Whether you are a sole trader or the owner of a small or medium-sized business that sells products to the public, such as a retail shop, cafe, restaurant, office, or hotel, it is critical that you have insurance coverage that protects you against ordinary or everyday hazards.
By combining your business insurance policies into a ‘business pack,’ you can effectively cover many of the risks your company could encounter in a single policy.
Your business pack insurance, often also known as a ‘Bizpack,’ can cover many of the most popular insurances required to run your business in a single adaptable package. By combining and insuring many risks, insurers could be able to provide lower rates and terms than if individual policies were purchased.
What are the elements of business pack insurance policies?
- Public Liability Insurance
- Product Liability Insurance
- General Property
- Cover for Contents, Machinery, Plant and Stock
- Employers Liability Insurance
Additional elements of business pack insurance policies:
- Glass: This covers breakage of internal and external glass and signs.
- Money: This covers theft of business contents or stock or theft of money.
- Marine & Cargo: Property in transit
- Legal Liability: This covers your legal liability to pay compensation for personal injury or property damage
- Business Interruption Coverage: This protects against damage to machinery caused by failure, as well as damage to boilers and pressure equipment caused by explosion and collapse. Refrigerated or frozen items can be protected against degradation as well. The disruption to trading that occurs as a result of a fire or other covered catastrophe can frequently have far-reaching financial consequences for your business than the actual damage. Business interruption insurance compensates you for any loss of gross profit caused by the disruption of your business following an insured loss.
- Electronic equipment: This covers fire, theft, accidental damage, breakdown and business interruption cover for computers and electronic equipment.
- General property: This cover is primarily designed for property (excluding stock) that is moved around, such as tools or professional equipment.
- Tax investigation: This covers costs incurred by your accountant or registered tax agent (after receiving notification from the Australian Tax Office) in conducting an audit or investigation in relation to your liability to pay tax.
What is Covered Under Commercial Property Insurance?
Theft coverage is generally available as part of a commercial property insurance “business bundle.” Insurance companies will often compensate for loss or damage to the building’s contents and corporate inventory caused by theft, attempted theft, armed hold-up, or vandalism. Many business property insurance plans will also cover glass or signage damage, which is common during vandalism or a break-in.
The following are examples of events that may be covered by a business property insurance policy:
- Burglary
- Earthquake
- Explosion
- Fire
- Goods damaged in transit
- Lightning
- Storm, wind, and rain which can consist of snow, sleet or hail
- Vandalism
- Wind or water
A basic insurance business pack covers your buildings and possessions if they are inadvertently destroyed by a specific event, such as fire, storm, impact damage, accidental damage, vandalism, or malicious damage. In most cases, a business pack will also contain public and product liability insurance.
You may also add glass, money, maritime & cargo, and business interruption to your business pack according to your needs.
We compare various major insurers to locate clients like you with the most cost-effective business insurance coverage you need and require. Our insurance brokerage service provides business pack insurance solutions for a wide range of businesses on a daily basis.
Reliable and responsive business insurance when you need it
When you operate your own business, we understand that time is money. When you get business insurance, you know you’re protected against some of your most significant risks. In difficult circumstances, you’ll have access to skilled claims teams and a carefully selected supplier network ready to assist you quickly – allowing you to continue functioning with minimum inconvenience.
When looking for business insurance and weighing your alternatives, you’ll most likely begin with a small business insurance comparison. While investigating, keep in mind that the cheapest business insurance for small businesses does not necessarily provide the greatest coverage or service. Check with an expert broker to ensure that it covers all of the areas that your company need for peace of mind.
Contact our insurance agents today to learn more about commercial insurance packages. Our qualified specialists will happily answer any complex queries you may have regarding business insurance packages.