Your business faces several risks that can cost it revenue and its reputation. These risks include accidents on the job, data breaches, theft and other crimes. Implementing the necessary safety and security measures to prevent these is just the first step.
Protecting your business for the long term requires you to adopt specific solutions. One of these may be investing in the right coverage plans. Insurance is not something that should be left last. Small businesses, in particular, should review their needs and apply for one early on to prevent legal and financial problems in the future.
Different Types of Business Coverage
Although there are a number of insurances that may be essential to a business, you can’t just apply for the first one you see or the one that’s currently the most popular. Much like other elements in running a business, you have to make sure the coverage plan you decide on for your business suits your needs.
Discover the different types of business insurance to determine which ones may be suitable for your business.
Professional Indemnity Insurance
This type of insurance protects you and your employees from liabilities for damages, including the legal costs that come from defending yourself. Professional indemnity insurance also covers situations where there is a breach of duty during the determined work period. However, this doesn’t cover losses that were caused by a breach of professional duty.
The previous year presented an unprecedented problem that resulted in business interruptions in several industries. In addition to natural disasters and man-made emergencies, such as a burst water pipe, several factors can create unexpected downtime for your business. Business interruption insurance will protect you from the loss of income and emergency expenses that you will incur in these situations.
Cyber Liability Insurance
This type of insurance is gaining popularity as more businesses adapt to the Digital Age. It protects you in the event of a cyberattack, data breach and other crimes carried out through technological means. If you store customer information and sensitive data online or in the cloud, consider getting this insurance plan.
Tax Audit Insurance
As a small business owner, it’s understandable to choose to do your own taxes. However, there has been an increase in tax audits lately. Dealing with these is time-consuming and costly, causing you to lose focus on important business matters. Tax audit insurance will cover the expenses you incur during the investigation. It will also cover professional fees from lawyers, accountants and other advisors.
Public Liability Insurance
This type of insurance protects you in the event that your services caused property damage or bodily injury to a third party. An example would be if you or an employee accidentally damaged a client’s personal belongings while carrying out repairs in their property. This insurance covers compensation and defence costs, saving you a lot of money in the long run.
Protect your business to ensure its long-term growth. At imar, we provide specialist insurance solutions for small businesses, tradies and builders. With over 35 years of industry experience, we are familiar with the risks you face. We have the expertise to help you get the right coverage plan for your business.
Get a quote for your insurance plan today.
To the extent that any material on this page may be considered advice, it does not take into account your objectives, needs or financial situation. You should consider whether the advice is appropriate for you and review any relevant Product Disclosure Statement and policy wording before taking out an insurance policy.