or damage and theft
• Water and fire damage
• Burglary and accidental damage
• Loss of profits as a result of business interruption
• Commercial vehicle and the contents within them

You can find out more about Business Insurance here.

• Trailer Insurance

It’s fairly likely that you transport your photo booths on a trailer, so it’s important that this is insured too.

Trailer Insurance will protect your photo booth trailers from theft and damages due to a traffic accident or when parked and unhinged.

Ever thought what would happen to your beautiful photo booth while in transit? Ever thought of transit insurance for your photo booth?

Contact us to find out more about insurance for your trailer.

How Grace Insurance help

With so many different types of insurance on the market, it is confusing to say the least. This is why we as professional insurance brokers for photo booth business owners help.

“Frans and the team at Grace Insurance were so incredibly helpful when it came to our insurances. Not only did they set us up with the right cover that we needed for our photo booth business, they made sure we understood our new insurance cover too.

Want some peace of mind too? Grace Insurance can help you the way they helped many other photo booth companies, by selecting the most suitable insurance options from a number of flexible policies.

Contact Grace Insurance in Joondalup, Wangara, Malaga, Ocean Reef, Whitfords, north of Perth, to find out more about business insurance for photo booths today. Some Photo Booth companies that are using our services:

Reeltime Photo Booths

The post Photo booth Insurance for business owners appeared first on Grace Insurance.

Insurance brokers can be extremely valuable for your business. As a small business owner, you need to make smart choices about your insurance. Your insurance doesn’t just protect the organisation you built – it protects all your employees, too.

Finding the right coverage takes time, research, and knowledge of both policies, the insurance industry, regulations in Western Australia, and your unique requirements. But who has time to do all that when you also have a business to grow?

Enter your new insurance broker. Now, you can benefit from their industry knowledge and experience and make the right choice the first time around – without wasting time or money.

What is an insurance broker, and why should you find one? Keep reading to learn how broker services can better your business.

Business insurance broker

What Is an Insurance Broker?

As a client, you buy insurance from two types of insurance reps: brokers and agents.

Insurance agents work for one company. They know their products inside and out and only provide their captive services to clients who want one of the policies their insurer carries.

An insurance broker, however, isn’t captive to a single insurance company. Brokers are an expert on a long list of providers and policies and can generate quotes for all of them, too.

So, if you want to shop around and receive expert advice without emailing a dozen agents, then you need to choose a broker.

While brokers do offer more choice, they also provide much more than a long list of potentially beneficial policies. By working with more insurance companies, they are more likely to understand bespoke insurance needs. Brokers also have an understanding of how different policies impact the business landscape, which makes them powerful allies for small and medium-sized businesses.

9 Reasons Why Insurance Brokers Add Value to Your Business

The ability of an insurance broker to seek out quotes and policies that fit your business’s unique needs is enough of a reason to choose a brokerage over an agent.

But many small businesses don’t realise just how much value their broker can add to their bottom line.

Here’s how your insurance broker can become one of your business’s most valuable assets.

1. Brokers Get You Better Rates

Brokers get you more for every dollar compared to buying from an agent or directly from the insurer.

Some businesses prefer to skip the broker in favour of a price comparison site. They think they’ll save on commission fees but cutting out the middle man. (You will always know what part of your premium goes toward’s your broker’s sales commission). But removing the middle man doesn’t save you as much money as you might hope.

Why? It’s just not about preferential rates. Though, brokers get those, too. Instead, brokers get you the perfect amount of coverage.

An insurance broker has the experience to identify what coverage you need – and what you don’t. They then use their product knowledge to find a policy that covers all those bases without adding lines that don’t add value.

In other words, you don’t have to pay for policy features that you don’t use, which creates long-term savings.

2. Brokers Save You Time

The insurance world presents such a long list of products (and further decisions once you make the first big choice) that it takes forever to sort through them all.

Your broker’s experience allows them to take stock of your liabilities and risk and find you the top five policies that make the most sense for you. They can also use a long list of tech and software to make it easy to compare the options – not just the prices.

Instead of becoming intimately familiar with 17 different policies, you have a helping hand to filter them for you.

3. Brokers Prevent You from Being Underinsured

One of the worst realisations you can make as a business owner is learning that your business is underinsured.

Why is it one of the most devasting things that can happen? Because businesses only realise this is the case when they need to make a claim and find out they can’t.

Your broker will address all your liabilities – and the size and prevalence of them – and find you a policy that will protect your business when it all goes wrong.

4. Brokers Help Your Insurance Grow with You

Your business is on the move, and there are big things on your horizon. But does your insurance policy reflect the growth?

As your business grows and changes, your liabilities and assets also change with it. A broker can help you adjust your insurance programs to reckon with these new changes and ensure that you are always protected.

Plus, their ability to offer products from different carriers means you don’t lose access to the broker you know so well. You may need to scale your policy, but the helping hand who is always there for you remains the same.

5. Brokers Keep Your Policies Up-to-Date

Both business and insurance regulations change regularly.

A broker who caters to small businesses stays on top of any national or state regulation and assesses your policies on your behalf.

Rather than leaving you legally exposed or liable, your broker keeps an eye on Canberra on your behalf.

6. Brokers Can Be Specialist Providers

A small business insurance broker is also a specialist who can offer bespoke or unique cover to those who need it.

For example, do you deal with significant amounts of personal data and data processing? You can add optional coverage to protect your business in the event of a data breach.

Other examples of bespoke or specialist services include professional liability, business income for off-premises utility services, commercial property insurance,  business travel insurance, and (mandatory) workers compensation insurance.

7. Brokers Advocate During Claims

There are so many differences between working with a broker and a price comparison site, most notably the ability to work directly with a real human. But the human face that makes the most significant difference becomes most apparent when you need to make a claim.

Your insurance broker is an expert in their field, and they can advocate on your behalf if a claim suddenly transforms from a routine event into an intractable problem.

Your broker works in your best interest to help settle most claims quickly and quietly.

Without a broker, you either need to dedicate your own time to the problem or you must phone your solicitor. Both take time, energy, and funds away from your business.

8. Brokers Provide Advice

As a small business owner, there are so many things on your plate. You don’t have time to think about every eventuality or liability.

You know you need fire, flood, and theft coverage. But do you know about the hidden liabilities that impact the value of your business?

Your broker does.

From litigation to loss, a broker can tell you more about liabilities that you never knew existed and therefore protects you from them. You get free business advice and great, comprehensive insurance rates in one neat package.

And don’t worry about sharing private information. Brokers follow a code of ethics that requires them to keep all your discussions confidential.

9. Brokers Are Available on the Phone

Chatbots, messaging services, and forums are incredible customer service tools. But they aren’t what you want if you have an insurance question or a claim.

Unlike price comparison tools, your insurance broker is only a phone call away.

How to Choose Your Insurance Broker

Now that you know how an insurance broker adds value to your business, you might wonder, how do I find this partner and ally?

Start by asking for referrals and references from the local business community. You will quickly find out who is and isn’t happy with their insurance coverage.

Once you narrow down your choice, learn more about their specialist business experience. Do they work with businesses who require your industry-specific coverage? How often? What advice can they offer?

Remember, choosing an insurance broker is about more than price. You also need to consider the overall fit for your business and ensure that you are comfortable with the level of service they provide.

Your goal is to find someone who can ensure that you’re not underinsured or overinsured and who knows about the insurance coverage required and available in both Western Australia and further afield. Alternatively, call Grace Insurance.

Are You Ready to Find an Advocate and Broker?

Your small business insurance needs to protect your business, your employees, and your customers. To find the perfect insurance policy, you need a keen insurance broker who is an expert in the needs of SMEs like yours.

Are you ready to find out how much you can save by switching to an insurance broker? Click here to get a free business insurance quote.

Grace Insurance does not accept any liability arising out of any reliance on the information in this article. We urge you to consult your insurance broker for personal advise, as we only provided general advise.

The post Use an Insurance Broker to Better Your Business Insurance appeared first on Grace Insurance.

Many ask why would you need a good hair salon insurance policy or a barber shop insurance insurance policy? The day-to-day operations of a hair salon require hard work, dedication and some serious taste for style. Creating gorgeous hair masterpieces is certainly a big responsibility.  Hair salon owners also have a responsibility to their employees, customer satisfaction and duty of care, stock control and risk management and reductions – – that’s a lot to think about, right?!

So, if you own a hair salon or barber shop in Perth, or you’re thinking about starting one, here’s a guide to what’s involved in hair salon insurance. Same applies for Barber Shop Insurance. Read more to find the best insurance cover for your unique business needs.

Salon insurance and Barber Shop Insurance

Why do Hair Salon and Barber Salon owners need Insurance?

Whether it’s customer allergic reactions to hair products, tripping over equipment, to damage of property, there are a range of risks associated with owning and operating a hair salon.

There are three main areas of cover that Frans Du Plessis and the team at Grace Insurance in Perth recommend for small businesses, like hair salons:

1. Third-party bodily injury,
2. Property damage,
3. Theft on premises,
4. Plus, many more reasons you probably haven’t thought were relevant.

While not a specific type of insurance, hair salon insurance provides a combination of business policies styled to suit the unique needs of hair salons. With great expertise and ownership comes great hair masterpieces. With hair salon insurance, comes peace of mind, so you can focus on running your business and wowing your customers.

When would a claim be made?

1. A customer could slip and receive serious injury on wet floor inside your hair salon. As a store owner, if you haven’t put up a wet floor sign how would this affect you? You need to make an effort to dry the area as soon as possible or advised people of the potential hazard, then you may be liable for negligence, should they suffer an injury.
2. Covering lost stock and/or money from a break-in. Did you know ‘glass cover’ is an option under your hair salon insurance packing? This ensures the repairs or replacement of front windows in the case of accident or malicious damage.
3. A workers’ compensation claim could be made if an employee is hurt at your hair salon, as a result of a workplace accident or illness.

Depending on the size of your hair salon, these claims (and more) could cost you thousands. Sometimes even millions of your hard-earned dollars. Could you afford to pay for the repairs or associated legal expenses? Below are types of insurance that can ease the costs related to unfortunate, unlikely, but still very real circumstances.

What type of insurance do Hair Salon owners need?

1. Professional indemnity

The goal of your business is for your clients to look and feel great with the new look or style you provide. Hairdressers, like all people, are not infallible and have the ability to make mistakes. Not just emotionally traumatic, a compensation claim against you or your business could potentially ruin your business and reputation. Professional indemnity insurance protects your business from financial costs related to legal fees, settlements, and court costs associated with any legal action pertaining to negligence or allegations of poor quality service provisions.

2. Public liability insurance

Whether you work from your own salon, or mobile service, you’re always in close contact with your clients. This makes Public liability insurance essential for hairdressers. In the unlikely event of a customer, supplier or member of the public sustaining injury or property damage as the result of negligent business (in)actions. Trips, falls, chemical hazards, electrical malfunctions causing injury and/or razor, scissor accidents are all very real hazards an employee or member of the public may experience in a salon.

3. Business insurance

Loyal clientele is essential for your salon, but so is equipment, stock, contents and the salon building itself. Without business insurance cover, you may be faced with unplanned and unwanted challenges. Here’s what this cover includes:

• Contents and stock – Protection in the event of burglary and/or damage to goods.
• Building – If you own the building where the salon operates, you’ll need insurance to repair damage or cover a rebuild in the unfortunate event of fire or storm damage.
• Business interruption – In the event of a fire or natural disaster.

4. Workers Compensation

Medical bills and wage replacements for hair salon employees who experience a work-related injury or illness such as breathing in hazardous chemicals or repetitive stress injuries such as carpal tunnel from cutting hair.

How do I obtain Hair Salon insurance?

There’s some important questions to ask yourself before getting insurance:

1. What risks are associated with running my hair salon?
2. Does the policy cover all risks associated with running my business?
3. How much would it cost to replace contents, stock and salon equipment if it was lost, damaged or stolen?

This is how to prepare for Hair Salon Insurance:

1. Gather all your necessary documents such as: business contact information, building lease (where applicable), number of employees, value of assets, service provisions, yearly revenue, type/amount of stored client personal data, products sold or shipped to customers, years of industry experience, years of business operation, current insurance coverage, claims history.
2. Choose an Insurance Broker who understands your business needs and will work with you to find the best cover possible.

Hair salon insurance, not only provides peace of mind, but also eases the squeeze of (possible) repairs, replacements, payments and legal fees.

Grace Insurance as a solution

Grace Insurance strive to provide the best advice and service tailored to your business. We know insurance, and want to provide our tailor-made coverage to small businesses like yours. By taking out hair salon insurance, you can relax, knowing you have the best possible cover for all unfortunate events that could occur in your hair salon.

The right cover means you can focus on running your business, gaining and retaining loyal customers and creating gorgeous hairstyles.

At Grace Insurance in Landsdale, Malaga, Wangara, Ocean Reef, Joondalup we’re your trusted and local Perth northern suburbs Insurance Broker. Contact us today to see how we can help you protect your hair salon.

The post Guide to Hair Salon Insurance appeared first on Grace Insurance.

As a coffee shop owner, you’re busy with lots of work to juggle, employees and finance manage, stock to order, books to balance, customers to please and most importantly, food and coffee to make!  With all this work, comes a lot of responsibility. And with this responsibility, comes risks, and some very important needs along with them.

One of these needs is of course insurance.

Today, Frans Du Plessis and the Grace Insurance Team in Landsdale, talk all things insurance for coffee shops.

So, if you’re a coffee shop owner in Perth or the northern suburbs, and don’t have your insurance sorted, you really need to read this.

Why do Coffee Shop Owners need Insurance?  

Think about all the people who come into your coffee shop each day. What if one of them were to become injured or make a complaint about your coffee or food? And what about your staff members? Last but not least, don’t forget about yourself. What would you do if you became ill and couldn’t work? Could you afford to run your business, let alone pay your rent or your staff?

This is precisely why coffee shop owners need insurance.

When would a Coffee Shop Owner need to make a claim?

Still can’t understand quite why you would require insurance?

We’ve compiled some coffee shop insurance claim examples to help:

• A staff member injures themselves whilst cooking

There are chefs and kitchen hands rushing around, along with hotplates, flames and boiling liquids – this area is virtually a recipe for disaster.

• Your fridge or an important piece of machinery breaks down

Even the most well-maintained piece of machinery or equipment can break down.

• A customer complains that some food you served made them ill

You can take all the necessary precautions possible to ensure food is delicious, healthy and fresh, but this doesn’t remove the possibility of it making a customer sick (or least a customer stating it made them sick).

• A fire starts in the kitchen

No matter the business, fire is always a risk. In the hospitality industry, however, a fire in the kitchen is far more likely.

• Your coffee shop is robbed

Although unlikely, robberies do happen.

• An employee steals from you

Unfortunately, dishonest employees do exist

Claims like this, could cost you thousands and thousands, or in some cases, millions of dollars. Could you afford to pay for all the repairs and any legal expenses? (that could just be the beginning).

Coffee Shop Insurance claim

Still not sure you need it? Here’s a real-life example to get you thinking:

A coffee shop owner in Melbourne discovered the importance of insurance recently when a severe thunderstorm hit. Torrential rain entered the coffee shop through the roof, causing water to build up come leak right through to the floors – this impacted the power-boards and electrical appliances as a result. The impacted items included fridges, freezers and cooking equipment.

Over $10,000 in stock was lost due to being left unrefrigerated for several hours. Along with this, the flooring had to be replaced, as the water caused significant damage to the tiles.

Luckily for the coffee shop owner, the right insurance cover was in place and they were able to claim over $10,000 for loss of stock, $2,000 for cleaning of the premises and $13,000 to replace floor coverings.

That’s $25,000 worth of damage. Do you have a spare $25,000 lying around? How would you pay for all that without insurance?

Another thing to consider… The coffee shop wouldn’t have been open during the cleaning and repair process, and we haven’t even mentioned the potential loss in income here. See the impact lack of insurance could have?

What type of insurance do Coffee Shop Owners need?

Now can you see why insurance is so important?

With so many different types of insurance available though, it can be confusing and difficult to know which type of insurance you need. That’s where we come in.

Here’s a quick and easy guide to the insurance you will need as the owner of a coffee shop:

• Public Liability Insurance

Public Liability Insurance protects you and your business against the financial risks of being found liable to a third party for death or injury, loss or damage to property.

• Business Interruption Insurance

Business Interruption Insurance, also known as Consequential Loss Insurance, is business insurance that covers the turnover lost from unexpected events such as this, so you can recover and rebuild without the extra stress of income loss.

• Machinery Breakdown

Machinery Breakdown Insurance covers the unforeseen and sudden breakdown of insured items including cool rooms, refrigerators, and coffee machines.

• Workers Compensation

A form of insurance payment to employees if they are injured at work or become sick due to their work. Workers’ compensation includes payments to employees to cover their wages while they’re not fit for work, medical expenses and rehabilitation

Is Insurance for Coffee Shop owners a legal requirement?

Some insurances are an option.

The following insurances, however, are a legal requirement for coffee shop owners in Australia:

• Public Liability
• Workers Compensation (if you have employees)

How much does insurance cost?

The cost of your insurance will depend on your needs and requirements, level of cover, insurer, payment frequency and more.

You can request a quotation here.

How do I obtain insurance?

When obtaining insurance such as these, it’s vital they are set up correctly to suit you, your business and your requirements.

This is why we recommend talking to a professional insurance broker for assistance. Not only will they ensure you have the right insurance policies in place, but they will also be there to advise and support you, should a claim ever arise.

Don’t risk your business. Protect yourself financially and safeguard your coffee shop, staff and valued customers, with the right insurance.

At Grace Insurance in Joondalup, north of Perth, we have many years of experience in providing the right insurance for coffee shop owners.

Contact Grace Insurance to find out how we can help you today.

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One of these needs is of course insurance.

Today, Frans Du Plessis and the Grace Insurance Team talk all things insurance for real estate agents.

So, if you’re a real estate agent and you don’t have your insurance sorted, you really need to read this. Think of this as your real estate insurance bible, if you will.

Why do Real Estate Agents need insurance?

Real estate is serious business. Think about it. You are the intermediary between those buying and selling properties. You prepare important documents and contracts, you help determine the price of a property, you advise on selling and buying property, you manage rental properties and this is just the beginning.

As a real estate agent, you are dealing with people’s money and livelihood on a regular basis. Whether you like it or not, this equates to risk. With this in mind, you need to be responsible, reliable and organised and this includes your insurance.

Whilst you can’t foresee what’s going to happen in the future for your business or the housing market, you can at least ensure you and your real estate business are protected.

When would a Real Estate Agent need to make a claim?

Still can’t understand quite why you would require insurance?

Here are some real estate claim examples to help:

• A client claims that you provided them with incorrect or bad advice
• A tenant is injured in an accident in a rental property you manage
• You failed to follow legal requirements or company guidelines
• You neglected to inform a client of important information
• Poor decisions were made due to failing to forecast the market trends correctly

Whilst you may not have actually committed any of the above or at least intended to.  This doesn’t stop anyone from making a claim against you and your business or employer. And claims like this could cost you or your employer thousands and thousands, or in some cases, millions of dollars.

Could you afford to pay for all the legal expenses? (that could just be the beginning).

Real Estate Agent Insurance claim

Management of rental properties is one of the common activities which real estate agents are involved. These properties may be commercial properties or residential.

What you may not know. If a tenant is injured in an accident on the premises of a rental property, it’s common for them to take legal action against the managing agent.  

The Courts have held that a claim against a real estate agent arising from the management of a rental property is a professional indemnity claim. See Suncorp Metway Insurance Ltd v Land ridge Pty Ltd (2005) 

This is why it’s so important to make sure that your policy is established by an experienced insurance broker, so they can ensure your policy is set up correctly and does not contain an exclusion for personal injury or property damage. Otherwise, you may not be covered.

What type of insurance do Real Estate Agents need?

Now can you see why insurance is so important?

With so many different types of insurance available though, it can be confusing and difficult to know which type of insurance you need. That’s where we come in.

Here’s a quick and easy guide to insurances for real estate agents.

Professional Indemnity Insurance

The most important insurance for real estate agents is Professional Indemnity.

This insurance provides essential financial protection against potential losses arising from acts, errors and omissions by professional services, including:

• Breach of duty of care
• Negligence in rendering professional services
• Allegations of misrepresentation or of creating a misleading impression
• Breach of statutory provisions in various laws
• Poor property management

Public Liability Insurance

Have an office in which your clients visit you, as well as visiting their properties?

What if a third party were to have an accident or injury resulting from you going about your business?

Public Liability insurance will protect you from financial losses arising from a claim by a third party.

Business Insurance

If you have an office and rely on computing equipment and servers, or anything else to run your business, then you may need to consider business insurance too.

Business insurance may cover you if your business is rendered out of action temporarily due to an insurable event, such as a fire. Business insurance will ensure your business expenses are covered during this time.

Cyber Insurance

Not only are you being provided important and highly confidential information by your clients, but you’re also storing it too.

What if something were to happen to all this data? What if there was a breach of privacy and it was all stolen?

Cyber insurance will ensure your business is covered against the expenses and legal costs associated with such an event.

Management Liability

Management Liability Insurance offers cover for a range of managerial risks including staff exposure, allegations of mismanagement, employment-related claims, crime losses, statutory fines, and more.

Is Insurance for Real Estate Agents a legal requirement?

Each state in Australia has different legal requirements. In Western Australia, the requirements for Professional Indemnity Insurance for real estate agents are as follows:

• Legislative: Real Estate and Business Agents Act 1978 – No requirement
• Professional Association: REIWA Membership – Minimum of $1 million

Although it’s not a legal requirement for every real estate agent, we still don’t recommend going without it.

Any professional who gives advice or offers a service is at risk of having claims made against them if their client feels they have caused them financial loss or injury by their actions, either directly or indirectly.

How much does insurance for real estate agents cost?

The cost of your insurance will depend on your needs and requirements, level of cover, insurer, payment frequency and more.

You can request a quotation here.

How do I obtain insurance?

When obtaining insurance such as these, it’s vital they are set up correctly to suit you, your business and your requirements.

This is why we recommend talking to a professional insurance broker for assistance. Not only will they ensure you have the right insurance policies in place, but they will also be there to advise and support you, should a claim ever arise.

Real estate is serious business. Don’t risk it. Protect yourself financially and safeguard your reputation with the right insurance.

At Grace Insurance in Joondalup, north of Perth, we have many years of experience in providing the right insurance for real estate agents.

Contact Grace Insurance to find out how we can help you today.

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As a small business owner, you may think you don’t need to worry about cyber-crime and how it could impact you and your business or protecting yourself from it with cyber insurance. Because let’s face it, why would an evil cyber-villain waste their time hacking into your small business?

 

What you may not realise though, is that evil cyber villains don’t discriminate. Whilst they do target large organisations, they also take the time to target smaller organisations such as yours. Smaller business owners may think they don’t need to worry about cyber security or insurance, let alone be able to afford it. 

 

So how many small businesses are targeted? Not surprisingly, business owners don’t like to advertise the fact that they’ve been attacked. This makes obtaining accurate statistics a little difficult. Based on what we do know though, it’s estimated that 4,000 ransomware and 230,000 new malware samples (the bad stuff) are produced every single day. That’s a lot of evil cyber villains in the world!

 

If these statistics have alarmed you, then you may want to find out how you can protect your small business from cyber-crime (and fast). And whilst reputable anti-virus software, secure backups, firewall technology and other security software and procedures are important, none of them ensures complete protection. This is where cyber insurance comes in.

 

Grace Insurance provide a comprehensive Cyber Insurance policy to protect your business. It forms a critical part of your business insurance strategy in Joondalup.

 

What is Cyber Insurance?

 

Cyber insurance doesn’t stop you from being the victim of a cyber-attack, nor does it catch the villain or make it all go away (we wish). What it does do though, is insure you against the costs associated with a cyber-attack.

 

What are the costs associated? Well, depending on the situation, you may be up for the cost of ransoms or IT solutions to unlock and repair your systems. You could also be liable for the costs of reporting the breach, legal claims, and remediating any losses suffered by your customers or clients.

 

So, I am sure you can see why it’s crucial to speak to an IT professional about what solutions could be put into place to help prevent any cyber-attacks.

 

What can Cyber Insurance cover for a small business?

 

Cyber insurance for a small business can cover:

 

• Loss of revenue due to interrupted business
• Hiring negotiators and paying ransom
• Recovering or replacing your records or data
• Liability and loss of third-party data
• Defence of legal claims
• Investigation by a government regulator
• Copyright infringement
• Misuse of intellectual property online
• Crisis management and monitoring
• Prevention of further attacks

 

Still think your small business doesn’t need it? Remember, it’s estimated that 4,000 ransomware and 230,000 new malware samples (the bad stuff) are produced every single day! So, why would they leave your small business out of the equation? How would you recover without cyber insurance, in the event of your business be attacked? Would your business survive? Something to think about…

 

Remember, simply taking out an insurance policy won’t protect your business from a cyber-attack. To adequately protect you, your small business and your clients, you need to talk to an IT professional about a comprehensive cyber risk management plan.

 

For the insurance side of things, Contact Grace Insurance in Joondalup today, to find out more about Cyber Insurance and why your Perth small business needs it.

 

 

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No two businesses are the same, which is why it’s important to have your insurance professionally customised to suit your specific requirements.

Before speaking to a professional though, how do you know which types of business insurance you need to be thinking about and what you may need?

Looking at the potential risks of your daily business operations is a great place to start.

Cooking

You may have never thought of cooking as s risk, but it can be.

There are chefs and kitchen hands rushing around, along with hotplates, flames and boiling liquids – this area is virtually a recipe for disaster.

Onsite cooking with deep fryers or open flame wok-cooking are two of the most common risks within the hospitality industry. In fact, some insurers even impose exclusions or restrictions if you deep fry or cook with an open flame.

What type of insurance would cover an injury sustained from cooking? Workers Compensation.  

Machinery breakdown

Even the most well-maintained piece of machinery or equipment can break down. And no matter the cause, when it does breakdown, it highly impacts your business. This is why it’s important to have the right cover, such as Machinery Breakdown cover in place.

This type of cover will also cover refrigerated and frozen foods that may have spoiled too.

Food poisoning – Liability

You can take all the necessary precautions possible to ensure food is delicious, healthy and fresh, but this doesn’t remove the possibility of it making a customer sick (or least a customer stating it made them sick). With this in mind, it’s really important to have Public Liability cover in place.

This type of cover will also protect you from a range of other possible scenarios, such as a customer slipping and falling in your restaurant and injuring themselves.

Fire

No matter the business, fire is always a risk. In the hospitality industry however, a fire in the kitchen is far more likely.

Not only could this injure a staff member, resulting in a Workers Compensation claim, but it could also shut down your business for some time whilst repairs are being made. There are many other events that could temporarily shut down your business too, such as a storm or flood.

During this time, rent and other operating expenses still need to be paid. How are you going to pay it when your business isn’t running? This is where Business Interruption insurance comes to the rescue.

Theft and Employee Dishonesty

Unfortunately, dishonest employees do exist. But you can cover this risk with fraud or employee dishonesty cover and theft is included in this type of cover too.

For example, if you lose money, contents or stock from theft, attempted theft, or armed hold-up or threatened assault, theft insurance would cover this.

We think things like this will never happen to us, but unfortunately, they do.

Think there are no risks in your hospitality business? Think again.

Talk to a professional Perth Insurance Broker to make sure you’re covered for these risks and more, today.

Contact Grace in Joondalup to find out more or book an appointment.

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What is Management Liability Insurance? Ever asked yourself the question? When running a business, there are so many things to consider. From where to establish your offices, which accounting systems to use, whether you can afford to hire any staff. Who your accountant will be, which procedures and systems you’ll put into place, how you plan to advertise, and much much more.

But did you know that many business owners forget to consider one of the most important things of all?

We’re talking about insurance. Yep, because just like in life, in business, there are so many things that could go wrong. Which is why, preparing for a rainy day and covering your business for any risks along the way is crucial. This makes business insurance one of the most important investments.

There are many different types of insurance for your business too, and depending on your individual business. There will be policies you need, and policies you don’t. Management Liability Insurance is just one of them.

What is ML?

In short, Management Liability Insurance protects you and your business against the risks and exposures of running a business. Such a policy offers cover for a range of managerial risks, and the policy can be tailored to the unique needs of you and your business.

Why is ML Insurance important?

Directors and officers face both personal and corporate liabilities in managing a company and can be held personally liable. And so, without Management Liability Insurance, you could risk losing, not only your business but your personal assets too.

Why? Because the legal costs to defend any allegations for your business can be extremely financially crippling and not something a business owner ever wishes to face.

What does Management Liability Insurance cover?

ML Insurance can cover:

• Damages and claimant costs awarded against you
• Legal costs
• Investigation costs
• Civil fines and pecuniary penalties

The main areas that Management Liability Insurance covers are:

• Directors and Officers Liabilities

An example of a claim under this area is fraud or insolvent trading.

• Employment Practices Liabilities

An example of a claim under this area is bullying, harassment, or unfair dismissal.

• Statutory Liabilities

An example of a claim under this area is Occupational Health and Safety penalties.

• Crime Cover

An example of a claim under this area is theft by an employee or contractor.

• Corporate Entity Liabilities

An example of a claim under this area is a Shareholder dispute.

• Legal Representation Costs

An example of a claim under this area is an ASIC enquiry.

• Tax Investigation

An example of a claim under this area is a tax investigation.

What type of businesses require Management Liability Insurance?

It is recommended that all businesses at least consider a product like ML Insurance, in order to protect themselves from expensive legal costs.

The size and structure of your business and the level of associated management risks will help determine which type of policy may be right for you.

Find out if your business needs Management Liability Insurance

Liability claims can be extremely costly, so if you’re a business owner and don’t currently hold a policy, it’s important to speak to an insurance broker to find out whether you may need one.

Find out more about Management Liability Insurance and read some FAQs for business owners here.

Grace insurance is here to find out more about you and your business and 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, Wangara, Joondalup, Whitfords located north of Perth today.

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Along with donations, volunteers and government grants, there are other ways organisations like yours can be helped. Such as, ensuring you are adequately protected with the right insurance cover.

What type of insurance cover can not-for-profit organisations and charities benefit from? Why do they need insurance at all? Let’s find out.

Why do Not-for-profit Organisations & Charities need insurance?

Whether or not a business is for profit or not, there are still many risks involved. And, increased government red-tape and a greater awareness of legal rights, has meant that operational risks faced by not-for-profit organisations have grown substantially in recent years.

While such organisations dedicate their efforts to improve our community, unexpected losses such as theft, fire, or other property damage, an injury to a volunteer or harm caused to a third-party can threaten everything – even your organisations’ survival.

Insurance can help ensure you can keep doing all the wonderful work you do, whilst being protected, without the worry.

Types of Insurance for Not-for-profit Organisations & Charities

There are many different types of insurance out there, along with many factors about your charity or organisation, which will help determine which type is right for you.

Here are just some of the types of insurances that may be required for not-for-profit organisations and charities:

• Association Liability Insurance (including Director & Officers/Officials Liability)
• Public & Products Liability Insurance (including fundraising activities & event liability)
• Voluntary Workers Personal Accident Insurance
• Workers Compensation (for remunerated employees)
• Business Package Insurance (property insurance)
• Motor Vehicle Insurance (either single units or a fleet)
• Professional Indemnity
• Industrial Special Risks
• Cyber Liability Insurance
• Travel Insurance (either single journeys or on an annual basis)

These insurances cover everything from the people you hire, the people you serve, the property you work from, the car you drive for charitable purposes, the travel you do for charity, and more.

Supporting Charities at Grace Insurance

At Grace Insurance, we support 5 incredible charities.

Not only do we manage some of their insurance needs as part of our sponsorship, to ensure they’re adequately protected, we actively donate to them too.

The right insurance for your Not-for-profit organisation or Charity

Having the right insurance program in place is a critical component of managing the day-to-day operational risks of your not-for-profit association or charity.

Grace insurance can develop a solution to protect your assets, liabilities and most importantly, your people.

We’re here to find out more about you and your charity or organisation and advise you on which type of insurance you may need. We can help you understand your risks and provide you with an obligation free quotation on these insurances too.

Let us take care of your risks, so you can focus on the wonderful work you do.

Contact Grace Insurance in Perth for assistance today.

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