Whether simply conducting business online (exposing you to cyber threats), working with dangerous materials or in a building open to the public, your business will carry risk.<\/p>\n
This checklist of questions is designed to help small business owners identify the insurance policies they may need \u2014 with some tips about how to approach getting them.<\/p>\n
Some insurers offer bundled packages that include the types of cover commonly required by SMEs. These may have the flexibility to add or subtract policies to customise the package to your business needs.<\/p>\n
Use the following checklist to help determine the insurance cover and protections your small business needs.<\/p>\n
What are my key business activities, and what risks are involved?<\/h3>\n
For insurance purposes it\u2019s vital that you and your insurer understand what these are, so full and complete disclosure is important. Otherwise if something goes wrong and it isn\u2019t covered by your business insurance, you may be left to pay for damages yourself.<\/p>\n
What legal and regulatory obligations apply to my business?<\/h3>\n
Some industries and professions require you to hold specific insurance cover before you can operate your business or enter into legal contracts. Be sure to check regulatory requirements for your business and location(s).<\/p>\n
In some states and territories workers compensation<\/a>\u00a0insurance must be purchased from a mandated insurance provider, in others you may be free to choose the insurer.<\/p>\n For some business activities this type of insurance is compulsory, but for other businesses the risks might not be so obvious.<\/p>\n Basically, if members of the public have access to your premises or work being conducted then they may injure themselves or their property could be damaged.\u00a0Public liability insurance<\/a>\u00a0is designed to cover legal costs if the injured person or owner of the damaged property brings a case against your business.<\/p>\n Having this type of cover can save you hundreds of thousands of dollars!<\/p>\n Any business that provides a professional service to clients can run the risk of the customer being dissatisfied. The client may bring a legal action for damages and if that happens it pays to consider holding\u00a0professional indemnity insurance<\/a>\u00a0to cover your costs.<\/p>\n If you use your own car for business activities or have a fleet of any size you should consider commercial vehicle insurance, which can provide broader cover than standard personal vehicle insurance.<\/p>\n Everything you use in your business activities can be considered an asset, from plant and equipment, electronics and office furnishings to outbuildings and tools of the trade, and can be protected by\u00a0property insurance<\/a>.<\/p>\n In all cases it is recommended that you insure for the\u00a0replacement value<\/a>, not the purchase price.<\/p>\n Often business owners have no control over enforced closures. While some may have enough cash to continue covering expenses such as rent, electricity and wages for a limited period of time, small businesses typically can\u2019t lose turnover for long.<\/p>\n Business interruption insurance<\/a>\u00a0covers your business costs and helps compensate for lost revenue for the specified term of liability. Not underestimating this period is critical to riding out the disruption to reopen your doors.<\/p>\n If your business is responsible for any form of client data you will be liable if cyber attackers steal it. Small businesses are just as likely to be targeted<\/a> as large organisations but don\u2019t have the turnover to recover afterwards.<\/p>\n Cyber insurance can help you navigate data theft, ransomware attacks, loss of funds through online scams and a\u00a0variety of cyber issues<\/a>.<\/p>\n There are many advantages to\u00a0using an insurance broker<\/a>. This is especially true if you have multiple business risks, face complexity or need a better understanding.<\/p>\n Resources:<\/strong>\u00a0a broker has access to a greater choice of insurers than you can find through direct insurance options.<\/p>\n Terms:<\/strong> an insurance broker may be able to negotiate for more advantageous terms or scope of cover.<\/p>\n Comprehensive coverage:<\/strong>\u00a0a broker can help identify risks in your operations that you have overlooked and can proactively advise on insurance protections.<\/p>\n Business understanding and industry knowledge:<\/strong>\u00a0a broker works to understand your business and the most appropriate insurance for your business.<\/p>\n Our Gallagher\u00a0small business experts<\/a>\u00a0can develop a program of insurance cover for your business that protects you when you need it, with support at claims time, and provide you with confidence that you have the protections in place for your assets and risks.<\/p>\n We have Gallagher brokers nationally across small to large businesses, in all industries, to provide professional advice and expertise.<\/p>\n To find out more, click here<\/a> or call 1800 222 012.<\/a><\/p>\n Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice.\u00a0This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.<\/em><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":" Whether simply conducting business online (exposing you to cyber threats), working with dangerous materials or in a building open to the public, your business will carry risk. This checklist of questions is designed to help small business owners identify the insurance policies they may need \u2014 with some tips about how to approach getting them. […]<\/p>\n","protected":false},"author":1,"featured_media":192480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[907,14380,11034,709],"dealstore":[],"offerexpiration":[],"class_list":["post-192479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-business","tag-checklist","tag-insurance","tag-small"],"yoast_head":"\nDoes my business have a public liability exposure?<\/h3>\n
![\"small](\"https:\/\/pulse-uploads.myob.com\/uploads\/2020\/06\/shutterstock_1606546720-1-1024x366.jpg\")
<\/figure>\nDoes my business have a professional indemnity exposure?<\/h3>\n
Do I use vehicles for business purposes?<\/h3>\n
What are all of my business assets?<\/h3>\n
Do I need to protect the business\u2019s revenue if I have to suspend business operations?<\/h3>\n
If your business uses the internet, you\u2019re at risk of a cyber attack<\/h3>\n
Do I need an insurance broker to find business cover for me?<\/h3>\n
How Gallagher can help<\/h2>\n
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