You’ve worked hard to build your business, so you’ll want to protect it if something goes wrong. Assets insurance offers coverage to protect your bottom line in case of a major catastrophe. It’s there to ensure your business can continue to thrive even if you suffer an adverse event.
Most small to medium-sized businesses will have some contingency funds for use if something goes wrong, but those funds will rarely cover the cost in the event of a catastrophe, such as your entire business going up in flames. If this should happen to your business and you have business assets insurance, the cover will help you get back on your feet and start trading again.
This type of insurance is unlikely to be the only one your business needs, though. There’s a range of other policies which can help your business stay open and cover potentially costly claims, including:
- business interruption insurance will cover the cost of moving your business to another premises, as well as your rent and utility bills while your original premises is being repaired or replaced
- public liability insurance will protect you in case a third party is injured, or their property is damaged, while they’re visiting your business
- product liability insurance will offer you protection in case a product you supply causes injury or harm to a third person
- workers compensation insurance is compulsory in Australia and protects your workers or employees if they are injured whilst at work
Not all businesses require all these types of insurance. For example, if you run an online business from home, you may not need glass insurance. However, glass insurance may be vital for a hairdresser, whose entire salon walls are covered in mirrors.
You can decide exactly which type of insurance is right for your business and pick the cover which is relevant to your circumstances right here with Savvy. By comparing quotes with us, you can consider a range of different policies and find one which offers all the cover you need, without paying for insurance that isn’t relevant to you.