Get your business off to a fresh start with business insurance

Published on June 17th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Giving your business the fresh start that you need can give your business the boost it needs. Kick-start your new year with business insurance that can shield your business from unforeseen events. Here is what you need to know when it comes to finding the right business insurance that is suitable for your business.

Cover your business with liability insurance

Protecting your business is a must for any business. Whether you are running a big business or a small business, having liability insurance important. Basically, this is a policy that covers your business’s liability for any injuries or damage to property sustained at your business. There are various types of liability insurances such as:

  • Professional indemnity insurance which covers your business from negligence or errors that have been made. It can take care of any costs that your business may face from things such as lawsuits, investigation costs, or damages.
  • Product liability insurance for when your products cause harm, damage or loss to your customers.
  • Public liability insurance can cover your business when someone has sustained an injury or has their belongings damage while at your business due to your business activity.
  • Management liability insurance will cover you from any legal fees that are lodged against your business due to a breach of your business's duty, mismanagement and more.

The much-needed business interruption insurance

In times where you cannot continue with business as usual, having Business interruption insurance in place can be a lifesaver. This can come in handy in an event where your business can no longer function because of the property in which you have operated in closing down. It can be used to replace the lost income that comes with losing your property for the period of time in which you are unable to generate an income.

Protect your business from the unforeseen

You can get business insurance that covers your building or office equipment from things such as floods, fire, theft, vandalism, and more. Keep in mind that not all business insurance policies are created equal. Therefore, check if you are insured for its replacement value. It is important to compare various policies to see if it is suitable for the type of business that you are running. You can also speak to your insurer to see if you are choosing the right policy for your business needs.

Commercial vehicle insurance to protect your wheels

Vehicles form an integral part for business, and having this stolen, damaged, or vandalised can cost thousands of dollars. Furthermore, it could inconvenience your business. Having commercial vehicle insurance in place can protect you from such mishaps. Remember to insure your vehicle at the market replacement value.

It does pay to ask yourself the necessary questions such as choosing an insurance policy that will benefit you and your business. Affordability will also play a factor in the long run. This means checking the ongoing costs such as interest, charges, penalty fees, establishment fees, and other ongoing fees.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

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