Business Insurance – Top Considerations

Business Insurance – Top Considerations

 

There are a variety of Business Insurance policies.  To get value from them, you need to understand what each policy does to protect your business operations.

Here are top considerations you should review when looking for business insurance.

Business Insurance - Areas we cover

Risk Identification

Regardless of whether you’re a home-based professional with clients from different countries or you run a small business, there will always be a certain amount of risk involved in operating your business.  You need to know and understand what risks are relevant to your business, as these are the risks you want your insurance to cover.  Some examples of these risks are equipment breakdown, product theft, material damage and damage to stock during transit.  Adion Insurance can help you identify the risks relevant to your business and recommend appropriate insurance policies.

Insurance Types

After identifying risks that might apply to your business, you need to understand which insurance type fits your situation.  The appropriate policy should reduce the financial cost of unforeseen events like business downtime, accident, or illnesses.  Adion Insurance can explain the differences between policies and help you to understand which policies to take.

Your Legal Requirements

In Australia, some forms of business insurance are Compulsory.  For example, if you employ people, you need to obtain workers’ compensation insurance.  Some companies might need to take out public liability insurance as well to comply with their legal requirements.  It is also a good idea to consider a Buy/Sell Agreement if you go into a business partnership.

Consider Total Costs

Lastly, you should consider the total cost of getting adequate insurance coverage.  Costs will vary for each business, so it is important to know which one is best suited for your situation.   Talk to one of our expert brokers today to help identify the best insurance solutions for your business.