What is a Business Pack Policy?
Insurance for your business is hugely important to cover unexpected events such as loss or damage to your property, legal claims and loss of revenue. Obtaining the right business insurance is important for the viability of your business. Without it you may be unable to trade or have large out-of-pocket expenses, which could result in having to close your business.
Your industry and the specific business activities you carry out as well as the property you own (or are responsible for) will determine the insurance cover you may need. It’s important to understand the types of insurance available so you can select the right cover for the exposure you have.
This packaged insurance policy is designed to cover the basic risks of a business working from one or multiple locations – an office, factory, warehouse, shop or other location. Covering loss or damage to your contents, stock, machinery & equipment (perhaps by fire, storm, water, impact, accidental damage, breakdown or theft) as well as your public & products liability risks (consider someone injuring themselves in your office, or perhaps you accidentally damage a client’s property when visiting them at their premises) and loss of revenue.
Who should consider it?
All businesses that have an exposure to public liability risks (which almost all businesses do) and property that could be lost or damaged.
Typical industries include: office based businesses, retailers, manufacturers, hospitality businesses, hair & beauty salons, wholesalers, importers & exporters, warehouses, trades based businesses, gyms, medical and allied health businesses, real estate agents and the like.
Did you know?
Flood cover is usually excluded under a commercial property policy.
The standard definition of flood is generally, the inundation of normally dry land
by water either escaping from or released from a natural body of water, i.e. dam, river,
lake, etc.
If your property is near a natural body of water, ensure you have cover for damage by flood!
What can it cover:
You may build a package to suit your needs. Generally, the following sections of cover are available:
Public and Products Liability
Your legal liability for claims of personal injury & property damage, arising in connection with your business or products.
Property Damage
Loss or damage to the contents, stock, machinery & equipment at your premises by perils such as fire, impact, storm, water and accidental damage.
Business Interruption
Loss of business revenue or gross profits (and additional increased costs of trading) following loss or damage at your premises that prevents you from trading.
Glass
Breakage of internal and external glass, including plastic and illuminated signs.
Theft
Loss of contents, stock, machinery & equipment due to theft and burglary at your premises.
Money
Loss of money kept on your business premises (during & outside of trading hours), in transit, in a locked safe, at your home or in a locked ATM on the business premises.
Machinery Breakdown
Loss or damage to machinery by breakdown (such as boilers, pressure plant, refrigerators and air conditioners).
Electronic Equipment Breakdown
Loss or damage to electronic equipment by breakdown (such as computers, laptops, copiers, alarms, cash registers, etc.).
General Property
Loss or damage to portable property anywhere in Australia (such as laptops, cameras, tablets, survey equipment, tools of trade, stock, mobile phones, etc.).
Goods in Transit
Loss or damage to your property in transit by road vehicle owned or operated by you, or with a professional carrier, anywhere in Australia.
What isn’t covered:
This business package policy is designed to cover the usual liability and property risks of a business. However, it will not cover everything and other policies should be considered as well, depending on your individual business and circumstances.
Some risks this policy will not cover include: Management Liability, Workers Compensation, Cyber, Professional Indemnity, Motor and Corporate Travel.
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